Several casino executives said they believed the long-range plan was to have the plant provide power to other development expected to follow Revel to its northern corner of the beachfront, but that development never happened. The cost of operating the plant was one of several factors that kept Revel from becoming profitable. Last year they were $2.86 billion, and they will be significantly less than that this year.īrookfield’s decision to walk away from the deal was first reported by The Press of Atlantic City.īrookfield spokesman Melissa Coley told the newspaper that the decision stemmed from a disagreement with bondholders controlling debt related to Revel’s power plant. When the first Pennsylvania casino opened in late 2006, Atlantic City’s annual casino revenues were $5.2 billion. The closure of Atlantic City's landmark Revel Hotel this week is a sad milestone for the city, as the newly opened. 12.Ĭasino revenues have been falling for years as a result of increased competition, including from neighboring Pennsylvania, now the second largest commercial gambling market in the nation. The Revel Entertainment Casino, April 2, 2012, in Atlantic City, New Jersey. So far, 8,000 casino workers have lost their jobs 3,000 more would be unemployed if the Taj Mahal closes on Dec. Brookfield’s announcement came as hundreds of casino workers were protesting a planned shutdown of the Trump Taj Mahal, which would become the fifth Atlantic City casino to close this year if it shutters in December as threatened.
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