Tag Archives: Chapter 11 Bankruptcy

Revel Casino in New Jersey Files for Bankruptcy

In March, Atlantic City’s Revel casino had to file for Chapter 11 bankruptcy protection, according to NJ.com. With the Atlantic City economy facing tough times, it had been hoped that the $2.4 billion casino would be a catalyst for turning around the town’s fortunes. Instead, less than a year after it opened and after consistently remaining one Atlantic City’s least profitable casinos, Revel fell victim to the same issues plaguing the city it was meant to save. After January 2013 saw Revel post its second-worst month, winning less than $8 million from gamblers, the casino agreed to a prepackaged bankruptcy that wiped away two-thirds of its $1.5 billion in debt by converting over $1 billion of it into equity for lenders. The bankruptcy allowed Revel to stay open with its existing management in place, and it can still pay its vendors and 2,000 employees. What is Chapter 11 Bankruptcy? Chapter…
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