Although a number of bids to purchase the Revel Casino had been received by the Aug. 4 deadline, the latest reports from Atlantic City indicate that the casino will close on Sept. 10 as none of those bids have been deemed acceptable.
The promise of a new buyer for the struggling casino heightened last week when a scheduled auction was postponed so that the bids received could be evaluated further. That extended analysis has not found a qualified bidder, the Press of Atlantic City reported.
The Revel announced earlier this year that a September shutdown was looming if a buyer failed to emerge through bankruptcy proceedings. Those plans have now been put in motion, leaving the two-year-old casino with just one more month to accept wagers from gamblers.
While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind down of the business at this time,” said a company statement.
A five-year Atlantic City revitalization plan was implemented in 2011 and the Revel opened to considerable fanfare in spring the following year. That plan is not making any progress considering that shutdowns of both the Trump Plaza and Showboat casinos are also scheduled within the next five weeks.