FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Reuters: Atlantic City’s Revel Casino Files for Bankruptcy, Seeks Buyer

June 20, 2014, 07:11 AM
Filed Under: Bankruptcy

Reuters reports that Atlantic City's troubled Revel Casino Hotel on Jun. 19 filed its second bankruptcy in just over a year and said it is hunting for a buyer.

The casino, which had gone through Chapter 11 bankruptcy in March 2013, warned employees that it would lay them all off beginning on Aug. 18 if it could not find a buyer, according to a letter sent to staff, a copy of which was obtained by Reuters.

Revel said it was seeking a buyer who would "have the ability to provide the funding and long-term commitment to help Revel reach its full potential." The casino said it would shut its doors if it could not find one, according to the letter sent to staff.

The company said in a statement it will continue to operate normally while in bankruptcy.

Reuters notes that when the casino opened in April 2012, Revel was a centerpiece of New Jersey Governor Chris Christie's effort to bring Las Vegas-quality gambling to Atlantic City's declining gaming business.

The casino noted in a press release that it reached an agreement to obtain a $125 million debtor-in-possession loan, inclusive of certain rollup amounts, arranged by one of its existing lenders, which is intended to provide Revel with liquidity necessary to operate its business while the Company pursues a sale through the chapter 11 process.

Click here to view the Reuters story in its entirety.

A copy of Revel's press release issued Jun. 19 is available by clicking here.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.