Revel Appears to Be Circling the Wagons Ahead of Bankruptcy Proceedings

Revel Casino
Revel Casino Photo: Revel Casino

Speaking of casinos and Jose Garces: The sad situation at Atlantic City’s Revel appears to be growing increasingly dire. Wall Street Journal reports that the ailing mega-casino that was built to kickstart a non-gaming renaissance for the seaside gambling resort, has begun circling the wagons, hiring restructuring lawyers and bankers in a series of moves that can only mean one thing: Bankruptcy proceedings are inevitable. It’s currently in the hole to the tune of $1.2 billion, has been bailed out by investors several times since it opened, and only brought in $8 million in gambling revenue in January. Bringing law firm Kirkland & Ellis LLP, and investment bank Moelis & Co. into the picture is seen as an attempt to restructure debt, and get creditors to sign on with a “prepackaged bankruptcy” plan that will ultimately keep court proceedings to a minimum when it comes time to officially file for Chapter 11 protection. [WSJ]