Revel to remain open during bankruptcy - New York News

Revel to remain open during bankruptcy

Posted: Updated:
Image courtesy Revel Image courtesy Revel

CAMDEN, N.J. (AP) -- A bankruptcy court judge has agreed to let Atlantic City's newest casino keep the door open and the dice rolling.

Judge Judith Wizmur on Thursday approved a "debtor-in-possession" plan allowing Revel to continue operations while it is in bankruptcy.

The $250 million financing plan lets the casino pay employees, buy supplies, and continue player loyalty programs.

Revel also announced it reached a settlement with Atlantic City over back and future taxes on the $2.4 billion resort. The compromise plan assessed Revel at a higher rate than its owners say it's worth, but lower than the rate Atlantic City sought.

The judge must still rule next month on Revel's plan to eliminate 82 percent of its $1.5 billion debt by converting most of it into equity for lenders.

  • Your MoneyMore>>

  • New York's microbrew industry growing

    New York's microbrew industry growing

    Monday, July 28 2014 8:39 PM EDT2014-07-29 00:39:52 GMT
    Local and small beer brewing companies have something to toast. The Brewers Association says microbrew sales grew in the first half of this year; up 18 percent over the same period last year. This comes at a time when overall domestic beer consumption is flat.Ethan Long, one of the owners of the Rockaway Brewing Company in Long Island City, started brewing beer two years ago.
    Local and small beer brewing companies have something to toast. The Brewers Association says microbrew sales grew in the first half of this year; up 18 percent over the same period last year. This comes at a time when overall domestic beer consumption is flat.Ethan Long, one of the owners of the Rockaway Brewing Company in Long Island City, started brewing beer two years ago.
  • Maryland casino to interview workers from closing Atlantic City casinos

    Md. casino eyes workers from closing Atlantic City casinos

    Friday, July 25 2014 4:32 PM EDT2014-07-25 20:32:23 GMT
    AP photoAP photo
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
  • Dunkin' Donuts cashiers will try to 'upsell' you in the afternoon

    Dunkin' Donuts cashiers will try to 'upsell' you in the afternoon

    Friday, July 25 2014 5:54 AM EDT2014-07-25 09:54:31 GMT
    If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on. Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush.
    If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on. Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush.
  • New Jersey NewsNew Jersey NewsMore>>

  • Newark, Jersey City, Paterson

    3 New Jersey mayors announce joint anti-crime plan

    3 New Jersey mayors announce joint anti-crime plan

    Monday, July 28 2014 6:28 PM EDT2014-07-28 22:28:17 GMT

    The mayors of New Jersey's three largest urban areas said Monday they are looking at inter-city collaboration as a way to stem the flow of bloodshed on their streets. Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop and Paterson Mayor Jose Torres spoke mainly in generalities about the partnership, but said specifics would be hammered out at a mayors' roundtable that will convene in September.

    The mayors of New Jersey's three largest urban areas said Monday they are looking at inter-city collaboration as a way to stem the flow of bloodshed on their streets. Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop and Paterson Mayor Jose Torres spoke mainly in generalities about the partnership, but said specifics would be hammered out at a mayors' roundtable that will convene in September.


  • Massive brawl at NJ wedding

    Massive brawl at NJ wedding

    Monday, July 28 2014 2:24 PM EDT2014-07-28 18:24:34 GMT
    As many as 300 people became involved in a massive brawl at a New Jersey wedding hall that ended with two arrests on Sunday night.  Middletown police say that the fight broke out at about 10:30 p.m. at the Jacques Reception Hall on Palmer Ave. in Middletown.
    As many as 300 people became involved in a massive brawl at a New Jersey wedding hall that ended with two arrests on Sunday night.  Middletown police say that the fight broke out at about 10:30 p.m. at the Jacques Reception Hall on Palmer Ave. in Middletown.
  • Woman gets 20-year prison term for fatal stabbing

    Woman gets 20-year prison term for fatal stabbing

    Sunday, July 27 2014 2:32 PM EDT2014-07-27 18:32:05 GMT
    A southern New Jersey woman who fatally stabbed a man last year during an argument in his home has been sentenced to 20 years in state prison.
    A southern New Jersey woman who fatally stabbed a man last year during an argument in his home has been sentenced to 20 years in state prison.
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