ATLANTIC CITY, NJ-The casino resort Revel, once believed to be worth about $2.4 billion, is now valued at between $400 and $500 million.
The resort's current value was reported in disclosure forms filed in advance of its anticipated pre-packaged bankruptcy filing. Revel lost $111 million last year and expects $43 million more in losses by the end of this year, according to the disclosure forms submitted last week with the Securities and Exchange Commission.
The Press of Atlantic City reports Revel estimates 2014 may be the first year the casino will bring in more revenue than what it takes to operate Revel, projecting $9 million in earnings before interest, taxes, depreciation and amortization. Factoring in depreciation, interest and amortization expenses, Revel projects it might take until 2017 before Revel is in the black. See story in the Press of Atlantic City.
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