Where does one even start with this one. Six months ago we discussed the plight of Revel - New Jersey's "state of the art" casino - which filed for bankruptcy less than a year after opening its doors, despite numerous sunk incentives an millions of dollars in an "economic development incentive" by the financially troubled state.
ATLANTIC CITY, N.J. — Toronto-based Brookfield Asset Management is abandoning its plan to buy the former Revel Casino Hotel in Atlantic City, dealing another blow to a city reeling from a string of casino closures and the disappearance of thousands of jobs.
Brookfield said in a brief statement Wednesday that it had “terminated the Revel acquisition.”
The company planned to buy the casino for US$110-million from bankruptcy court. It had said it would reopen the business as a casino-hotel but never said how soon that would happen.
ATLANTIC CITY, N.J. — When it opened just over two years ago, many people hoped Revel would save Atlantic City’s struggling casino industry, which has been bleeding money and jobs for years.
But now the US$2.4 billion resort that was widely seen as the last, best chance for Atlantic City’s gambling market is shutting down, unable to find a buyer for even pennies on the dollar.
Anyone desperate to find clues to the "great American recovery" is strongly urged to stay away from Atlantic City, where shortly after the Revel hotel and casino filed for its second bankruptcy in 16 months, the struggling property announced it would shutter its doors for one final time in September, when not a single qualified buyer emerged during the bankruptcy auction. The good news: there will not be a Chapter 33 for the doomed from the beginning property. The bad news: the DOL will have to find a major seasonal adjustment to absorb the 3,100 jobs that were just lost.
ATLANTIC CITY, N.J. (AP) — Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening.
It feels like it was only yesterday when we wrote about the plight of what was once supposed to be the ultramodern east-coast competitor to the glitzy kitsch of Las Vegas: Atlantic City's Revel casino which back in February 2013 "filed for bankruptcy ten months after opening." Well, a short 16 months later it is time for an update because Revel, which was supposed to have a viable balance sheet upon emergence from its first Chapter 11
If it seems like it hasn't been even a year since the latest Atlantic City casino, this one with the surreal ads showcasing Revel Atlantic City, opened up, it is because that is exactly the case. Ten months to be precise. And just as quickly as it came, just as quickly did it file for bankruptcy. Moments ago, the company issued a press release that it would engage in a debt-for-equity prepack (with Moelis, K&E and A&M all advising) Chapter 11 which will be completed over the summer.