The Economic Impact of Casino Closings

New Use for Closing Casino?

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    NEWSLETTERS

    Philadelphia Business Journal
    The Revel Casino & Hotel.

    With Atlantic City’s Revel Casino Hotel not turning a profit as a casino hotel since it opened in April 2012, experts say the property could have more viability as a mixed-use commercial space.

    “I look at that structure as one of the most spectacular structures that have been built on the East Coast in the last [few] decades,” said Israel Posner, executive director of the Lloyd D. Levenson Institute of Gaming Hospitality & Tourism at the Richard Stockton College of New Jersey. “I can’t imagine a more modern and sophisticated structure anywhere that is comparable in terms of its potential. Regardless of whether it operates as a casino or not, as a structure, it has tremendous hidden value.”

    The $2.4 billion facility is currently set to cease operations on Sept. 10 after being unable to find a qualified buyer. And, while its future is still a big question mark, experts already have a few ideas on what the building could or should become in order to be more profitable.

    "I don't think of it as being limited to the vision of [just] a hotel, casino or resort. "Posner said. "It can be that, and is that, but its potential use is much broader than that ... It's simply looking at it without the blinders on as a hotel and resort."

    Impact of Revel Casino Closure

    [PHI] Impact of Revel Casino Closure
    How will the closing of the Revel Casino impact the Atlantic City community? NBC10's Lu Ann Cahn investigates.

    Posner suggested the 6.3-million-square-foot, 47-story structure be used as a mixed-use commercial property -- something akin to a structure you'd find in New York or Chicago... Read more at PBJ.com.