Atlantic City’s newest casino is far from a sure bet. In fact, Revel Casino, once touted as Atlantic City’s future, is now working to avoid defaulting on its loans. So what happened?
“I think it is the future of Atlantic City’s casino industry in the sense that Revel is the first casino that was built entirely on the new model,” said Israel Posner, executive director of the Lloyd D. Levinson Institute of Gaming, Hospitality and Tourism at Richard Stockton College.
“Remember, you have an industry that has been focused on the gambler for over 30 years,” Posner said. “You now have a business, Revel, that has attempted to redefine Atlantic City as a full-scale broad destination.”
To date its 14 restaurants, retail mall and 10 swimming pools have yet to catch on. However, Posner says lenders are confident that the casino will survive.
It’s not a question of turning it around, he said, “It’s really a matter of building up a new model. It’s really a development. It’s still a work in progress.”