Revel Files for Bankruptcy Protection
Thursday March 28th, 2013 - 8:34AM W
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ATLANTIC CITY, NJ—The $2.5 billion, year-old Revel Casino Hotel here, intended to revive Atlantic City's sagging fortunes, has filed for Chapter 11 bankruptcy protection.
Opened with high hopes and financial support from the State of New Jersey in the form of tax breaks, the 1,800-room property facing the Atlantic Ocean reportedly lost increasing amounts of money each month since it opened.
Atlantic City as a gaming destination has faced increased competition in recent years as neighboring, states including Pennsylvania, began offering gaming options of their own.
Tags: • Hospitality •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.