In Martin Scorcese’s classic movie, Casino, Sam “Ace” Rothstein felt he was living in paradise when the Mafia bosses of the Midwest gave him control of the Tangiers Casino. Casinos serve as huge money makers as hosts of hopeful winners pile into them and gambling away their hard earned money. For guys like Ace Rothstein, to run a casino is a dream due to the constant influx of cash. The owners of Revel Casino in Atlantic City probably felt the same way when it opened in 2012. It was hoped that Revel would revamp the city’s struggling casinos. Due to the volatile economy and the openings of competing casinos in cities throughout the east coast, an Atlantic City casino just wasn’t the draw that it was in years past. Revel could not distinguish itself as a rousing success. Owners didn’t anticipate the Great Recession when ground was broken.
The $2.4 billion Revel Casino was doomed from the start. During construction of the casino, the budget went dry, forcing those concerned to nix plans for a second hotel tower and go out and rustle up $1 billion. It was planned for the venue to be revolutionize the gambling industry as “a totally different resort, a seaside pleasure palace that just happened to have a casino as one of its features [that] included Atlantic City’s only total smoking ban, which alienated many gamblers; the lack of a buffet and daily bus trips to and from the casino; and the absence of a players’ club. By the time those decisions were reversed, it was already too late. High room and restaurant prices hurt, too,” according to CBS News. Revel opened its doors in debt, unable to find the funds to cover everything.
Revel Casino joins Showboat as recently closed Atlantic City casinos, meaning thousands of employees are now out of work. The owners have even been having trouble finding a buyer for the property, but they hope to sell through bankruptcy court. It is unlikely that the buyers will make it a casino due to the long licensing processes.