Aug. 13 (Bloomberg) — Revel AC Inc., the bankrupt Atlantic City, New Jersey, casino operator, postponed an asset auction indefinitely, the day after announcing it will close its doors by next month.

The casino company said in court filings today that it’s still reviewing bids and working on a “value-maximizing” sale. The company said yesterday that the resort will be shuttered no later than Sept. 10 because none of the offers met certain requirements.

Revel delayed the auction, set to take place tomorrow after already being pushed back one week, to a date to be determined so it can work with potential buyers toward “the goal of naming a successful bidder,” according to court documents.

The culprit behind Revel’s bankruptcy and the demise of other Atlantic City gambling mainstays is the growing competition from Pennsylvania, Maryland and New York.

Revel’s casino revenue plunged about 36 percent in July compared with the previous year, according to a report issued today by the New Jersey Division of Gaming Enforcement. Casino revenue in the New Jersey gambling mecca fell more than 40 percent to about $2.8 billion in 2013 from a peak of more than $5 billion in 2006.

Atlantic City’s first new casino since 2003, Revel opened in April 2012 at a cost of $2.4 billion, only to shut down for five days a few months later because of Hurricane Sandy. It filed a first bankruptcy in March 2013 before seeking creditor protection again in June.

Replies:

No replies were posted for this topic.