A.C.’s embattled Revel casino is giving off serious smoke signals that it’s preparing to file for bankruptcy. The Wall Street Journal (paywalled, h/t Grub Street) reports that Revel has hired restructuring lawyers and bankers whose presence can only means one thing. Revel is currently $1.2 billion in debt and is likely trying to get ahead of the “prepackaged bankruptcy” it would try to convince its (angry) creditors to sign on to. [Grub Street]
- News: Revel Sale Fail Could Harm Business
- Foobooz: Cape May Brewing Company Comes to Philadelphia
- News: UPDATED: Former Bozo Sidekick Could Save Taj
- News: Meeting Scheduled Monday to Try to Save Revel Deal
- News: Revel Buyer Brookfield Walks Away From Deal
- Property: Second Philly Casino License Goes to Live!
Be respectful of our online community and contribute to an engaging conversation. We reserve the right to ban impersonators and remove comments that contain personal attacks, threats, or profanity, or are flat-out offensive. By posting here, you are permitting Philadelphia magazine and Metro Corp. to edit and republish your comment in all media.