The most expensive casino in Atlantic City at a $2.4 billion price tag, Revel Casino will close next month, continuing to signal the ongoing struggles in New Jersey’s once thriving gambling industry. Gaming revenue for Atlantic City dropped from a peak of $5.2 billion in 2006 to $2.8 billion in 2013 and is expected to drop even more as neighboring states open casinos to keep their residents playing at home.
The 52 story massive casino was built in 2012 had many problems. When it opened, it was already struggling with its debt burden. Revel Casino’s original plans was to see it have two-towers, each with 1,900 rooms, but those plans were scrapped in favor of a single 1,400 room tower while the public spaces were still scaled to a 3,800 room property and thus making the gaming floors feel empty. The casino’s location was also at the far northern end of Atlantic City which means anyone driving has to pass by many other casinos first.
Earlier this year the Atlantic Club announced it will shut down. Along with Revel, two more Atlantic City casinos will close this fall, leaving eight to cater to gamblers. That number may further drop over the next couple of years.
New Jersey lawmakers legalized online gambling last year in an effort to save the casinos but this does not appear to be helping even though it may have set the stage for bringing regulated online poker to the US.
Revel will be put up for auction.