AC's Revel Exits Bankruptcy Court
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.
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