Atlantic City's Revel casino files for bankruptcy - FOX 29 News Philadelphia | WTXF-TV

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>>

  • Google considers accounts for 10-year-olds

    Google considers accounts for 10-year-olds

    Wednesday, August 20 2014 8:31 AM EDT2014-08-20 12:31:04 GMT
    Kids already spend plenty of time on computers and smart phones. Now Google reportedly wants to get youngsters set up with their own Gmail and YouTube accounts. Some parents told us they aren't thrilled with the idea. Currently, Internet companies such as Google and Facebook do not offer their services to children under 13, but many youngsters and their parents find a workaround.
    Kids already spend plenty of time on computers and smart phones. Now Google reportedly wants to get youngsters set up with their own Gmail and YouTube accounts. Some parents told us they aren't thrilled with the idea. Currently, Internet companies such as Google and Facebook do not offer their services to children under 13, but many youngsters and their parents find a workaround.
  • Facebook tries satire label

    Facebook tries satire label

    Tuesday, August 19 2014 10:32 PM EDT2014-08-20 02:32:56 GMT
    We've all fallen for at least one joke in our lives, probably some internet hoax meant to get a rise out of people. But now Facebook is trying to stop the spread of those fake jokes and stories. When you get the day's headlines from your social media news feed, it can be a challenge to figure out what might be made up or what might be the shocking truth.
    We've all fallen for at least one joke in our lives, probably some internet hoax meant to get a rise out of people. But now Facebook is trying to stop the spread of those fake jokes and stories. When you get the day's headlines from your social media news feed, it can be a challenge to figure out what might be made up or what might be the shocking truth.
  • NJ weighs gambling outside Atlantic City

    NJ weighs gambling outside Atlantic City

    Tuesday, August 19 2014 3:32 PM EDT2014-08-19 19:32:06 GMT
    Momentum to shift some gambling away from Atlantic City increased Tuesday as a state senator introduced plans for a constitutional amendment that would put slot machines at New Jersey's four horse racing tracks, a business group increased its planning for an anticipated full-blown casino at the Meadowlands sports complex and the state gave final approval for the Showboat to shut down.
    Momentum to shift some gambling away from Atlantic City increased Tuesday as a state senator introduced plans for a constitutional amendment that would put slot machines at New Jersey's four horse racing tracks, a business group increased its planning for an anticipated full-blown casino at the Meadowlands sports complex and the state gave final approval for the Showboat to shut down.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices