Atlantic City’s Luxurious Revel Resort to File Chapter 11 Bankruptcy

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On Tuesday, February 19, 2013, the $2.4 billion Revel resort in Atlantic City announced that it plans to file for Chapter 11 Bankruptcy protection in March. The Associated Press reported that the Chapter 11 Bankruptcy “will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders.”

The resort will continue to operate throughout the reorganization process. Also, it has been reported that existing management with remain in place and no layoffs are planned.

Since its’ opening in late spring 2012, the Revel has struggled financially. In January 2013, the Revel ranked 11th among 12 Atlantic City casinos, with less than $8 million in gaming revenue.

The Revel is Atlantic City’s first fully non-smoking casino. It has 10 swimming pools, 14 restaurants with celebrity chefs, a retail gallery, two nightclubs, two theaters, lounges and a spa.

More questions? David Kasen has over 40 years experience with complex Chapter 11 Bankruptcy cases representing both Debtors and Creditors. He is Board Certified as a specialist in Business Bankruptcy Law. Call Kasen & Kasen now to schedule a FREE INITIAL CONSULTATION (856) 424-4144.

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