Revel Casino Filing for Bankruptcy

Well you can’t say we didn’t see it coming. Revel, which opened in April to much fanfare, will file for Chapter 11 bankruptcy in March.

The voluntary, prepackaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders…Existing management will remain in place, no layoffs are planned, and employees and vendors will be paid as usual, the company said. The restructuring should be completed by early summer, it added.

Governor Christie’s office expressed optimism for Revel’s chances, while the Local 54 casino workers’ union, which Revel snubbed, cackled in delight. [Fox 29]