Atlantic City's Revel Casino to Close

It's official: The Revel Casino in Atlantic City. The New York Times is reporting that the casino, "the newest and largest in town," will shut down in September, putting more than 3,000 people out of work. September 10 is the drop-dead date for the closing.

The Times adds, "A $2.4 billion hotel and casino, Revel opened two and a half years ago but never turned a profit, so its closing was not unexpected. It will join two other boardwalk casinos that are also scheduled to close soon, the Showboat on August 31 and Trump Plaza on September 16. A fourth, the Atlantic Club, closed in January."

The story also states: "Revel succeeded in attracting a younger generation of visitors to its popular nightclub, called HQ, and beach club -- people who were not necessarily coming to Atlantic City to play blackjack or feed the slot machines. But the enormous cost of the property, its vast size, and its peculiar configuration -- patrons had to ride a steep escalator from the lobby to get to the casino, the 57-story hotel and the restaurants -- made it difficult to turn a profit."

As the story makes clear, the closing is one of several that are threatening the casino industry, not to mention the city's financial structure. Atlantic City's future is further complicated by the plans of New York's governor, Andrew Cuomo, to add several casinos to an already crowded market.

To read the Times story in full, go to the URL listed below.