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jimmythegreek
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REVEL ATLANTIC CITY TO FILE FOR BANKRUPTCY

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On 02/20/2013 06:11 PM in General
Atlantic City's luxe Revel resort to file for bankruptcy

by Kitty Yancey, USA TODAY

The $2.4 billion Revel resort in Atlantic City, which opened with fanfare last spring, aimed to bring a high-class crowd to Atlantic City and help shore up the gaming destination's fortunes.

That hasn't happened.

According to the Press of Atlantic City and other media, management of Revel said Tuesday it will file for Chapter 11 bankruptcy protection in March. The Associated Press said it is a "voluntary, prepackaged bankruptcy envisioned for late March (that) 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 put an optimistic spin on the announcement, calling the move "a positive step for Revel" in a statement. The resort will continue to operate, but it has been losing money and has not attracted the number of upscale guests envisioned. The fact that it is nonsmoking and non-union also have been cited as factors not in its favor in Atlantic City.

Before Revel opened, DeSanctis told USA TODAY he believed his glass-and-steel resort with Vegas-quality contemporary rooms, celeb-chef eateries (no buffet) and state-of-the-art concert venue could attract a big drive-in market of people who otherwise might not consider vacationing in Atlantic City. At that time, Jeff Vasser, executive director of The Atlantic City Convention & Visitors Authority told USA TODAY that "a rising tide lifts all boats. Revel "is going to be a boat-raiser."

The Press of Atlantic City said New Jersey Gov. Chris Christie remains supportive of Revel and that State Senate President Stephen Sweeney, who has been critical of state financial incentives for Revel, "wants to see the lenders who are taking control turn the casino around." It quoted Sweeney as saying, 'We have to find a way to make it profitable and make it work. It's too important to Atlantic City and the gaming industry not to see it turn around. "

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Pfile Nickname btb
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02/20/2013 08:35 PM
Crazy... I havent been there yet but even if I were to make a trip down the Borgata has always been my place
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Pfile Nickname marksmoneymakers
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02/25/2013 07:07 PM
It is hard to even get excited about going to Atlantic City. I have been to Las Vegas maybe 6-7 times in my life and only Atlanta City twice and I live in Pennsylvania.
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Pfile Nickname jimmythegreek
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02/26/2013 08:45 AM
Not too long ago Pennsylvania took over New Jersey as the second largest gaming market in the nation. With just as many and if not more casinos in the state, it's not a surprise. Unless you have a wide variety of comp, be prepared to pay an arm and a leg on weekends.

Most of the older strip casinos are outdated and unless they have something good to offer to their guests, expect the steady decline of visitors and casino gambling revenue to continue. One out AC does have is not really if but when sports betting is legalized.
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