Lawyers involved in the bankruptcy filing for the $2.4 billion Revel resort in Atlantic City told the court the property would have run out of cash had it not received a late $250 million temporary funding injection.
The judge reviewed the filing and approved the “debtor-in-possession” plan, allowing Revel to keep its doors open during the restructuring process.
Under the plan, the property will permit smoking, an activity that was prohibited by the original operators.
That, said long-time gaming analyst Steve Norton, was a big mistake, one of several he felt the operators made when opening. He cited the need for an affiliation with a larger organization that would have access to a multistate database of customers, and an unrealistic view toward food and hotel pricing.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].