Atlantic City had been pinning its hopes on the new multi-billion dollar Revel casino project to breathe new gambling life into the city which has seen its casinos struggle amid dwindling gambling revenues as gamvlers head off to newer casinos in neighboring states.
Not only did Revel not provide a shot in the arm for AC's gambling fortunes but it's been forced to file for Chapter 11 bankruptcy itself less than a year after opening its doors.
Revel has been losing $30 million-$40 million per month and suffered through a terrible January 2013 that saw it pull in less than $8 million in gambling revenues. It has failed to turn a profit since opening last April and needed bailouts from investors several times, including as recently as December.
The casino will continue operating and hopes the bankruptcy will let it restructure its debt so that it can be more competitive and have a better shot at hopefully one day turning a profit.
Casinos in Las Vegas are faring a bit better but the city is suffering from an image problem so far in 2013, with several high-profile shootings in or near Strip casinos calling into question just how safe the city is.
Safety concerns will only escalate after the latest shooting on Thursday that left three people dead in a fiery scene on the Strip at an intersection near the Bellagio. Police are still piecing together the sequence of events but reportedly an argument at the valet area of the Aria led to the occupants of a black Range Rover opening fire on those in a Maserati as it headed north on Las Vegas Boulevard.
The Maserati powered through the intersection and struck a cab, with the cab exploding into flames. The cab driver and a passenger died, as did the driver of the Maserati.
The Range Rover fled the scene with police on the lookout in Nevada as well as in neighboring states.