By Tim Jimenez
ATLANTIC CITY, N.J. (CBS) — With Revel Casino in Atlantic City slated to close next month, the $2 billion dollar property faces an uncertain future.
Stockton College professor Dr. Israel Posner wasn’t surprised with Revel’s announcement.
“Anybody that knows that property knows it’s a magnificent property, but the business simply didn’t work as a casino resort,” he said.
Posner says Revel, now a casino resort, could in the future be a multi-purpose venture.
“Not necessarily hospitality use, but a much broader commercial type of use that is mixed between or among residents, office suites, retail and restaurants,” Posner said.
Posner says there’s a lot a possible operator can build on. “About a dozen restaurants, space for 30 retail shops, lots of group meeting space, tremendous amount of public space, a tremendous nightclub,” he said.
And despite casino closures, Posner says Atlantic City is still a destination that draws 25 million visitors a year.