Union: Revel casino now only worth $25-73 million
Atlantic City’s main casino workers’ union says Revel Casino Hotel is worth between $25 million and $73 million.
The casino, which is seeking a buyer, cost $2.4 billion to build.
It has struggled since opening two years ago, and emerged from bankruptcy court last May.
Local 54 of the Unite-HERE union says it examined Revel’s finances through publicly available documents.
It projects Revel will not be profitable until 2024, and because of that, based its estimate of the casino resort’s value on the worth of its land or its hotel rooms.
Local 54 has been locked in a dispute with the non-union Revel since before it opened.
There was no immediate comment from Revel.
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