Atlantic City’s Revel casino warns staff it will close if buyer can’t be found

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This May 30, 2014 photo shows the exterior of Revel Casino Hotel in Atlantic City N.J. The .4 billion casino filed for bankruptcy on June 19, 2014, the second time in as many years it sought bankruptcy court protection, and warned that it will shut down this summer if a buyer cannot be found. (AP Photo/Wayne Parry)

ATLANTIC CITY, N.J. – Atlantic City’s Revel Casino Hotel is warning its staff it will shut down this summer if a buyer can’t be found for the struggling casino.

In warning letters given to employees Thursday and obtained by The Associated Press, Revel says it is seeking a buyer for the $2.4 billion casino but can’t guarantee one will be found.

If not, employees could be terminated as soon as Aug. 18.

The casino is owned by investors who gained control of it during bankruptcy last year, swapping debt for equity in the property.

Revel has operated at a loss since it opened in April 2012.

It posted an operating loss of $21.7 million in the first quarter of this year.

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