The story, in context
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When Revel, the last land casino to be constructed in Atlantic City, was launched one year ago, its future appeared to be bright. It was also widely believed that Revel will turn out to be a major competitor for the smaller casinos in Atlantic City, all of which were struggling to generate revenue.
Unfortunately, Revel did not turn out to be a major success. As far as revenue generation is concerned, its position in the list of all 12 Atlantic City casinos was 11; and now the company has declared itself bankrupt.
One of the major causes for the fall of Revel Casino was considered to be the state’s flailing economy. The economic recession hit the state hard shortly after the casino construction work began. In 2010, Morgan Stanley, one of the major supporters of the project, withdrew his financial support, leading to a loss of $1 billion and hindering further construction work. Ultimately, it was Governor Chris Christie who rushed to the casino’s rescue by offering tax incentives worth $260 million to financers willing to support the project.
The Revel fell because it does not have a gaming space where smoking is permitted and cheap buffet options, the two major features that attract gamblers to Atlantic City.
What has changed since this story was published?