Revel Brings More Bad News To Atlantic City Casino Industry

Atlantic City, New Jersey cannot afford to receive much more bad luck when it comes to their casino gambling industry. Already struggling, the city learned on Wednesday that Revel Entertainment has stopped inside work on their new Boardwalk casino.

The company has been planning to open their new ocean themed casino in the summer of 2010. That projection now looks unrealistic with the amount of money Revel has left to work on the project.

In addition to stopping the inside construction, Revel also laid off 400 out of their 1,000 employees. Construction will be redirected to focus on the outside of the new casino in the immediate future.

The parking garage, structural work needed for the casino, and the hotel tower will become the priority over the next several months. By working on the outside, it buys Revel time to secure financing for the rest of the project.

Atlantic City casinos have been taking a beating over the past several years. They have had decreases in revenue for the first time in their history, and competition is growing by the month.

Surrounding states have began to change their gambling laws to include more casinos, and the fall out has been devastating to casinos in AC. The latest news from Revel will not be received kindly in New Jersey.

While the project is still moving forward, something others in the city are not doing, the timetable for opening will most likely be pushed back for at least a couple of months.

January 29, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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