Atlantic City casino could shut down this summer without buyer

By Michelle Kapusta,

Atlantic City’s Revel Casino Hotel could shut down if a buyer for the resort is not found.

The Associated Press reported on Thursday that the $2.4 billion casino has filed for bankruptcy for the second time in two years and is seeking a buyer. Revel sent out a warning letter to its employees informing them that if the casino does not find a buyer it could be forced to close its doors as early as this summer.

Revel employs a staff of about 2,800 full-time and 1,000 part-time workers.

The northernmost casino on the Atlantic City Boardwalk opened in April of 2012 and first filed for bankruptcy within a year.

Data released from the Division of Gaming showed that the city's casinos as a whole took in $2.86 billion in 2013, down from over $3 billion the previous year.

Gambling has been plummeting in the New Jersey town for a quite some time, ever since regional casinos have popped up in neighboring states. An unstable economy also has not helped the city’s case.

Back in January, Atlantic Club Casino Hotel, which had been in business for 33 years, became a casualty after it too filed for bankruptcy and had trouble finding a buyer. Currently, the city has 11 gaming halls left.

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