ATLANTIC CITY, NJ—A federal judge on Friday gave the ownershipof the struggling Revel casino here the approvalto seek financing to allow the resort to remain open while itattempts to find a buyer.
Revel entered bankruptcy for the second time in almost 15 monthslast Thursday, warning its 3,200 workers that if a buyer doesn'temerge soon it will cease operations by September, according to thePress of Atlantic City.
Frank Catania, a gaming consultant and formerdirector of the N.J. Division of Gaming Enforcement, believes thereis an 80% chance Revel will find a buyer. However, “if anybody'sgoing 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 $2.4billion to build.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
