Revel Casino wanted to close Monday, but were denied

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The writing is on the wall for the Revel Casino as the $2.4 billion resort will close for good next month. However, Revel owners were hoping to expedite the process by closing tomorrow.

Revel management asked the New Jersey Division of Gaming Enforcement (DGE) for permission to close on Monday, Aug. 18th. But the DGE denied their request and asked the casino to stay open until at least Labor Day weekend. Now, the casino is set to close on Sept. 1st at 5:00am.

DGE Director David Rebuck wanted the casino to remain open for 30 more days because he thinks that at least a month is needed for an orderly shutdown. However, Revel ownership and their financier, Wells Fargo, were not on board with this decision. So the three parties came to a mutual agreement on the Sept. 1st shutdown date. So in less than two weeks, the most expensive casino in Atlantic City history will close its doors after 2-plus years of struggles.

The Revel opened to much publicity in April of 2012. Many, including New Jersey Gov. Chris Christie, saw the Revel as a potential savior for Atlantic City’s ailing casino market. However, problems started almost from the beginning and the massive casino resort never gained any traction.

The Revel has since undergone two bankruptcies and had desperately been seeking a buyer this summer. Atlantic City Mayor Don Guardian said that there were several interested parties at the beginning of August. But for reasons that were unreported, the buyers backed off and the casino remains unsold.

Now, the Revel will become one of four Atlantic City casinos to shut down this year. The Atlantic Club closed in the winter while the Showboat and Trump Plaza are both set close in September along with the Revel.

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