May 9, 2013
More than a year ago, Revel, the last casino to be built in Atlantic City in nine years, opened its doors to the public. At the time, Revel’s future seemed rosy: Its first weekend saw Beyonce’s triumphant return to the stage after giving birth to her daughter Blue Ivy, and revenue forecasts—albeit based on nothing but conjecture—were positive. Even Michelle Obama and her daughters showed up for the opening festivities. In fact, Revel’s appearance on the shore was said to sound the death knell for Atlantic City’s smaller casinos, which had been having problems generating revenue.
But in the 12 months since its illustrious debut, Revel has lagged behind, coming in 11th place out of 12 in terms of revenue in a ranking of Atlantic City’s casinos. It has now filed for Chapter 11 bankruptcy.