[From article]
The Revel Casino Hotel warned its staff Thursday that it will shut down this summer if a buyer can’t be found in bankruptcy court.
In warning letters given to employees and obtained by the Associated Press, Revel said it is seeking a buyer for the struggling $2.4 billion casino, but can’t guarantee one will be found. If not, employees could be terminated as soon as Aug. 18, Revel said in the letter.
http://nypost.com/2014/06/19/revel-casino-warns-it-will-shutter-without-buyer/
Bankrupt Revel casino warns it might close down this summer
By Associated Press
New York Post
June 19, 2014 | 6:45pm
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[From article]
Twenty-six casinos have opened since 2004, fueling a 39% increase in total annual gambling revenue in the mid-Atlantic and New England, according to a study by the University of Nevada, Las Vegas. Within 100 miles of Philadelphia, there now are 24 casinos, a big shift from the early 1990s, when Atlantic City, N.J., enjoyed an East Coast monopoly. At least a dozen more gambling spots are in the pipeline from Massachusetts to Maryland, raising fears in states such as Rhode Island that their casino tax windfall is at risk.
[. . .]
Some public services have been affected. Ocean County, N.J., no longer offers low-cost rides for new dialysis patients because of a dip in casino revenues that fund programs for the elderly and disabled.
Delaware officials say declining gambling money—down 29% since fiscal 2011—is one reason the state cut 538 public jobs over the past five years.
http://online.wsj.com/articles/casino-boom-pinches-northeastern-states-1403220428
Casino Boom Pinches Northeastern States
Influx of Competition Leaves Early Players—Such as Delaware, New Jersey and West Virginia—Struggling to Keep Bets Flowing
By SCOTT CALVERT and JON KAMP
June 19, 2014 7:27 p.m. ET
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