ATLANTIC CITY - For a luxurious $2.4 billion casino that was supposed to grow the market and bring in scores of new tourists, Revel has fallen way short.
Hopes of turning things around for this sluggish resort faded with Revel's disappointing casino revenue released on Friday: It generated $17.5 million in July, and the threat of an early bankruptcy has increased, according to industry observers and gaming analysts.
July revenue figures from the New Jersey Division of Gaming Enforcement showed Revel placed eighth among the dozen casinos here - just slightly better than the tiny Atlantic Club, Golden Nugget, Resorts and Trump Plaza.
The overall Atlantic City gaming market, which had hitched its fortunes to Revel, remains in trouble. Every property reported a revenue decrease, from 30 percent at Bally's to 0.6 percent at Tropicana. Among the reasons cited were having one less weekend than July 2011 and the Fourth of July falling midweek this year. Total casino revenue for the seaside resort last month was $308.2 million, down 9.5 percent from a year ago.
The $17.5 million that Revel generated from its slot machines and table games was a tad better than the $14.9 million it made in June, but still significantly below the $25 million to $30 million per month that Wall Street projected that it needs to stay solvent and pay its bonds.
Market-leading Borgata generated $54 million last
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