Atlantic city revel casino news11/18/2023 ![]() But it also kept the option of a second bankruptcy filing as potential buyers expressed interest but failed to pursue a deal.īut even with that extra breathing room, Revel continued to struggle. A union that has been at odds with Revel since before it opened pegged its value in April at $25 million to $73 million, based on public filings.įor much of the past year, Revel has sought a buyer for the property, which has remained eighth out of Atlantic City's 11 casinos in terms of the amount of money won from gamblers. Wall Street analysts and some casino executives said last month that $300 million was too high a price for the casino. It could not be determined how much Revel might sell for in a bankruptcy auction, but it is sure to be a steep discount. Read More Betting on the World Cup Wall Street-style The company also said it plans to stay open while it searches for a buyer. "If Revel is unable to complete such a sale promptly, Revel expects to close its entire facility," the letters read. If not, employees could be terminated as soon as Aug. In warning letters given to employees and obtained by The Associated Press, Revel said it is seeking a buyer for the $2.4 billion casino but can't guarantee one will be found. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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