Revel Casino ends contributions to 401K - FOX 29 News Philadelphia | WTXF-TV

Revel Casino ends contributions to 401K

Posted: Updated:
Photo by Arun Kristian Das Photo by Arun Kristian Das

WAYNE PARRY | AP

ATLANTIC CITY, N.J. (AP) -- New Jersey's newest casino is ending contributions to its employees' 401K accounts as part of ongoing cost-cutting moves.

Revel Casino Hotel says it hopes to be able to resume matching contributions to workers' accounts at some point in the future.

The $2.4 billion casino resort, which is less than a year and a half old, emerged from bankruptcy court in May. It has struggled since it opened in April 2012 to gain a substantial share of Atlantic City's cutthroat casino market.

Interim CEO Jeffrey Hartman said earlier this month Revel would continue to look for ways to reduce expenses and become profitable.

Its bankruptcy case enabled it to wipe away $1.2 billion of its $1.5 billion in debt, in return for granting lenders an 82 percent ownership stake.

  • New Jersey NewsNew Jersey NewsMore>>

  • Revel Casino Hotel starts closing in Atlantic City

    Revel Casino Hotel starts closing in Atlantic City

    Monday, September 1 2014 5:16 PM EDT2014-09-01 21:16:28 GMT
    Photo by Arun Kristian DasPhoto by Arun Kristian Das
    The most spectacular and costly failure in Atlantic City's 36-year history of casino gambling begins to play out Monday when the $2.4 billion Revel Casino Hotel empties its hotel.
    Atlantic City's newest casino and its costliest failure has begun its two-day shutdown.
  • Man to face murder charges in mother's slaying

    Man to face murder charges in mother's slaying

    Monday, September 1 2014 3:08 PM EDT2014-09-01 19:08:57 GMT
    Murder charges are pending against a northern New Jersey man who allegedly stabbed and beat his mother to death.
    Murder charges are pending against a northern New Jersey man who allegedly stabbed and beat his mother to death.
  • Why is Atlantic City collapsing?

    Why is Atlantic City collapsing?

    Sunday, August 31 2014 8:38 PM EDT2014-09-01 00:38:30 GMT
    AP file photoAP file photo
    For decades, making some quick cash was the main drive behind so many who took the ride down the parkway to Atlantic City. But with so much to choose from nowadays, it looks like Atlantic City is in a lot of trouble.
    For decades, making some quick cash was the main drive behind so many who took the ride down the parkway to Atlantic City. But with so much to choose from nowadays, it looks like Atlantic City is in a lot of trouble.
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