It's a Gamble for Casinos in Atlantic City
Atlantic City's newest gambling destination, the Revel Casino & Hotel, is cashing in its chips and closing its doors for a major loss.
The casino cost $2.4 billion to build only two-and-a-half years ago and has yet to turn a profit, so they are closing their doors this Tuesday morning.
Brenda Buttner appeared on America's News Headquarters today to report on the hard times that have hit the casino industry.
In addition to the Revel, the Showboat casino also closes this week, and two weeks later, it's the Trump Plaza.
That adds up to 5,700 casino jobs lost in just three days, plus the jobs that were lost when the Atlantic Club closed earlier this year.
"Atlantic City started the year with 12 casinos, and before summer's end, it will have just eight," Buttner said.
Many analysts are expecting that fewer casinos will actually benefit the city, and some remaining casinos have already claimed better finances since the closing of the Atlantic Club.
Atlantic City's mayor has stated that he believes the Revel will open its doors again under new management.
"Even though it looks like the house loses this month, the future of A.C. could win in the end," Buttner concluded.
Watch the clip above.