ATLANTIC CITY, N.J. (CBSNewYork/AP) — Atlantic City’s newest casino is shutting its doors just over two years after opening amid high hopes of turning around the crumbling seaside resort’s gambling market.
Revel Casino Hotel will shut down next month after failing to find a buyer in bankruptcy court, company officials announced Tuesday.
The company said the $2.4 billion casino will close its doors on Sept. 10. It has never turned a profit.
More than 3,000 employees will lose their jobs, CBS 2’s Christine Sloan reported.
“It’s going to be horrible,” said Tara Mays, Revel and Showboat employee. “This is the first I’m hearing of this.”
“We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” Revel said in a statement Tuesday morning. “We thank them for their professionalism and dedication; however we are faced with several unavoidable circumstances.
“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,” the company wrote.
Assemblyman Vince Mazzeo called the closure a devastating loss, WCBS 880’s Jim Smith reported.
“Didn’t expect this big downturn as far as this summer all these casinos at once closing,” Mazzeo said. “It’s a lot to take for one area.”