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When atlantic city casino revel closing12/20/2023 ![]() ![]() Casinos in the city face growing competition from gambling halls in Pennsylvania, New York and Maryland. Revel will be the second of three Atlantic City casinos to close in a two-week span. Gaming revenue in Atlantic City has fallen every year since 2006. “Maybe it’ll serve as a cautionary tale to myself, you know, be careful where you put your money.” “I think to myself, what made anyone think that this was a good move, opening another casino on the boardwalk when things were already in bad shape?” Phelan said. “It’s like rubbernecking on the highway when you see a car crash. “It’s just kind of a spectacle,” Phelan says. He gambled at Revel as the casino prepared to shut down. John Phelan lives in Texas, but he visited Atlantic City over the weekend. Revel filed for bankruptcy twice and never turned a profit, so it never earned the tax advantages of the deal. It was rescued with a financing package that included state tax breaks. It ran out of money halfway through construction and had to ditch plans to build a second hotel tower. Only Harrah’s Resort and Bally’s Atlantic City will. The former Revel Hotel and Casino in Atlantic City, N.J., which closed after two years in business, has been bought for 200 million by a Colorado development company. That size will put Revel in the top tier of Atlantic City’s casino hotels. ![]() Of all the casinos shutting down in Atlantic City, Revel is the newest and most glamorous, and the most financially troubled. Revel’s anchor will be its 150,000-square-foot casino floor. WHYY thanks our sponsors - become a WHYY sponsor ![]()
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