Revel Hotel-Casino hasn’t had a profitable week since the first week of its opening so you can excuse the company for being a little too thrilled that it has hit that milestone again after spending more than a year committing financial arson.
Yes, Revel had its first profitable week earlier this month since it opened in April 2012, a sign that bodes well for the hotel and casino now that it has redirected its marketing approach to cater more to gamblers like the rest of the casinos in the world have been doing since casinos were invented.
Welcome to the party, Revel!
Everybody and their momma knows by know how much Revel has struggled since it opened more than a year ago. It got off completely on the wrong foot after initially dismissing gambling as just “another aspect” of the Revel experience, opting to market the establishment as a complete leisure and entertainment experience.
It also instituted a smoking ban, which pretty much drove away a significant chunk of gamblers to other casinos in Atlantic City. One misfire after another eventually led to the company filing for bankruptcy earlier this year, an embarrassing predicament that threatened the hotel’s very existence despite still being a baby in the AC casino scene.
But ever since it survived skirting irrelevancy, Revel completely overhauled its approach, changing its name to Revel Hotel-Casino, lifting the smoking ban, and finally encouraging gamblers to enjoy its gambling facilities. Hardly a coincidence that when the company instituted these changes, it reports its first profitable month since the week it opened in April 2012. Sometimes, it’s as simple as 1+1=2, right?
Despite the refreshing news of a profitable week, Revel still took the always-difficult task of laying off employees, which in this case involves 75 individuals from multiple departments, including a senior vice president.
Chief Executive Officer Jeff Hartmann explained the reason for the layoffs, saying that the company’s revenue projections didn’t have enough room for these folks and seeing as the company is being strict with its finances after surviving bankruptcy, the move had to be made for its long term interests.