Debt May Be Too Much for Casino - NBC 10 Philadelphia

Debt May Be Too Much for Casino

Newest casino looking for financial help.



    Debt May Be Too Much for Casino
    Getting to Revel, Atlantic City's newest casino, is about to get easier. A $42 dollar improvement project will lead visitors to the South Inlet.

    New Jersey's top casino regulator says Revel Entertainment is seeking outside help with its finances as it struggles with over $1 billion worth of debt.

    Division of Gaming Enforcement Director David Rebuck says Atlantic City's newest casino continues to negotiate with lenders.

    The Wall Street Journal, citing unnamed sources, reports Revel has retained a law firm and an investment bank that often advise companies on bankruptcy filings. It adds that the casino is considering a Chapter 11 filing.

    Revel will only say it is evaluating various alternatives regarding its finances.

    Revel Casino Considers Bankruptcy

    [PHI] Revel Casino Considers Bankruptcy
    Less than a year after its opening, Revel Casino in Atlantic City is considering filing for bankruptcy. Among the Atlantic City casinos, Revel was second to last in revenue for the month of January and recently hired restructuring personnel, according to an article in The Wall Street Journal. NBC10's Ted Greenberg reports on how the casino is handling its billion dollar debt.
    (Published Wednesday, Feb. 13, 2013)

    The $2.4 billion casino opened in April, but has lagged near the bottom of Atlantic City's 12 casinos in terms of revenues. In January, it posted its second-worst month, winning less than $8 million from gamblers.