There may be hope for Atlantic City casino venue Revel yet; days after announcing it would close on September 10, it seems that negotiations with potential buyers are still ongoing.
Earlier this week, it had leaked that no qualified bidders had come forward to purchase Revel before Thursday’s auction. Revel announced that it hopes a buyer can be found, but still needs to begin winding-down operations.
Meanwhile, New Jersey Governor Chris Christie has called for a summit to discuss the future of Atlantic City on September 8, as three casinos, including Revel, are slated to close by next month. At the summit will be state legislators, Atlantic City Mayor Don Guardian, casino industry representatives and union officials.
Trump Plaza and Caesars’ Showboat are set to close within weeks, bringing the number of casinos to eight. This follows the closure of Atlantic Club in January. Deutsche Bank predicts Atlantic City will be down to six casino by 2017, saying it expects Trump Taj Mahal and Resorts to ultimately shut down.
Atlantic City revenues will decline 36.5 per cent between 2013 and 2017 to $1.8bn, Deutsche Bank forecasts. Christie had outlined a five-year plan for the city’s recovery in 2010, promising among other things not to allow gaming in upstate New Jersey.
The summit is likely to include discussion of overturning that policy, as Christie and Senate President Stephen Sweeny have expressed openness to allowing casinos in North Jersey with a referendum next year. Some of the financial benefit from North Jersey casinos would go to Atlantic City.
Source: Fantini’s Gaming Report
