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$2.4 BILLION REVEL CASINO CLOSES DOWN IN ATLANTIC CITY AFTER ONLY TWO YEARS

$2.4 BILLION REVEL CASINO CLOSES DOWN IN ATLANTIC CITY AFTER ONLY TWO YEARS
Little more than two years after opening with high hopes of turning around Atlantic City’s struggling casino market, Revel will close its doors Tuesday morning. The 6 a.m. casino shutdown follows the closure of its hotel on Monday. By mid-September, four of Atlantic City’s 12 casinos will have gone out of business, but none will be a costlier failure than Revel. It started construction just before the Great Recession hit, and had to take on so much debt it never could turn a profit. The Showboat closed on Sunday, Trump Plaza is closing Sept. 16, and the Atlantic Club closed in January. The consolidation is a reaction to the saturated northeastern U.S. casino market, which continues to add new gambling halls to markets without enough demand to support them all.