NJ's bankrupt Revel suffers fate of other casinos

Updated: Wednesday, 20 Feb 2013, 2:50 AM EST
Published : Wednesday, 20 Feb 2013, 2:50 AM EST

ATLANTIC CITY, N.J. (AP) — New Jersey's newest casino says its casino and hotel guests won't notice anything different while it works out a prepackaged bankruptcy filing.

Atlantic City's Revel said Tuesday that it will undergo a Chapter 11 bankruptcy restructuring in late March, less than a year after it opened.

The move 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.

Revel CEO Kevin DeSanctis says the restructuring will give the casino resort more flexibility to operate.

The $2.4 billion casino never caught on as much as it had expected to, and it remained mired toward the bottom of Atlantic City's 12 casinos in terms of casino revenue.

--------------------------------------------------------------------
Opinions that are derogatory, attack other users or are offensive in nature may be removed. WTHI is not responsible for the content posted in this comment section. We reserve the right to remove any offensive or off-topic remark or thread. To mark a comment for review by a moderator, click "Report Abuse."

NJ's bankrupt Revel suffers fate of other casinos

Site Tools