The $2.2 billion dollar Revel Casino was the most ambitious project in the history of Atlantic City. After a nearly 6 year saga of construction halts, union protests, government assistance, and other drama, it opened to great fanfare in May 2012.
It was supposed to revitalize the city and provide a resort like alternative to smoky, windowless casinos. It never delivered on that promise. It has yet to turn a profit and has been at or near the bottom of casino revenue in Atlantic City the whole time.
Now, less than a year after opening, Revel announced yesterday that it had entered a pre-arranged bankruptcy plan with its creditors, and that it will seek Chapter 11 protection in the coming weeks.
Former Business Insider reporter Simone Foxman was there to photograph the Revel as it started. Here's a look at how things have gone downhill.
The $2.2 billion dollar project started a half decade ago, when Morgan Stanley approached casino veteran Kevin DeSanctis, who is now Revel CEO.
Source: The Wall Street Journal
The casino nearly didn't happen. Construction began in February of 2008, just a few months before the economy began to collapse.
Source: A 2012 interview with CEO Kevin DeSanctis
Casinos in particular were ravaged by the recession. From 2007 to 2011, gaming revenue declined by an average of 8.62 percent.
Source: UNLV
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