{"id":7809,"date":"2014-08-07T15:21:02","date_gmt":"2014-08-07T15:21:02","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2014\/08\/07\/revel-postpones-bankruptcy-auction-one-week-to-analyze-bids\/"},"modified":"2014-08-07T15:21:02","modified_gmt":"2014-08-07T15:21:02","slug":"revel-postpones-bankruptcy-auction-one-week-to-analyze-bids","status":"publish","type":"post","link":"https:\/\/forumarchives.tmsites.net\/index.php\/2014\/08\/07\/revel-postpones-bankruptcy-auction-one-week-to-analyze-bids\/","title":{"rendered":"Revel Postpones Bankruptcy Auction One Week to Analyze Bids"},"content":{"rendered":"


\nMichael Bathon, (Bloomberg) \u2014 Revel AC Inc., whose Atlantic City, New Jersey, casino has been in bankruptcy twice since it opened in 2012, postponed its auction set for today one week to Aug. 14 so it can analyze multiple purchase offers it received.<\/p>\n

\tRevel \u201creceived a number of bids\u201d by the Aug. 4 deadline yet the company still requires \u201cadditional time to fully analyze and evaluate the bids,\u201d according to court documents filed yesterday in U.S. Bankruptcy Court in Camden, New Jersey.<\/p>\n

\tRevel will probably postpone a hearing to seek approval of the sale to the winning bidder, which is currently set for Aug. 8, to a reserve date of Aug. 18.<\/p>\n

\tAtlantic City Mayor Don Guardian has said he thinks Revel could fetch from $100 million to $200 million. The sale could be a barometer of things to come for the seaside resort town, which has already seen the Atlantic Club close during its recent bankruptcy and is slated to see two more shutter by the end of September.<\/p>\n

\tCaesars Entertainment Corp. plans to shut down the Showboat on Aug. 31 and the Trump Plaza Hotel & Casino said it plans to end operations on Sept. 16.<\/p>\n

\tThe casino opened in April 2012 at a cost of $2.4 billion, only to shut down for five days a few months later because of Hurricane Sandy. It filed a first bankruptcy in March 2013 before seeking creditor protection again in June.<\/p>\n

\tRevel\u2019s bankruptcy embodies the difficulties Atlantic City and its gaming industry face from growing competition of gaming venues in neighboring Pennsylvania, Maryland and New York which have lured away its patrons.<\/p>\n

\tCasino revenue in the New Jersey gambling mecca has plummeted more than 40 percent to about $2.8 billion in 2013 from a peak of more than $5 billion in 2006.<\/p>\n

\tThe casino and resort, on Atlantic City\u2019s Boardwalk, has about 130,000 square feet of gaming space, with 2,400 slot machines, 130 table games and a poker room, according to its website. The resort has 1,399 rooms, indoor and outdoor pools, as well as 13 restaurants and night clubs.<\/p>\n

\tThe company listed as much as $1 billion each in assets and debt in its Chapter 11 filing June 19 in U.S. Bankruptcy Court in Camden. Five affiliates also sought court protection.<\/p>\n

\tThe case is In re Revel AC Inc., 14-bk-22654, U.S. Bankruptcy Court, District of New Jersey (Camden). The previous case is In re Revel AC Inc., 13-bk-16253. U.S. Bankruptcy Court, District of New Jersey (Camden).<\/p>\n

\n

Replies:<\/h3>\n
\n

Posted by:<\/strong> Dr Crapology on August 9, 2014, 12:27 pm<\/p>\n

Really sad—built for $2.4 billion and the highest number listed is maybe $200 million—it is a steal at 8% of its original building cost. Makes you wonder what these guys were thinking.<\/p>\n

\tDoc<\/p><\/div>\n<\/div>\n

\n

Posted by:<\/strong> OneMoonCircles on August 10, 2014, 5:41 am<\/p>\n

Only 10 out of a hundred businesses started in our country are still in business at the end of their first year. Only 1 in 100 make it 10 years. I made it 24 years and still have some business from that. Gambling is just another business but with a lot more money invested. The usual culprit is not enough capital.<\/p>\n

\tOMC<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Michael Bathon, (Bloomberg) \u2014 Revel AC Inc., whose Atlantic City, New Jersey, casino has been in bankruptcy twice since it opened in 2012, postponed its auction set for today one week to Aug. 14 so it can analyze multiple purchase…<\/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-7809","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\/7809","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=7809"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7809\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}