The good news for Atlantic City at this point is that Revel Atlantic City did receive bids to purchase the struggling casino last week. But knowing just how good that news really is will have to wait as a bankruptcy auction for the property was delayed a week until August 14.
Revel officials announced that bidders for the troubled casino have come forward, which caused the auction to be delayed so officials could review and analyze the bids.
According to court filings in U.S. Bankruptcy Court, the casino needs “additional time to fully analyze and evaluate the bids received” and was not prepared to go forward with the auction last week. The deadline for bids was just three days before the auction was scheduled.
Revel officials have announced that if the casino does not find a buyer, it will close at the end of the month throwing its 3,100 employees out of work.
However, there have been some positive signs that the casino may stay open.
First, a bankruptcy auction requires multiple credible offers for the property to be made. Though no bidders have been identified, the fact that an auction is still scheduled—and the acknowledgement that bids were made—is a good sign.
Also, Revel just announced that tickets have just gone on sale for two concerts at the casino scheduled for October and November respectively.
Meanwhile, there was no news on the fate of Caesars Entertainment’s Showboat casino, which is also looking for a buyer.
A spokesman for Caesars told the Press of Atlantic City that no news on a potential sale is expected in the next few weeks. That comes despite recent statements by Atlantic City Mayor Donald Guardian that a potential buyer for the casino has come forward.
The Showboat is also scheduled to close at the end of this month—laying off its workforce—and the non-announcement prompted union officials in the resort to call for a public disclosure of the casino’s negotiations with a potential buyer.
Finally, Trump Plaza casino is scheduled to close in September, but no potential buyers have been reported for the casino, which is the weakest performing in the city.
