The Chapter 11 plan for the Revel casino was approved in bankruptcy court. The
plan will restructure the company, allow operations to continue with the aide of
new funding, and help remove most of past debt.
The casino had a $1.2 billion debt. In the plan, lenders will own 82 percent of
the casino. This will eliminate the current debt. The casino also $102 million
annual interest payment. The payment will now be less than half, at $46 million.
This will allow for money to go into the daily operations instead of the debt
The Revel Casino Resort opened just a little over a year ago. Of the 12 casinos
in Atlantic City, it had one of the lowest gaming revenues each month.
It is expected by next week for Revel to have bankruptcy court to be finished.
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