\nATLANTIC CITY, N.J. (AP) \u2013 All the potential buyers of the Revel Casino Hotel are interested in keeping it open after a sale, the Atlantic City casino resort\u2019s president said Thursday.<\/p>\n
\tThe main casino workers\u2019 union has expressed concern that a sale could result in the shutdown of the casino or large-scale job losses, but Revel president Scott Kreeger said that all the interested parties plan to continue operating it. He said the casino has spoken with 20 to 30 potential buyers and is narrowing the field down, but he would not identify them.<\/p>\n
\t\u201cWe talked to every major and even minor gaming company in the U.S. about the Revel opportunity, and I never had any conversation with anyone relating to a closure,\u201d Kreeger told The Associated Press. \u201cWe are optimistic that discussions with these parties are progressing well.\u201d<\/p>\n
\tBy the end of this year, Kreeger hopes to conclude a deal that could take the form of an outright sale of Revel, a strategic alliance with another company or a joint venture among two or more companies to operate it. He also said he cannot rule out a second Chapter 11 bankruptcy filing.<\/p>\n
\t\u201cIt is premature to speculate on the results of this process, but we are mindful of our employees\u2019 concerns regarding job stability,\u201d Kreeger said.<\/p>\n
\tRevel is the city\u2019s only nonunion casino, but Local 54 of the Unite-HERE has undertaken a series of actions to press its owners to protect workers\u2019 jobs in the event of a sale.<\/p>\n
\tThose actions included a march on the casino and an appearance before the New Jersey State Investment Council asking it to press an investment fund that is Revel\u2019s largest owner to protect workers\u2019 jobs. The state plans to give Chatham Asset Management $300 million in state pension funds to invest in other companies.<\/p>\n
\tThe $2.4 billion casino filed for bankruptcy last year, less than a year after opening. It has remained near the bottom of Atlantic City\u2019s 11 casinos in terms of the amount of money won from gamblers.<\/p>\n
\tKreeger said Revel has not interfered with efforts to organize its workers and said it would not do so in the future.<\/p>\n
\t\u201cIn response to recent activity by Local 54 Unite-HERE, it is important to note that Revel respects the rights of our employees to debate the merits of being represented by a union,\u201d he said.<\/p>\n
\tHe also denied \u2013 again \u2013 that Revel has received taxpayer money from the state through its Economic Redevelopment Growth Grant. Critics of the casino have often claimed Revel has received massive subsidies from the state that could have been put to better use elsewhere.<\/p>\n
\t\u201cThe Economic Redevelopment Growth Grant is a public program available to any investor who is willing to commit development dollars within the state and meets the criteria,\u201d Kreeger said. \u201cThese tax rebates are available to Revel only after it generates sales tax revenue for the state in excess of certain milestones, which has not yet occurred. When these funds are available, they are largely pre-dedicated to improvement of the Southeast Inlet Section of Atlantic City.\u201d<\/p>\n
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ATLANTIC CITY, N.J. (AP) \u2013 All the potential buyers of the Revel Casino Hotel are interested in keeping it open after a sale, the Atlantic City casino resort\u2019s president said Thursday. The main casino workers\u2019 union has expressed concern that…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7156","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7156"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7156\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}