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>>

  • Teens want back-to-school gadgets, not clothes

    Teens want back-to-school gadgets, not clothes

    Thursday, August 28 2014 9:52 PM EDT2014-08-29 01:52:52 GMT
    For many students, school starts next week. So what will your teens be asking you to buy? Technology.That's right: they are willing to wear last year's clothes and instead spend money on the latest tech. Gone are the days of securing your status in high school with the right clothes. Now your teens need to own the newest tablet or smart phone and its accessories.
    For many students, school starts next week. So what will your teens be asking you to buy? Technology.That's right: they are willing to wear last year's clothes and instead spend money on the latest tech. Gone are the days of securing your status in high school with the right clothes. Now your teens need to own the newest tablet or smart phone and its accessories.
  • Conference call: your bathroom break

    Conference call: your bathroom break

    We asked several people what they do when they are on a conference call. Most of them answered: "The bathroom." Yes, according to a survey conducted by InterCall, 47 percent of 500 people admitted to taking a conference call from the bathroom.
    We asked several people what they do when they are on a conference call. Most of them answered: "The bathroom." Yes, according to a survey conducted by InterCall, 47 percent of 500 people admitted to taking a conference call from the bathroom.
  • Monitoring your kids' driving in real time

    Monitoring your kids' driving in real time

    Wednesday, August 27 2014 10:46 PM EDT2014-08-28 02:46:07 GMT
    Many new Ford and GM cars have built-in technology that allows you to monitor speed, signaling, and navigation when your child is driving. But when it comes to this type of digital snooping, teens and their parents often have differing opinions. Kids may call it an invasion of privacy. Most parents, of course, will likely feel otherwise.
    Many new Ford and GM cars have built-in technology that allows you to monitor speed, signaling, and navigation when your child is driving. But when it comes to this type of digital snooping, teens and their parents often have differing opinions. Kids may call it an invasion of privacy. Most parents, of course, will likely feel otherwise.
  • New Jersey NewsNew Jersey NewsMore>>

  • Revel closing, but property fight goes on

    Revel closing, but property fight goes on

    Thursday, August 28 2014 9:34 PM EDT2014-08-29 01:34:07 GMT
    A casino piano tuner in Atlantic City is fighting the state's attempt to seize his late parents' house as part of a redevelopment project connected to the closing Revel Hotel Casino. Charlie Birnbaum says the house in the shadow of the failed casino was his father's livelihood. He says he is attached to the home, even though his mother was killed there in 1998.
    A casino piano tuner in Atlantic City is fighting the state's attempt to seize his late parents' house as part of a redevelopment project connected to the closing Revel Hotel Casino. Charlie Birnbaum says the house in the shadow of the failed casino was his father's livelihood. He says he is attached to the home, even though his mother was killed there in 1998.
  • Missing NJ man found dead in Israeli forest

    Missing NJ man found dead in Israeli forest

    Thursday, August 28 2014 4:33 PM EDT2014-08-28 20:33:49 GMT
    The body of a missing New Jersey religious student who disappeared during a hike in a forest outside Jerusalem last week has been found. Aaron Sofer, 23, of Lakewood, N.J., had been missing since Friday, when he went on a hike with a friend in the Jerusalem Forest and the two became separated, said police spokesman Micky Rosenfeld.
    The body of a missing New Jersey religious student who disappeared during a hike in a forest outside Jerusalem last week has been found. Aaron Sofer, 23, of Lakewood, N.J., had been missing since Friday, when he went on a hike with a friend in the Jerusalem Forest and the two became separated, said police spokesman Micky Rosenfeld.
  • Bergen County sheriff delays deployment of military vehicles

    Bergen County sheriff delays deployment of military vehicles

    Thursday, August 28 2014 3:22 PM EDT2014-08-28 19:22:51 GMT
    A northern New Jersey sheriff has delayed deployment of armored vehicles that are being acquired through a federal military surplus program. In a statement, Bergen County Sheriff Michael Saudino announced Thursday he is taking the action after the U.S. attorney general and state attorney general decided to review the program in the wake of police response to civil unrest that followed a police shooting in Ferguson, Missouri.
    A northern New Jersey sheriff has delayed deployment of armored vehicles that are being acquired through a federal military surplus program. In a statement, Bergen County Sheriff Michael Saudino announced Thursday he is taking the action after the U.S. attorney general and state attorney general decided to review the program in the wake of police response to civil unrest that followed a police shooting in Ferguson, Missouri.
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 | New Terms of Service What's new | Ad Choices