“It’s like rubbernecking on the highway when you see a car crash. “It’s just kind of a spectacle,” Phelan says. He gambled at Revel as the casino prepared to shut down. John Phelan lives in Texas, but he visited Atlantic City over the weekend.
Revel filed for bankruptcy twice and never turned a profit, so it never earned the tax advantages of the deal. It was rescued with a financing package that included state tax breaks.
It ran out of money halfway through construction and had to ditch plans to build a second hotel tower. Of all the casinos shutting down in Atlantic City, Revel is the newest and most glamorous, and the most financially troubled.
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