In a statement released to the media, Revel president and chief operating officer Scott Kreeger said: "Today's announcement follows an extensive strategic review. We will work to reach an agreement with a new owner who will help ensure Revel's long-term financial stability and who shares our commitment to providing Revel's guests and players an exceptional experience in lodging, gaming, entertainment and recreation."
But Revel has been on the market virtually since it opened amid great fanfare in April 2012, and serious suitors have been few and far between.
The Seminole Indian tribe of South Florida, which has hit the jackpot with its chain of Hard Rock Cafe-themed casino-hotels, has been prominently mentioned as a possible buyer, but has balked at the price tag, reportedly in the $300 million range.
Local 54 of the Unite HERE union, which represents thousands of AyCee casino workers and has been organizing at Revel, recently put the complex's value at between $23 million and $75 million, based on public filings by Revel.
When conceived about a decade ago - while Atlantic City still had a monopoly on gambling in the mid-Atlantic states, Revel was to be an opulent pleasure palace that featured gaming as an amenity, rather than its focus.
But Revel seemed doomed after casinos became legal in Pennsylvania and other nearby states, and after the crippling recession. It didn't help that the original management team decided to forego such standard casino strategies as having a multitiered reward-card system, private high-roller lounge, a buffet and smoking.
- The Associated Press contributed to this report.
On Twitter: @chuckdarrow