The GardaWorld Armored Car Company of Atlantic City has agreed to reimburse Revel Casino for $21,000 of the casino's money lost. A bag of money was lost after it fell off the roof of an armored truck, presumably while in traffic. What ever became of the cash is not know. It may remain a mystery to all but the person who found the bag.
The money was lost due to forgetfulness on the part of the armed guard in question. After a detailed investigation into the driver's actions that day, along with a search for possible motives or accomplices, authorities and supervisors are certain that the cash was not lost because of any criminal intent on the part of the driver.
Internal Investigation
GardaWorld performed an internal investigation into the matter and determined that no wrongdoing had been performed, according to a police spokesman who talked with the Press of Atlantic City. The truck arrived outside Revel Casino to pick up a load of cash.
Surveillance video showed that the bag holding the cash was on the roof of the truck as it pulled out of the Revel Casino parking lot. Video also showed that the bag was still on the truck when it pulled away from the Resorts Casino Hotel, which is near the Revel Casino.
Bag of Money Fell from the Truck
Somewhere between the second stop on the trip (Resorts Casino) and the armored car's final delivery, the bag must have fallen from the truck. A search of the area failed to recover the money.
While the security guard who was carrying the money was not found to have committed wrongdoing, that only means that he did not conspire to steal the bag of money. GardaWorld did not comment on whether the employee faced consequences for their oversight.
Revel Casino Closing
Though Revel Casino will be reimbursed for the lost $21,000, the casino is in such dire financial condition that it has decided to shut down operations. Twenty-one thousand dollars is a tiny fraction of the massive debt owed by the casino, which cost $2.4 billion to build. One of the resort's early investors took a $900 million loss to opt out of the project before the casino even opened it doors.
Revel Casino is set to close its doors on September 2, when the gaming floor ends operations. The Revel Hotel closes on September 1. The casino opened in the spring of 2012, and is the most expensive casino ever built in Atlantic City.
Revel's Financial Hardship
Despite the opulence of the resort, Revel Casino has been beset with financial problems since before it opened. Morgan Stanley, which owned a 90% stake in the original construction, stopped development and put its stake up for sale. In doing so, it walked away from a $932 million investment.
An additional $1.5 billion finance package allowed construction to be completed, but it soon became apparent that Revel Casino was in deep financial trouble. The casino filed for bankruptcy in early 2013, then again in April 2014.
The second bankruptcy was not enough to save the operation, so it was announced in June 2014 that the casino would close if a buyer was not found by August 18. No such buyer stepped forward, so what was supposed to be a flagship Vegas-style casino will close its doors in September. The Showboat Casino and Trump Plaza also plan on closing next month, which will be four casinos in all that have close in Atlantic City this year.
GardaWorld Security CorporationGardaWorld Security Corporation is a Canadian security firm which began operations in 1984. The company has expanded to include operations in North America, South America, Asia, Africa, and Europe. Garda has more than 45,000 with 200 offices worldwide. The CEO of Garda is Stephan D. Cretier, while the corporate headquarters are located in Montreal, Quebec.
While the loss of the money is remarkable in its own way, security corporation like GardaWorld occasionally have mix-ups and oversights. While such high-profile cases are never good for the corporate image, what happened at the Atlantic City casinos is a momentary oversight and a one-time fiasco. The person who found the money received a windfall, but might not enjoy the cash as much as one would expect. In such cases, the beneficiary has to wonder if the money is marked or traceable, and therefore might not spend the cash quite so readily as one might expect.
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