Revel Files for Bankruptcy Protection
Thursday March 28th, 2013 - 8:34AM W
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ATLANTIC CITY, NJ—The $2.5 billion, year-old Revel Casino Hotel here, intended to revive Atlantic City's sagging fortunes, has filed for Chapter 11 bankruptcy protection.
Opened with high hopes and financial support from the State of New Jersey in the form of tax breaks, the 1,800-room property facing the Atlantic Ocean reportedly lost increasing amounts of money each month since it opened.
Atlantic City as a gaming destination has faced increased competition in recent years as neighboring, states including Pennsylvania, began offering gaming options of their own.
Tags: • Hospitality •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.