Reporting David Madden
By David Madden
ATLANTIC CITY (CBS) — The future of several casinos in Atlantic City has been shaky for quite awhile, given the economy and regional competition. Hurricane Sandy has only made the situation worse, despite efforts to promote that operations are, in fact, normal at the 12 gaming facilities.
However, there’s particular concern for the new kid on the block.
Financial analysts are openly questioning how long Revel can remain afloat, even with help from the state.
Their debt load is huge and gaming business has been lackluster since the April opening.
Revel, in an e-mailed statement, says hotel occupancy was at 80 percent last weekend, but it’ll take time to recover from the five day shutdown caused by the storm.
They’ve also made some internal changes and promise some blockbuster entertainment.
But Bob McDevitt, whose Local 54 is trying to organize staffers at Revel, has his doubts.
“At some point there’ll be a change in management and then, eventually, a change in ownership,” McDevitt explained.
He also believes the rest of Atlantic City’s casinos will have a hard time coming back from the hurricane.