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Revel Casino Prepares
for Chapter 11

Wall Street Journal, by Alexandra Berzon And Mike Spector

Original Article

Posted By:jackson, 2/20/2013 10:44:40 AM

The owner of the struggling Revel casino in Atlantic City, N.J., is preparing to file for bankruptcy protection in the coming weeks, less than a year after the casino opened. Revel AC Inc., which carries about $1.5 billion in debt, said Tuesday it has reached a deal with investment-firm lenders on a prearranged bankruptcy plan. It expects to seek Chapter 11 protection as soon as mid-March, said people familiar with the company´s plans. The casino company is expected to continue paying employees and operate normally during the bankruptcy proceedings.

Comments:
Too bad. I stayed there recently. Beautiful, classy, clean and spacious, having breaskfast overlooking the Atlantic when four sweatshirt wearing, oversized baseball hat, underwear-showing knuckleheads sat at the table nearby. There, in a nutshell, is THE problem.

      


Post Reply  

Reply 1 - Posted by: snowoutlaw, 2/20/2013 10:50:46 AM     (No. 9186686)

I do not see how a company that never loses a bet in the long run can need bankruptcy. Is this proof that profits are being drained off to the family?

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Reply 2 - Posted by: Halfvast Conspirator, 2/20/2013 11:04:18 AM     (No. 9186727)

Having a problem attracting enough stupid people to throw their money away.

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Reply 3 - Posted by: Safari Man, 2/20/2013 12:33:35 PM     (No. 9186880)

I can´t see the article... needs subscription? Based on the blurb above, I wonder if they are hoping for Sandy bailout funds.


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Reply 4 - Posted by: Patchy Groundfog, 2/20/2013 12:56:02 PM     (No. 9186912)

Remember - we´re in a recovery!

That´s why businesses reliant on disposable income are tanking left and right.

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