Ownership of Revel may have given up on the casino itself, scheduled to close Sept. 10. However, they’re still trying to sell the property, indefinitely adjourning yet another bankruptcy auction in order to entertain “ongoing negotiations [with] certain potential bidders … As a result of these ongoing negotiations, and in an effort to maximize the prospects for a value-maximizing sale transaction,” the bidding has to be kept open.
Ironically, were it not for the spate of upcoming casino closures, Atlantic City‘s 2014 gross of $1.55 billion “would have put Atlantic City on track to reverse a seven-year revenue decline by the end of the year, boosted by Internet gambling,” according to The Associated Press.
If any good has come out of the closing of Revel, it’s that it’s prompted Gov. Chris Christie (R) to convene an emergency summit meeting of 
key legislators on Sept. 8. Sounding much like Mayor Don Guardian (R), Christie said the role of the meeting was to find ways for the Boardwalk to evolve beyond gambling as its raison d’etre. “Important signs are evident of the progress taking hold in the non-gaming development and economic activity we are seeing in AC, including businesses opening, attractions being added, and key non-gaming revenue streams rising,” Christie said, accentuating the positive.
That is not to minimize the importance of megaresorts. Revel is Atlantic City’s second-biggest property taxpayer, chipping 7.5% of the total civic haul. Casino closings have contributed to Moody’s Investor Service downgrading the city’s credit rating to a dismal Baa2. But for all the talk of nightclubs and retail, the bottom line with Atlantic City remains gambling. In the unlikely event that cannot be reversed, state and civic leaders are going to resign themselves to the very real possibility that the Boardwalk’s best days are behind it.
* The arrest toll in the Caesars Atlantic City heist now stands at eight, with three more alleged co-conspirators pinched for being in receipt of stolen goods. Although the robbery took place a month ago, the getaway car only turned up this week. Suspect Nathaniel Greenlee may wish that his father, John Greenlee, weren’t so zealous in his son’s defense. He plugged a state trooper who was serving a search warrant. The trooper suffered minimal injuries but Greenlee pere found himself in the pokey. The other suspects are being relatively cooperative. They must have a better class of criminals in Atlantic City.
