ATLANTIC CITY, NJ—A federal judge on Friday gave the ownership of the struggling Revel casino here the approval to seek financing to allow the resort to remain open while it attempts to find a buyer.
Revel entered bankruptcy for the second time in almost 15 months last Thursday, warning its 3,200 workers that if a buyer doesn't emerge soon it will cease operations by September, according to the Press of Atlantic City.
Frank Catania, a gaming consultant and former director of the N.J. Division of Gaming Enforcement, believes there is an 80% chance Revel will find a buyer. However, “if anybody's going to buy it, they're going buy it at a bargain-basement price. I don't see anybody getting anything near what it cost to build,” he adds. The 6.2-million-square-foot Revel casino resort cost $2.4 billion to build.
In its latest bankruptcy filing, Revel stated that its total liabilities exceed $500 million and has more than a 1,000 creditors. See story in the Press of Atlantic City.
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