Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm 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.

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
Understanding Portability for Estate and Gift Tax post image

Understanding Portability for Estate and Gift Tax

Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]

Author: Marc J. Comer

Link to post with title - "Understanding Portability for Estate and Gift Tax"
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool post image

Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool

For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]

Author: Marc J. Comer

Link to post with title - "Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool"
How Can Trusts Be Used in Business Succession? post image

How Can Trusts Be Used in Business Succession?

For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]

Author: George McGowan

Link to post with title - "How Can Trusts Be Used in Business Succession?"
Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know post image

Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know

In today’s digital economy, New Jersey businesses of all sizes rely heavily on technology vendors, software providers, cloud platforms, and managed IT services. Whether your company is purchasing software, migrating data to the cloud, engaging a cybersecurity consultant, or entering into a long-term managed services agreement, a careful IT contract review can have significant operational, […]

Author: George McGowan

Link to post with title - "Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know"
New York NDA Requirements for Businesses post image

New York NDA Requirements for Businesses

Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]

Author: Dan Brecher

Link to post with title - "New York NDA Requirements for Businesses"
New Jersey Will Contest Grounds Explained post image

New Jersey Will Contest Grounds Explained

How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]

Author: Marc J. Comer

Link to post with title - "New Jersey Will Contest Grounds Explained"

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.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. By providing a telephone number and submitting this form you are consenting to be contacted by SMS text message. Message & data rates may apply. Message frequency may vary. You can reply STOP to opt-out of further messaging.
“If you would like to submit a file, please email it directly to info@sh-law.com.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!