Ocean Casino Resort News - Page 10

Last Monday, a judge approved the restructuring plan, which gives 82 percent ownership stake to the property’s lenders in return for canceling $1.2 billion in debt.

Revel expects to emerge from Chapter 11 before the end of May after the conditions to effectiveness of the plan are satisfied.

Casino City's Vin Narayanan and Aaron Todd discuss the odd debate surrounding sports betting kiosks in Nevada, the demise of budget hotels on the Las Vegas Strip and Revel's decision to allow smoking in their resort. They also recap their NCAA tournament brackets and make some more NCAA picks in the best bets segment.

The Atlantic City property expects to emerge from Chapter 11 by early summer.

Revel expected to file for Chapter 11 in court on Monday and begin process of financial restructuring.

Revel has appointed Jeffrey Hartmann as Revel AC’s Interim Chief Executive Officer, subject to regulatory approval.

Revel plans to implement the restructuring through voluntary, prepackaged Chapter 11 cases, and intends to complete the restructuring early this summer.

No taxpayer funds will be used to finance the restructuring, the company said.

Wall St Journal reporting Revel has hired lawyers incase of possible bankruptcy.

Financial struggles may prompt a rewind on no smoking rules.

Revel’s hotel rooms, restaurants and entertainment venues were completely booked New Year's Eve for what executives were predicting would be the resort’s biggest night yet.

Revel acquires $150 million in loans and announces plans to build a a new high limit slot ultra-lounge, an expanded players club and a restaurant.

Revel has been served liens by 40 construction companies over non-payment.

Atlantic City and Revel are working to resolve three outstanding lawsuits pending in the Tax Court of New Jersey.

With more than 25 years in the casino industry, Darlene Monzo will join the resort’s management team as senior vice president, Marketing.

Casino City's Vin Narayanan and Aaron Todd discuss the Republican Party's platform which calls for the prohibition of online poker, Nevada licensing its first online poker room, subscription poker and the fate of Revel in Atlantic City. They also make their highly entertaining best bets for the week.

Moody's Investors Service has lowered the credit ratings of Revel Casino Resort and also its senior secured revolver and term-loan ratings.

Revel Casino's latest figures for July show the casino has yet to attract the crowds it hoped.

This benefit from Revel allows visitors to upgrade their player cards from other casinos to the Revel Card program.

Revenue down 10 percent for April, despite the opening of Atlantic City's newest casino Revel.