June 26, 2013

Revel Casino Out of Bankruptcy


Revel CasinoAs we reported earlier this year, Revel casino filed for bankruptcy after facing debt. The casino has since completed Chapter 11 restructuring that will wipe away $1.2 billion of its $1.5 billion in debt, in return for granting lenders an 83 percent ownership stake.

The casino is now focusing on marketing efforts and attracting new visitors to boost revenue.

Revel has reportedly made getting around the resort easier, introduced a new, lower-price dining option, opened a 24-hour restaurant , updated the casino floor to add more space and increase player comfort and added a broader range of entertainment options.

Jeff Hartmann, the new CEO of Revel, is hopeful that the new plan will help to cut costs and spark a turnaround.

It will be interesting to see how the (now legal) internet gambling in New Jersey will affect the future of Atlantic City casinos.

 

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