What Revel's Bankruptcy Will Mean For Casino, A.C., You - New York News

What Revel's Bankruptcy Will Mean For Casino, A.C. & You

Posted: Updated:
ATLANTIC CITY, N.J. -

It opened for business less than a year ago, but now Revel is filing for Chapter 11 bankruptcy protection in March.

Atlantic City's newest, $2.4-billion casino is nearly a billion bucks in debt.

Gov. Chris Christie said Wednesday that he still has faith in Revel.

"So those people who were owed debt now are taking ownership in the hotel. They're showing their faith and confidence in the concept and in the future of Atlantic City by not walking away and closing the place down but by in fact saying, 'We're going to take the money that we're owed and instead we'll take stock in the company,'" Christie said.

What does filing for bankruptcy mean for the future of the Revel hotel, resort and casino?

Also, what should you do if a business you frequent files for bankruptcy? Should you still book a room, a bachelor party or a wedding there?

Financial expert Dan Roccato, of Quaker Wealth Management, joined "Good Day" on Thursday morning to talk about Revel's future.

Revel's revenue was only $8 million in January. But Roccato said it's not the first casino to get in trouble. Trump Plaza just sold for $20 million, Golden Nugget sold for $38 million, and Tropicana is in bankruptcy.

Bankruptcy does not always mean shutting your doors, Roccato explained. It gives Revel a lifeline – lenders agree to reduce debt in exchange for ownership – and it allows it to stay open.

Revel can operate for some time in bankruptcy, as long as the owners put cash in. Roccato noted that Trump and Tropicana used bankruptcy to rebuild.

As for tips for planning an event there, Roccato said don't pre-pay 100 percent for the room fee or event, and avoid booking the event too far in advance, like two years. If that's not possible, negotiate a graduated deposit payment.

And Roccato offered more tips during the interview. You can hear those by watching the video clip above.

  • Local NewsMore>>

  • 1 Injured After Police-Involved Shooting In SW Philly

    1 Injured After Police-Involved Shooting In SW Philly

    Wednesday, April 23 2014 10:26 AM EDT2014-04-23 14:26:32 GMT
    Police say a man shot and wounded by plainclothes officers in Philadelphia appears to have been a pizza deliveryman who may have mistaken them for robbers.
    Police say a man shot and wounded by plainclothes officers in Philadelphia appears to have been a pizza deliveryman who may have mistaken them for robbers.

  • IRS awards bonuses to 1,100 who owe back taxes

    IRS awards bonuses to 1,100 who owe back taxes

    IRS awards bonuses to 1,100 who owe back taxes

    Wednesday, April 23 2014 7:41 AM EDT2014-04-23 11:41:48 GMT
    WASHINGTON (AP) - The Internal Revenue Service has paid more than $2.8 million in bonuses to employees with recent disciplinary problems, including $1 million to workers who owed back taxes, a government investigator said Tuesday.More than 2,800 workers got bonuses despite facing a disciplinary action in the previous year, including 1,150 who owed back taxes, said a report by J. Russell George, the Treasury inspector general for tax administration. The bonuses were awarded from October 2010 t...
    WASHINGTON (AP) - The Internal Revenue Service has paid more than $2.8 million in bonuses to employees with recent disciplinary problems, including $1 million to workers who owed back taxes, a government investigator said Tuesday.More than 2,800 workers got bonuses despite facing a disciplinary action in the previous year, including 1,150 who owed back taxes, said a report by J. Russell George, the Treasury inspector general for tax administration. The bonuses were awarded from October 2010 t...
  • Attempted Carjacking Occurs At West Chester University

    Attempted Carjacking Occurs At West Chester University

    Wednesday, April 23 2014 7:19 AM EDT2014-04-23 11:19:29 GMT

    Students at West Chester University are being a little more cautious, following a string of violence and crime on campus, the latest happening just last night.

    Students at West Chester University are being a little more cautious, following a string of violence and crime on campus, the latest happening just last night.


Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices