The glass casino, Revel, deemed Atlantic City’s “last hope,” has filed for Chapter 11 bankruptcy protection, less than a year after opening.
The voluntary, prepackaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders.
Kevin DeSanctis, Revel’s CEO, said the restructuring will give the casino resort more flexibility to operate.
“Today’s announcement is a positive step for Revel,” DeSanctis said. “The agreement we have reached with our lenders will ensure that the hundreds of thousands of guests who visit Revel every year will continue to enjoy a signature Revel experience in our world-class facility.”
A positive step? Alrighty then!