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Revel Casino Hotel warns it may close

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By The Associated Press
Friday, June 20, 2014, 12:01 a.m.
 

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 on Thursday that were obtained by The Associated Press, Revel said 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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