Revel Casino Bankruptcy Auction Set For Aug. 7
Whether or not the Revel Casino will be closing its doors will be known later this month following a bankruptcy auction scheduled for Aug. 7.
All bids for the casino must be received by Monday, Aug. 4. [geolink href=”https://www.usafriendlypokersites.com/revel-casino-files-bankruptcy/”]The Revel is mired in bankruptcy proceedings[/geolink] for the second time in as many years after its 2012 grand opening.
State officials are certainly hoping that a buyer emerges who plans to operate the establishment as a casino. Both the Showboat and Trump Plaza casinos are set to close shortly and losing the Revel as well would increase the blight on Atlantic City’s gaming industry.[geolink href=”https://www.usafriendlypokersites.com/showboat-casino-new-jersey-set-close/”]Showboat’s shutdown[/geolink] is scheduled for Aug. 31, while the Trump Plaza will close its doors two weeks later on Sept. 16. That follows the Atlantic Club’s closing in January.
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State Sen. Jim Whelan and two colleagues have asked New Jersey gaming regulators to delay the closings for several months in hopes that potential buyers can have more time to undertake due diligence. The request is seen as an 11th hour plea to keep the pair of casinos from shutting down.
Atlantic City had been standing tall for decades after its first casino began welcoming gamblers in 1978. But the onset of competition in the form of casinos in neighboring states has since led to declines in revenue for consecutive years since the mid 2000s.
Online poker and gambling regulations were approved last year in an effort to offset the losses seen at land-based gaming establishments. While some of that goal has been accomplished following a November launch, the state’s Internet gambling regime remains a work in progress that is expected to improve over time.
It was revealed recently that certain executives of the struggling Revel are in line for a collective bonus of up to $1.75 million depending on the eventual purchase price. U.S. Bankruptcy Judge Gloria Burns kept the full details of who would receive what in the event of an approved sale under wraps, but did mention that the incentives increase along with escalating bids.
The auction on Aug. 7 will take place only if qualified bidders for the property number more than one. The possible bonus totals of casino executives, if revealed, could affect the bids received as it might shed light on the expected selling price of the Revel.
There may come a day when New Jersey casinos are located elsewhere in the state outside of Atlantic City. Gov. Chris Christie instituted a five-year revitalization plan in 2011 forbidding that to occur until at least 2016.
However, with the Eastern seaboard gambling mecca clearly going through tough times, it may be prudent to explore other options that include locating casinos in the northern end of the state to capture some of the market that is spending gambling dollars in other states.
Proposals from developers to place casinos in North Jersey have been made. However, at this time, Christie appears to be holding true to the Atlantic City revitalization efforts put forth three years ago.