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Revel back in bankruptcy court — again

Local News | Jun 20, 2014

Revel back in bankruptcy court — again

CAMDEN, N.J. (AP) — Atlantic City’s Revel Casino Hotel is back in bankruptcy court for the second time in little over a year.

The casino is asking a bankruptcy court judge to allow it to operate normally while under Chapter 11 protection.

Revel is seeking a buyer through a bankruptcy court sale, but warns that it may shut down if a buyer cannot be found.

No timetable has been set for a sale.

The casino that cost $2.4 billion to build would be expected to sell for a steep discount in bankruptcy court.

A bankruptcy filing last year wiped out 82 percent of Revel’s debt, but financial improvement it has made since then wasn’t enough to prevent a second trip through Chapter 11.