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Lawyer: Revel still seeks sale, losing $1M weekly

Local News | Aug 19, 2014

Lawyer: Revel still seeks sale, losing $1M weekly

CAMDEN, N.J. (AP) — A lawyer for Revel Casino Hotel says that it still hopes to auction off the property but needs to close to stop big losses.

The Press of Atlantic City reported that attorney John Cunningham said in bankruptcy court Monday that the casino is losing more than $1 million every week.

The casino wanted to close on Monday, but state regulators denied the request and told Revel to stay open until Labor Day weekend.

The hearing in front of U.S. Bankruptcy Judge Gloria Burns was scheduled to approve a sale, but an auction last week was cancelled.

Revel’s hotel will close at 11 a.m. Sept. 1, and the casino will shut down at 5 a.m. the next morning. Revel is one of three Atlantic City casinos due to shut down in the coming weeks.

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