"When I started, it was promising. We had high hopes," said Liditze Diaz, a restaurant worker at Revel. "Then we started hearing rumors, but I thought, `No way this place is going to close. It's too new, too pretty.' It's hard to believe."
Revel became the second Atlantic City casino to shut down over Labor Day weekend, joining the Showboat, which shuttered its doors Sunday afternoon. Trump Plaza is closing on Sept. 16, and the Atlantic Club closed in January.
Thus, Atlantic City, which started the year with 12 casinos, will have eight before summer is over. Many casino analysts and industry executives say they expect the remaining casinos to fare better financially with less competition.
Read MoreRevel casino lost money when it fell off roof
The consolidation is a reaction to the saturated northeastern U.S. casino market, which continues to add new gambling halls to markets without enough demand to support them all.
None was a costlier failure than Revel.
The casino broke ground just before the Great Recession. It ran out of money halfway through construction and had to drop its plans for a second hotel tower while scrambling for the remaining $1 billion or so it needed to finish the project. When it opened, it was so laden with debt that it couldn't bring in enough revenue to cover it.