(ATLANTIC CITY, N.J.) — New Jersey’s casino industry is taking another hit.
Revel announced on Tuesday that it will be closing its doors no later than Sept. 10, two years after the Atlantic City casino opened.
“Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing. This situation is compounded by the considerable non-controllable expense structure that has financially burdened the property,” Revel said in a statement.
“In addition, challenges have arisen in our attempts to sell Revel as a going concern. While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind down of the business at this time,” it added.
The closure will put 3,000 people out of work.
“We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property. We thank them for their professionalism and dedication,” Revel said.
Revel is the third Atlantic City casino to recently announce an impending closure. It’s a blow to New Jersey Gov. Chris Christie, who injected $260 million into Revel as part of a plan to revitalize Atlantic City amid competition from neighboring states.
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Nate Eaton, EastIdahoNews.com
Sara Ashley O'Brien, CNN
Ralph Ellis, CNN