Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
New Jersey's Revel Casino Exits Bankruptcy Protection
Author: Joel R. Glucksman
Date: June 4, 2013
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Atlantic City, New Jersey casino Revel AC, Inc. has formally emerged from bankruptcy protection after struggling to overcome heavy operating losses incurred during its first year of operations.
The company said it has completed its restructuring under the terms set forth by its Chapter 11 plan. The restructuring plan that was approved by both the U.S. Bankruptcy Court for the District of New Jersey and the New Jersey Casino Control Commission allowed the casino to reduce its outstanding debt by approximately $1.2 billion and its annual interest expense on a cash basis by $98 million.
“We view this as a significant milestone for Revel and now turn our undivided attention towards growing our casino revenue base and are singularly focused on attracting guests to the property through an expanding range of amenities and exciting new programming,” said Jeffrey Hartmann, Revel’s interim CEO.
The company also cited its reduced debt load, right-sized balance sheet, and improved cash flow as potential keys to its future success.
Revel AC initially opened in 2012, but quickly sought bankruptcy protection in February 2013 and posted operating losses of $149 million from its April 2, 2012, opening through the end of March 2013, according to The Associated Press. The company is still facing roughly $272 million in debt, but Revel indicated it is confident that new amenities and policies may help it begin to turn a profit as early as next summer.
The casino issued predictions that its net revenue will increase to roughly $256.4 million in 2013, up considerably from $152 million in 2012. The company also predicts that revenue will continue to climb, reaching $322.8 million in 2014 and $378.9 million in 2015. Revel expects its operating losses will fall to a projected $43 million this year.
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