Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Atlantic City's Revel To File For Bankruptcy Again
Author: Joel R. Glucksman
Date: July 3, 2014
Key Contacts
Back
Revel Casino Hotel is a massive 57-story, $2.2 billion casino that was supposed to be the future of New Jersey’s ailing Atlantic City.
The casino – a monolith of ocean-facing glass – was constructed over the course of six years, amid union protests, construction stops and government help, before opening for business in May 2012, according to Business Insider. The city pinned high hopes on the project, hoping that it would revitalize the area, which has seen steep competition as other cities and states open their doors to gambling.
Things didn’t go as planned, it seems, and the casino was forced to file for protection under Chapter 11 of the bankruptcy law June 19, Philadelphia’s The Inquirer reported. This will be the second time that Revel travels through bankruptcy court.
Fatal flaws in the casino’s design – including a long distance between the gambling floor and the front desk, an unappealing gambling floor and large, empty spaces – make the property very difficult to sell, according to the news source. Revel’s owners are hoping for $300 million to $400 million, but experts have said that it may fetch as little as $50 million to $60 million.
“The best thing that could have happened to that property is Hurricane Sandy, instead of nailing Seaside Heights, would have nailed that property,” Alan Woinski, chief executive of Gaming USA Corp, told The Inquirer. “It’s sad, but unfortunately that was the only way, to completely knock the thing down and redo it.”
Revel’s hedge fund owners have said that they are attempting to locate a buyer for the property with court supervision. If a buyer cannot be located, it is possible that the casino will be shut down.
If you have any questions about this post or would like to discuss your company’s creditors’ rights and bankruptcy matters , please contact me, Joel R. Glucksman at ScarinciHollenbeck.com.
- Practices: Bankruptcy & Creditors' Rights
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.