Revel Casino Hotel was expected to be the savior for the Atlantic City gaming industry after the economic recession of 2008. The casino, which was going to modernize AC, was being built with billions of dollars invested, with the hopes of reviving the New Jersey gaming market.
That plan came to a crashing halt when financing ran out shortly after the recession. When the facility was finally opened, it did so to much fanfare. Despite the attraction for gamblers, Revel fell well short of expectations, signaling the final changing of the guard in the Northeast.
With one bankruptcy under its belt, Revel majority shareholders Chatham Asset Management secured the approval this week of the New Jersey Casino Control Commission to seize control of Revel. Whether that means Chatham will be a long-term solution, is yet unknown.
At the hearing to announce the approval, Chatham Principal Evan Ratner explained that the company is looking into all options for Revel. By not disclosing a specific plan, Ratner led industry experts to believe that the company would be seeking to sell, or take Revel through another round of bankruptcy.
Some interesting names have popped up as possible investors into the facility. The Seminole Tribe of Florida has expressed their interest in purchasing Revel. The Seminoles currently have a monopoly on table gaming in Florida, with a compact the tribe signed with former Governor Charlie Crist set to expire in 2015.