Revel's Situation Has Now Become Dire

Revel's Situation Has Now Become DireThe Revel resort opened in Atlantic City on April 2, 2012 at a cost of $2.4 billion. At the time, there were high hopes that the 20 acres casino and hotel complex located along the Boardwalk would help lift the city’s beleaguered gambling industry out of the doldrums.
A few months on, however, and Revel itself seems to have gotten into difficulties all of its own with the struggling casino having now notched up debts totaling more than $1.3 billion. Adding to Revel’s woes is the fact that many businesses dealing with the casino have yet to receive money owed to them. These include 40 construction companies which have served liens on Revel for $37.8 million.
In addition, New Jersey’s state senate president Stephen Sweeney said Revel currently owes Atlantic City $12 million in unpaid taxes, and recently wrote to the director of the state Division of Gaming Enforcement David Rebuck, explaining: “Since your letter, I have received a number of additional reports that Revel’s finances have deteriorated considerably, and that the situation has become dire. The casino appears to be burning cash at an alarming rate.”
Back in August, Revel had to seek a $100 million line of credit to help it
operate throughout 2013, but now a Revel spokeswoman said the company was close to securing extra funding expected to be locked down within the next 45 days.
Unfortunately, since opening Revel’s gambling revenue has been near the bottom of Atlantic City’s casinos and in Q3 it recorded a $37 million gross operating loss. Nevertheless, failure of Revel would be a major blow to Atlantic City’s future and as Roger Gros of Global Gaming Business Magazine explains:  “It would be pretty serious, because Revel is the model that Atlantic City needs to go after if it wants to survive as a city. They need to go after other areas of marketing, the restaurants, the shops, the shows, ways to make money other than gambling revenue.”

Poker News
Spanish Online Poker Revenue Jumps 27% in Q1
03 Jun 2018
In January, Spain and France started pooling their online poker players in an attempt to revive an industry decimated by the ring-fenced policies adopted by their respective governments. If they were ever in any doubt as to the validity of their move, the results for the first three months of 2018 will certainly have allayed
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Maryland Casino Revenue Up 6% to $143m in April
11 May 2018
Maryland’s six casinos generated gross gaming revenue (GGR) of $143.5 million in April, marking a 5.7% increase compared to the $135.7 million collected in the same month a year ago. As a result, the Free State has now returned four consecutive months of gains this year, providing much needed assistance to the Education Trust Fund,