the buzz: Revel says it will close Atlantic City casino by next month

Revel AC Inc., the bankrupt Atlantic City casino, will close its doors next month after failing to find a qualified buyer, dealing the latest blow to the struggling New Jersey resort town.
The two-year-old facility, built for USD2.6 billion, was once owned by Morgan Stanley. It was taken over by creditors last year and filed for bankruptcy a second time in June. It will be shuttered no later than Sept. 10, Revel AC said in a statement yesterday.
“Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing,” the company said.
Revel, which employs about 3,140 people, fell victim to a tailspin in the Atlantic City gambling industry. Competition from a growing number of venues in neighboring Pennsylvania, Maryland and New York has lured patrons away from the market, once the dominant East Coast gambling hub.
Casino revenue in Atlantic City has dropped for seven straight years, falling to USD2.86 billion last year.