TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Revel Casino Hotel warns it may close

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Friday, June 20, 2014, 12:01 a.m.
 

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

Most-Read Business Headlines

  1. Stock market makes biggest gain in 3 years
  2. Rice Energy spin-off priced below expected range
  3. Harmar developer sells 15 hotels in Western Pa., West Virginia
  4. Wesco cautious, reaffirms guidance
  5. EDMC accused in GI Bill scheme
  6. Federated Investors forecasts optimistic scenario for growth in economy, markets
  7. Peet’s Coffee & Tea closes its 3 Pittsburgh stores
  8. Thread of East Liberty morphs bottles into ‘authentic’ products
  9. Stock market caps lousiest week since 2012
  10. Alcoa buying jet engine components maker Tital to help expand aerospace unit
  11. FedEx to buy product-return firm Genco in e-commerce push
Subscribe today! Click here for our subscription offers.