Atlantic City's Revel Casino to close in September after 2-year-old resort fails to find buyer

MarketsAssociated Press

Atlantic City's Revel Casino Hotel says it will shut down in September after failing to find a buyer in bankruptcy court.

The company announced the move Tuesday, saying it would close its doors Sept. 10.

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The $2.4 billion casino opened just over two years ago, and never turned a profit.

It was due to be sold at a bankruptcy court auction last week. But that auction was postponed until Thursday to allow casino officials to study bids that were received.

But after Revel's board met Monday, the decision was made to shutter the iconic glass-covered casino at the north end of the Boardwalk.

It will be the second of four Atlantic City casinos to shut down this year as the resort city's gambling market continues to crumble.

The city started this year with 12 casinos.

Trump Plaza and Showboat are closing within weeks.