With less competition, the surviving casinos began to fare better. When it was called Revel, the property was one of five of Atlantic City’s 12 casinos to go out of business between 20. The casino lost $3.2 million in September $4.1 million in October $5.5 million in November and $5.8 million in December, and by January, Luxor, who had been one if its lenders, agreed to take over. It remained closed under the ownership of Florida developer Glenn Straub, who sold it to Deifik in January 2018.ĭeifik reopened it under a new name last June, but quickly ran out of money once the busier summer months ended. Revel went bankrupt twice, never came close to turning a profit, and shut down in September 2014. Original investors Morgan Stanley pulled out before it was halfway finished, taking a $1 billion loss. The property’s history has not been a good one. The exact numbers will be released by state regulators later this month. It’s a small sample size, but encouraging nonetheless: the casino won more from customers at slot machines this April than in any previous month, and recorded its second-highest hotel occupancy rate. “We’ve largely eliminated losses at the property and we are making a major effort to reintroduce this place to people.” “In a lot of ways, we’re going faster than we had imagined we could,” Matejevich said.
