The prepackaged bankruptcy is completely voluntary and it will wipe away about two-thirds of the casino’s $1.5 billion in debt by converting over $1 billion of it into equity for lenders. The resort will continue to stay in operation.

“The agreement we have reached with our lenders will ensure that the hundreds of thousands of guests who visit Revel every year will continue to enjoy a signature Revel experience in our world-class facility,” said Revel CEO Kevin DeSanctis.

According to numbers released by the New Jersey Division of Gaming Enforcement, Revel had the second-lowest gambling revenue of Atlantic City’s 12 casinos in January.

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