Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Atlantic City's $2.4 Billion Revel Hotel & Casino To Close On September 10th
By
Christopher Robbins
Published Aug 12, 2014
Modified Aug 12, 2014
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
Revel
View all 21
By
Christopher Robbins
Published Aug 12, 2014
Modified Aug 12, 2014
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Atlantic City's swankiest hotel had hoped to find a buyer last week after declaring bankruptcy for a second time in June. But no suitors could be found, and now Revel will close by September 10th.
A source familiar with the situation tells Gothamist that the "top price" being discussed by investors was $250 million.
"There are property taxes, and they're hooked into this power station with the local gas company, and those two bills are $6 million a month," the source said. "So there's $72 million a year before you turn a card. That's the kind of nut you're gonna have to have somebody come in and wrestle with and still be able to have a profitable operation."
"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 casino said in a statement to the Press of Atlantic City. While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind down of the business at this time."
Revel, which employs 3,100 people, was built for $2.4 billion two years ago. The Philadelphia Inquirer reports that while there were bids on the casino, "Revel's investment bankers were unable to establish an adequate "platform bid"—or starting bid—that could serve as leverage to get higher offers during the auction."
There's still time to head down to New Jersey and crack that nut for one last score: Revel says it will honor all reservations and deposits until the 10th.
Tagged
revel
gambling
Atlantic City
casino
hey Cuomo are you paying attention?
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Peepapalooza: NYC is heading to the Hudson Valley to watch the leaves
Don't be surprised if you run into someone from your building in Beacon.
By
Elizabeth Shwe
and
Sean Carlson
Published Oct 24, 2026 at 10:46 a.m. ET
NYPD: Officer shot, injured knife-wielding woman during ‘chaotic’ night at Queens home
The woman is in stable condition, police said, but several people were stabbed.
By
Ryan Kost
News
NYPD: Officer shot, injured knife-wielding woman during ‘chaotic’ night at Queens home
The woman is in stable condition, police said, but several people were stabbed.
By
Ryan Kost
3 slates vying to run Jersey City school board as city stares down major tax hikes
By
Michael Sol Warren
5 men charged with trespassing in 2 Manhattan manhole cases
By
Charles Lane
6-year-old girl breaks leg after getting hit by falling bricks in Queens
By
Charles Lane
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .