Margaret F. Bonafide

@mfbonafide

ATLANTIC CITY – Revel Casino, a $2.4-billion resort, wants to fold and cash out now to minimize its losses instead of waiting for the state's plan of a 30-day notice for an orderly closure date.

Friday, Revel asked the state casino regulators at the Division of Gaming Enforcement to let it close its doors today, but were told 'no dice' by the division. The Revel Casino is bleeding money, reports show, posting a $14.8 million loss in June.

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Revel wants to close, but has yet to file a state-required petition seeking to close, said Gaming Enforcement Director David Rebuck.

The state nixed the Monday closing date proposal. It did counter with an offer of a Sept. 1 closure for the hotel and Sept. 2 closure for the casino, contingent upon Revel and its lending partner Wells Fargo providing an acceptable shutdown plan by Monday night.

Initially, when the state pushed its 30-day requirement, Revel and Wells Fargo adjusted their request from Aug. 18 to Aug. 19, Rebuck said. The state compromised to the contingent-laden Labor Day plan.

After Friday's talks between Revel, Wells Fargo, and the state, Rebuck wrote an order saying delays in a bankruptcy court sale for Revel triggers a default under its financing agreement for missing a key deadline.

The state Division of Gaming Enforcement reported last week that the remaining 11 casinos won $274 million in July, down from $297.1 million recorded one year before. The Atlantic Club closed earlier in the year. The winnings include a growing Internet gambling revenue. The day after the state released the numbers, Revel, the city's newest casino operating for only two years, announced it will shut down.

Revel is not the only casino trying to leave the shrinking Atlantic City scene as casino competition is on the rise within driving distance to Jersey's borders including Pennsylvania, New York, and Connecticut.

The Showboat is due to close Aug. 31, and Trump Plaza on Sept. 16. The division will need to issue closing orders for each of those properties as well. A spokeswoman said the division is reviewing the status of those casinos.

In January, Atlantic City had 12 casinos. But come December, there will be eight left.

Atlantic City trails Nevada and Pennsylvania. AC casino revenue fell from $5.2 billion in 2006 to $2.86 billion last year. Thousands of AC casino jobs left as more gambling options opened elsewhere.

The Showboat is due to close Aug. 31, and Trump Plaza on Sept. 16. The division will need to issue closing orders for each of those properties as well. A spokeswoman said the division is reviewing the status of those casinos.

In January, Atlantic City had 12 casinos. But come December, there will be eight left.

Atlantic City trails Nevada and Pennsylvania. AC casino revenue fell from $5.2 billion in 2006 to $2.86 billion last year. Thousands of casino jobs left as more gambling options opened in other northeastern states.