Revel Online Casino
Revel Hotel & Casino does not currently have an online casino. See our list of the top licensed NJ online casinos if you’re looking for the best sites to play real money games from New Jersey. Some of our favorite sites include:
The reasons for opting out
Due to the financial difficulties plaguing the casino, Revel has already publicly indicated that it is not interested in entering the regulated online gambling market at this point in time. Furthermore, the casino informed the New Jersey Division of Gaming Enforcement that it has no plans as far as acquiring an official license is concerned.
Whether this situation will change in the months to come remains to be seen, but given the grim prognosis regarding Revel’s profitability, such a scenario seems to be extremely unlikely. Furthermore, unlike the other resorts that have already launched or are planning to launch a New Jersey casino site, Revel has not partnered with any casino software company.
Even if the Revel Entertainment Group decides to change its policy regarding online gambling, finding an appropriate business partner is going to take months – and even then, there’s no guarantee that such a contract would be finalized. All things considered, while the launch of a Revel-branded online casino isn’t completely out of question in the perspective of the next few years, we definitely won’t be holding our breath on this one.
Revel Casino history
Owned by Revel Entertainment Group, Revel Atlantic City is the second tallest building in the entire New Jersey area and the second tallest casino in the United States. Opened in 2012 in close proximity of Caesars’ Showboat Hotel & Casino, Revel boasts almost 1,400 rooms as well as a 150,000 square feet casino floor.
Despite the ambitious plans and the impressive modern design, the company was facing financial difficulties even before Revel’s construction was complete. As a result, the project had to be scaled down to include just one hotel tower, which cost $2.4 billion. Even worse, the owners of Revel misread the Atlantic City casino market, as the high-rollers they expected to cater to simply weren’t there. Consequently, Revel lost $35 million by the end of the second quarter of 2012 and $37 million more by the end of the third quarter.
The debt load quickly reached $1.3 billion and the resort was forced to file for Chapter 11 bankruptcy 10 months after the grand opening. The bankruptcy filing resulted in the casino’s value plummeting from $2.4 billion to $450 million, which means that the casino is very unlikely to become profitable until 2017. Despite the fact that Revel Entertainment Group reduced the prices to attract more customers, the story of Revel is pretty much a cautionary tale for any future New Jersey investors interested in opening a resort of this kind.