Atlantic City's Revel casino files for bankruptcy

Casino to allow smoking

Atlantic City's Revel casino files for bankruptcy protection

Posted: Updated:
Image courtesy Revel Image courtesy Revel
MYFOXNY.COM -

Revel, Atlantic City's newest casino resort, filed for Chapter 11 bankruptcy protection on Monday.

The voluntary move, which was approved by a majority of its creditors, will reduce its debt from about $1.52 billion to $272 million through a debt-for-equity conversion.

The resort promised that the legal and financial proceedings will not impact its guests and that its employees and vendors will be paid, according to a news release.

"Backed by overwhelming lender support, we remain on track to complete our financial restructuring ahead of the critical summer season," Jeffrey Hartmann, Revel's interim CEO, said in a statement. "We will emerge from this recapitalization positioned for long-term success, with the financial capacity to pursue our amenity enhancement opportunities, and the ability to continue providing our guests with a signature Revel experience."

The company, which filed papers in U.S. Bankruptcy Court for the District of New Jersey in Camden, said it expects to complete the restructuring and emerge from bankruptcy in early summer.

Revel, which opened on the Atlantic City Boardwalk in early 2012, features more than 1,800 rooms, all with ocean views. 

As part of its Chapter 11 bankruptcy filing, Revel says it plans to create a smoking area on the casino floor.

The $2.4 billion resort opened last April as the only non-smoking casino in Atlantic City. But that prohibition was seen by many as one of the reasons Revel struggled, and ultimately filed for Chapter 11 bankruptcy protection late Monday night.

 

The Associated Press contributed to this report.

  • Your MoneyMore>>

  • Caesars enters New York casino competition

    Caesars enters New York casino competition

    Tuesday, April 22 2014 10:52 PM EDT2014-04-23 02:52:22 GMT
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
  • Airbnb fights NY attorney general's subpoena

    Airbnb fights NY attorney general's subpoena

    Tuesday, April 22 2014 7:06 PM EDT2014-04-22 23:06:24 GMT
    Renting out someone's apartment is an easy way to get an inexpensive place to stay if you're a tourist, and cheaper and more convenient than most hotels. But now the government is stepping in and trying to get a handle on a booming business that may not be playing by the rules. State Attorney General Eric Schneiderman is squaring off in court with multi-million dollar Internet company Airbnb.
    Renting out someone's apartment is an easy way to get an inexpensive place to stay if you're a tourist, and cheaper and more convenient than most hotels. But now the government is stepping in and trying to get a handle on a booming business that may not be playing by the rules. State Attorney General Eric Schneiderman is squaring off in court with multi-million dollar Internet company Airbnb.
  • McDonald's profit slips amid weak sales

    McDonald's profit slips amid weak sales

    Tuesday, April 22 2014 8:24 AM EDT2014-04-22 12:24:13 GMT
    McDonald's reported a lower profit for the first quarter as the world's biggest hamburger chain saw global sales remain weak.The Oak Brook, Ill.-based company said global sales edged up 0.5 percent at established restaurants.  In the U.S., the figure fell 1.7 percent as customer traffic declined.
    McDonald's reported a lower profit for the first quarter as the world's biggest hamburger chain saw global sales remain weak.The Oak Brook, Ill.-based company said global sales edged up 0.5 percent at established restaurants.  In the U.S., the figure fell 1.7 percent as customer traffic declined.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices