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Revel Seeking Help With Finances, Casino Official Says

New Jersey’s top casino regulator says Revel Entertainment is seeking outside help with its finances as it struggles with over $1 billion worth of debt.

Flickr user Grant Guarino

Division of Gaming Enforcement Director David Rebuck says Atlantic City’s newest casino continues to negotiate with lenders.

The Wall Street Journal, citing unnamed sources, reports Revel has retained a law firm and an investment bank that often advise companies on bankruptcy filings. It adds that the casino is considering a Chapter 11 filing.

Revel will only say it is evaluating various alternatives regarding its finances.

The $2.4 billion casino opened in April, but has lagged near the bottom of Atlantic City’s 12 casinos in terms of revenues. In January, it posted its second-worst month, winning less than $8 million from gamblers.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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