Atlantic City’s newest and most expensive casino plans to file for bankruptcy.
Compare that to the rising revenue from casinos in Pennsylvania, and you have a scenario Charles Dickens would be proud of.
The best of times for gambling halls in the keystone state. The worst of times for our neighbors to the east.
When Revel opened in April of 2012 New Jersey Governor Chris Christie called it a game changer for Atlantic City.
However, 10 months later the game appears the same, as revel is expected to file for chapter 11 bankruptcy.
Atlantic City’s gaming revenue has dropped steadily ever since Pennsylvania opened its first casino nearly seven years ago at Mohegan Sun at Pocono Downs outside Wilkes-Barre.
Four years later, Pennsylvania added table games, further strengthening the keystone state’s gaming fortunes, and further eroding those in the neighboring garden state.
In January, gross revenue from table games at Pennsylvania’s 11 casinos exceeded $59 million, up 12% from January of 2012.
Leading the way in table games revenue is The Sands Casino in Bethlehem.
It’s one of Pennsylvania’s newest gaming halls, located less than 15 miles from the New Jersey state line.
Two casinos in the Philadelphia area, even closer to Atlantic City, came in second and third on that list.
When factoring in revenue from slot machines, Pennsylvania raked in $248 million in casino money in January alone, a huge chunk of change that Atlantic City used to count on, not all that long ago.
It all spells bad news for the financially strapped gambling town on the Jersey Shore.
The lavish Revel was built at a cost of $2.4 billion, the most expensive casino ever constructed in New Jersey.
While Atlantic City’s newest casino struggles to find a way to stay in business, Pennsylvania’s first casino is planning another expansion, with construction underway on a new hotel at Mohegan Sun at Pocono Downs.
The company that owns Revel said the expected bankruptcy filing will not affect the casinos operations or its employees, at least in the short run.