ATLANTIC CITY, N.J. (AP) — Revel, a brand new but struggling Atlantic City casino, has formally emerged from bankruptcy.
Just 13 months after it opened with sky-high hopes, the casino got out of bankruptcy court Tuesday. 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 hyper-competitive Northeast casino 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.