Revel Ends Contributions to 401K - NBC 10 Philadelphia

Revel Ends Contributions to 401K



     Revel Ends Contributions to 401K
    An Atlantic City Boardwalk rolling chair taxi is pushed along the Boardwalk past the Revel casino Thursday, Feb. 14, 2013, in Atlantic City. Revel announced Tuesday, Feb. 19, 2013 that it will file for Chapter 11 bankruptcy protection in late March. (AP Photo/Mel Evans)

    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. 

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