A bankrupt Atlantic City casino may have found itself a
buyer, according to a report in the New York Post.
Revel Casino, the $2.4 billion resort which opened in 2012
and promptly fell on hard times, is reportedly in "deep talks" with
Hard Rock International.
If Hard Rock is successful in its pursuit of the 1,399-room
casino hotel, Revel would likely be shut down for renovations and reopen under
the Hard Rock brand, the Post reported.
Revel, which was once touted as the potential savior of
Atlantic City, has struggled since its April 2012 opening. It declared
bankruptcy in March. The Associated Press reported that by reorganizing under
Chapter 11 $1.2 billion of its $1.5
billion in debt was wiped away in return for granting lenders an 82 percent
ownership stake.
It remains stuck near the bottom of the city’s 12 casinos.
Hard Rock had previously considered building a $460 million
casino at the seaside gambling mecca, only to abandon its plans in Sept. 2012
citing poor market conditions.
According to the Post, other companies have also expressed
interest in Revel.
Source: Philly.com
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