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Rhino 7 5000 platinum side effects8/23/2023 ![]() ![]() ![]() Whether it would be used as a casino or as a non-gaming venue is still being decided. According to several people familiar with the situation, a bid could be offered on the property as soon as this week. Last week Caesars ( CZR) confirmed that an interested party had toured the facility. Read More Last call at AC's Revel: A few bettors, $5 bottlesīut the Showboat may change hands more quickly. As the casino wound down over the weekend, rumors about which company would next own the gleaming blue megalith were running rampant among employees. While Revel failed to attract a qualified bidder at its recent bankruptcy auction, parent company Revel AC (Grey Market: REVEQ) has said it will continue to hunt for a new owner. The owners of both Showboat and Revel are said to be in active discussions with investors. Still, gaming experts said this could be the beginning of a stabilization for Atlantic City's deflating casino business.įitch Ratings said it expects the majority of revenue from the shuttered properties to stay local, adding to the balance sheets of other casinos like the Borgata, Harrah's and Golden Nugget. "We're going to get in our car and drive home, and at some point we're going to say 'We're not going to the Revel next week.'" "I don't know if it's hit me yet," said regular Revel patron Lucille Alexander, adjusting a baseball cap emblazoned in rhinestones spelling out the casino's name. Opened in 2012, the $2.4 billion, 47-story megalith hemorrhaged money, never turned a profit and headed back into bankruptcy for the second time in as many years. Revel, in particular, had been expected to usher in a new era for the struggling city. The closure of the Showboat and Revel, adjacent to each other, also brings emptiness to a strip of the boardwalk that was supposed to help revitalize Atlantic City. Read More These 13 states raked in $34B in gaming revenue "In the history of Atlantic City, there has never been this sort of layoff," said Ben Begleiter, the casino workers union representative for Local 54. The business employed as many as 5,000 workers until recently. If the Taj Mahal closes, it would add to the misery. Factoring in the Atlantic Club, which closed earlier this year, nearly 9,000 gaming-related jobs have been lost so far this year-more than a quarter of the city's entire casino workforce-as Atlantic City's casino supply has shrunk by a third. The local gaming union, Local 54 of Unite-HERE, estimates that 7,400 jobs, including third-party vendors, will have been lost between the Showboat, Revel and Trump Plaza. The steady stream of closures in Atlantic City has resulted in one of the largest mass filings for unemployment in New Jersey's history, according to the state's Department of Labor. The Taj Mahal did not immediately reply to CNBC's request for comment. The casino has been operating at a loss, according to its latest financial filings with the state's Division of Gaming Enforcement. The Taj Mahal, like its neighbor Trump Plaza, is owned by Trump Entertainment Resorts (Grey Market: TRMY), a holding company in which Donald Trump's Trump Organization has a minority stake, but no day-to-day involvement in operations. The Trump Taj Mahal, one of the biggest casinos on the boardwalk, has reportedly broken some of its loan covenants, and could be headed for a Chapter 11 bankruptcy filing, according to a New York Post report. 16, and another 1,100 jobs will be lost.Īnd a fourth casino is likely on the brink. The Trump Plaza will close its doors at 6 a.m. Later this month, the two shuttered casinos will be joined by a third. A fter two of New Jersey's iconic casinos, the Showboat and Revel Casino Hotel, went dark over Labor Day weekend-it's becoming clearer, the worst isn't over yet. A palpable disappointment shrouds the easternmost end of the Atlantic City boardwalk.
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