🤑 Atlantic City's Revel Casino Files for Bankruptcy Again - WSJ

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Wayne Parry. Revel has never been profitable since it opened in Revel was seen as a potential game-changer when it opened, the first new casino in Atlantic City since But its timing was exceedingly bad. It could not be determined how much Revel might sell for in a bankruptcy auction, but it is sure to be a steep discount. It also was the only casino in New Jersey to ban smoking throughout, further alienating some gamblers. Revel said it hopes to find a buyer quickly. Community Rules apply to all content you upload or otherwise submit to this site. The project broke ground just before the Great Recession, and it ran out of money halfway through construction. The casino is owned by investors who gained control of it during bankruptcy last year, swapping debt for equity in the property. Shortly after distributing the letters, Revel filed a Chapter 11 petition with the federal bankruptcy court, its second in as many years. All this occurred against a backdrop of increasing competition from casinos in neighboring states; four new casinos will soon open in New York.

But it could also complicate efforts for the struggling casino to find a buyer or a joint venture partner. Instead, they were gradually credited to a Revel account over several months, with restrictions on when the credits could be used.

The company also said it plans to stay open while it searches for a buyer, operating as usual, honoring player comps and paying employees and vendors.

It dropped the smoking ban revel casino bankruptcy filing year after emerging https://blanko-crimea.ru/casino/hard-rock-casino-biloxi-ownership.html bankruptcy.

AP — Atlantic City's Revel Casino Hotel warned its staff Thursday that it will shut down this summer if a buyer can't be found in bankruptcy court.

It acknowledged mistakes in marketing and operations, launching a massive campaign to try to win back patrons. All rights reserved About Us. Ad Choices.

The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Note to readers: if you purchase something through one of our affiliate links we may earn a commission. But even with that extra breathing room, Revel continued to struggle. The Seminole tribe of Florida, through its Hard Rock International franchise, has indicated an interest "if the price is right. If not, employees could be terminated as soon as Aug. It never really connected with the Atlantic City casino market, presenting itself as a high-end luxury destination and eschewing trademarks of New Jersey casino culture like a buffet or bus trips for gamblers. For much of the past year, Revel has sought a buyer for the property, which has remained eighth out of Atlantic City's 11 casinos in terms of the amount of money won from gamblers. But that backfired when a "You Can't Lose" promotion offering to refund slot losses angered many customers who thought their losses would be refunded in cash. But it also kept the option of a second bankruptcy filing as potential buyers expressed interest but failed to pursue a deal.