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Revel Casino Hotel Starts Closing In Atlantic City

ATLANTIC CITY, N.J. (CBSNewYork/AP) -- Atlantic City's newest casino and its costliest failure has begun its two-day shutdown.

The $2.4 billion Revel Casino resort closed its hotel at 11 a.m. Monday. The casino will close at 6 a.m. Tuesday.

Revel is one of three Atlantic City casinos closing down over the next two weeks.

The Showboat shut its doors Sunday, and Trump Plaza will do so Sept. 16.

"It's kind of sad,'' said Andrew Tannenbaum of Edison, who has stayed at Revel a dozen times in the past year. "Compared to other casinos, this was a lot nicer. There wasn't the riff-raff here. But I think they overspent, went overboard and got in over their heads. When the Borgata opened, that should have been the last of the high-end casinos for Atlantic City.''

Revel still hopes to find a buyer for the property after it has ceased to operate as a casino.

Atlantic City started the year with 12 casinos. By mid-September it will have eight, and 8,000 workers will have lost their jobs.

The city's woes were brought on by ever-increasing competition from casinos in nearby states in the saturated Northeast gambling market.

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