Revel Casino Hotel warns it may close
Atlantic City's Revel Casino Hotel is warning its staff it will shut down this summer if a buyer can't be found for the struggling casino.
In warning letters given to employees on Thursday that were obtained by The Associated Press, Revel said it is seeking a buyer for the $2.4 billion casino but can't guarantee one will be found.
If not, employees could be terminated as soon as Aug. 18.
The casino is owned by investors who gained control of it during bankruptcy last year, swapping debt for equity in the property.
Revel has operated at a loss since it opened in April 2012.
It posted an operating loss of $21.7 million in the first quarter of this year.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Nonprofit Concordia Lutheran Ministries adjusts to marketplace realities
- GNC will expand its testing of supplements in settlement with NY
- Stocks gain on encouraging signs in spending and home sales
- Falling demand for steel not likely to reverse any time soon
- Consumer spending inches up in February as income soars
- Venting online about job protected
- UnitedHealth bulks up for prescription drug cost fight
- Increased credit card use reflects confidence, flat wages
- Corporate missteps hurt reputations, profits, sometimes in long run
- France plane crash victim’s father calls for airlines to focus on pilot welfare