Atlantic City's Revel casino files for bankruptcy - Fox 2 News Headlines

Casino to allow smoking

Atlantic City's Revel casino files for bankruptcy protection

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Image courtesy Revel Image courtesy Revel
MYFOXNY.COM -

Revel, Atlantic City's newest casino resort, filed for Chapter 11 bankruptcy protection on Monday.

The voluntary move, which was approved by a majority of its creditors, will reduce its debt from about $1.52 billion to $272 million through a debt-for-equity conversion.

The resort promised that the legal and financial proceedings will not impact its guests and that its employees and vendors will be paid, according to a news release.

"Backed by overwhelming lender support, we remain on track to complete our financial restructuring ahead of the critical summer season," Jeffrey Hartmann, Revel's interim CEO, said in a statement. "We will emerge from this recapitalization positioned for long-term success, with the financial capacity to pursue our amenity enhancement opportunities, and the ability to continue providing our guests with a signature Revel experience."

The company, which filed papers in U.S. Bankruptcy Court for the District of New Jersey in Camden, said it expects to complete the restructuring and emerge from bankruptcy in early summer.

Revel, which opened on the Atlantic City Boardwalk in early 2012, features more than 1,800 rooms, all with ocean views. 

As part of its Chapter 11 bankruptcy filing, Revel says it plans to create a smoking area on the casino floor.

The $2.4 billion resort opened last April as the only non-smoking casino in Atlantic City. But that prohibition was seen by many as one of the reasons Revel struggled, and ultimately filed for Chapter 11 bankruptcy protection late Monday night.

 

The Associated Press contributed to this report.

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