Atlantic City's Revel exits bankruptcy court - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Atlantic City's Revel exits bankruptcy court

Posted: Updated:
Courtesy of Revel Entertainment Courtesy of Revel Entertainment

By WAYNE PARRY | AP

ATLANTIC CITY, N.J. (AP) -- Revel is bankrupt no more.

The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.

The pre-planned Chapter 11 filing wiped out $1.2 billion of the casino's $1.5 billion in debt, by giving lenders an 82 percent ownership stake.

Jeffrey Hartmann, the casino's interim CEO, says Revel is now free to concentrate on growing the business in the Northeast's hyper-competitive market.

Revel posted a $149 million operating loss from its April 2, 2012, opening through the end of March 2013. It has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers.

  • New Jersey NewsNew Jersey NewsMore>>

  • NJ, NY officials meet about security

    NJ, NY officials meet about security

    Monday, September 15 2014 5:50 PM EDT2014-09-15 21:50:11 GMT
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
  • NJSIAA investigating alleged racist bananas incident at Summer-North Plainfield High School football game

    NJSIAA investigating alleged racist bananas incident at Summer-North Plainfield High School football game

    Monday, September 15 2014 4:49 PM EDT2014-09-15 20:49:19 GMT
    Assistant Superintendent of North Plainfield Schools Dr. Robert Rich confirmed that an incident of alleged racism occurred prior to the high school football game last Friday between Summit and North Plainfield. Rich also confirmed that there are internal and external investigations into the allegations.
    Assistant Superintendent of North Plainfield Schools Dr. Robert Rich confirmed that an incident of alleged racism occurred prior to the high school football game last Friday between Summit and North Plainfield. Rich also confirmed that there are internal and external investigations into the allegations.
  • Greta's Run in Westfield draws over 1,000 participants

    Greta's Run in Westfield draws over 1,000 participants

    Monday, September 15 2014 10:57 AM EDT2014-09-15 14:57:17 GMT
    reta Schoenemann was in her second week at Westfield High School on Sept. 11, 2002, when strong winds caused a large tree branch to fall where she and friends were sitting for lunch. All 10 of the students below were injured. Greta died four days later.This Sunday, her memory will be honored at the second annual Greta's Run, a 5K fundraiser for special needs programs at the Westfield Area Y.
    reta Schoenemann was in her second week at Westfield High School on Sept. 11, 2002, when strong winds caused a large tree branch to fall where she and friends were sitting for lunch. All 10 of the students below were injured. Greta died four days later.This Sunday, her memory will be honored at the second annual Greta's Run, a 5K fundraiser for special needs programs at the Westfield Area Y.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices