ATLANTIC CITY, NJ-Less than a year after opening with fanfare and high hopes, the Revel Resort & Casino will seek protection in bankruptcy court in order to restructure its debt, the Associated Press reports.
Championed by Gov. Christopher J. Christie, who pushed through its completion after financing had run aground, the Revel never met expectations as a draw that would spur revival of this venerable beachfront gambling center. It opened last March, and losses piled up from the start.
Then, last Oct. 29 Hurricane Sandy hit the area hard – further depressing efforts at an Atlantic City comeback on the wings of Revel.
The Chapter 11 debt restructuring plan involves a commitment by several of Revel’s current lenders to finance approximately $205 million debt and commit another $45 million in turn-around funds.
See the AP report here.