ATLANTIC CITY - After failing to find a buyer in bankruptcy court, the Revel Casino Hotel has announced it will shut down on Sept. 10.
More than 3,000 employees will lose their jobs at the troubled casino, which cost $2.4 billion to build and opened just over two years ago. It never turned a profit.
There were hopes that Revel would help save Atlantic City's ailing gaming industry, but the gamble never paid off. The city's newest and largest casino couldn't even save itself.
Steven Ragland's wife works in guest relations at Revel. "We need two incomes to survive and it really will make the situation a whole lot harder," he says. "I'll try to find another job, a second job, to help out in the home and everything."
The casino's board had postponed the bankruptcy sale as they studied last-minute bids. But after the board met Monday, a decision was made to shut down the upscale glass-covered casino at the north end of the boardwalk.
Despite its many extravagant features, including an ocean view from each room, experts believe the gambling market is too saturated with other states like Pennsylvania now offering gaming options.
Atlantic City regulars say Revel's location away from other boardwalk attractions also made it a hard sell.
Revel is the second of four AC casinos to close this year as the gambling market continues to crumble.
Atlantic Club Casino closed in January. Trump Plaza and Showboat are set to close within weeks.