Revel, Atlantic City’s newest casino, will be filing for Chapter 11 Bankruptcy next month, less than one year after opening to the public.
Atlantic City’s 12th casino still has that fresh, new building smell to it, but Revel has had a hard time meeting even early financial projections, leading some to suggest the $2 billion resort could soon wind up in bankruptcy court.
Revenue at Atlantic City’s casinos fell 8 percent in 2012, to just over $3 billion. It was the sixth straight annual decline.
While some questioned the wisdom of opening a $2.4 billion casino resort in a cutthroat market at the end of a nationwide financial meltdown, some investors still believe in Revel.
Atlantic City’s newest hotel casino has gone to the banks, again, seeking additional funding to keep the operation going just 8 months after it opened.
The future of several casinos in Atlantic City has been shaky for quite awhile, given the economy and regional competition.
A man was seriously injured after falling approximately 40 feet from an escalator at a casino in Atlantic City early Monday morning.
Atlantic City’s main casino union wants state gambling regulators to determine whether the city’s newest casino is financially stable.
Among Christie’s big initiatives is the revitalization of Atlantic City.
Atlantic City’s newest casino is seeking some breathing room from its lenders.
Guests at Atlantic City’s newest casino were getting ready to venture onto the beach in front of their hotel on Wednesday, a little more than two months after the Revel’s formal opening.
Atlantic City rejected a bid by its main casino workers union to force a public vote this fall on one casino’s policy limiting many customer service jobs to between four and six years.
Revel CEO Kevin DeSanctis told The Associated Press the $2.4 billion resort began a preview period aimed more at testing out systems than generating revenue.
Bryan Bradley was working with a crane crew to move concrete when the storm blew in. Managers handed out rain gear but kept the work going, according to attorney Paul D’Amato.
With a champagne toast at sunrise, Revel Chief Executive Officer Kevin DeSantics thanked employees for all of their hard work leading up to the mega resort’s opening.