The $2.4 billion casino never caught on as much as it had expected to, and it remained mired toward the bottom of Atlantic City's 12 casinos in terms of casino revenue. The restructuring should be completed by early summer. '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,' he said.Įxisting management will remain in place, no layoffs are planned, and employees and vendors will be paid as usual, the company said. Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resort more flexibility to operate, calling it 'a positive step for Revel.' The voluntary, prepackaged bankruptcy 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. Revel said Tuesday that it will file for Chapter 11 bankruptcy protection in late March. Personal Loans for 670 Credit Score or Lower
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