Sign in to comment!

Menu
Home

Economy

Revel casino still negotiating with potential bidders

32ecd776282b01062a0f6a7067009585.jpg

FILE - In this March 19, 2012 file photo, Kati MacFarline, left, of Nashua, N.H., and Christine Kashian, of Caribou, Maine, sit on a jetty near Revel in Atlantic City, N.J. Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday, Feb. 19, 2013 that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened. (AP Photo/Mel Evans, File) (The Associated Press)

A day after announcing it will shut down next month, Revel Casino Hotel told a bankruptcy court judge it is still negotiating with potential buyers.

In a notice adjourning an auction of Revel that had been set for Thursday, its lawyers say they are engaged in "ongoing negotiations" with "certain potential bidders" it did not identify.

The filing follows Revel's announcement that will shut down by Sept. 10, having been unable to find a buyer.

The casino held out hope a buyer could eventually be found through bankruptcy court, but said it needs to begin winding down its operations.

The news came on the same day that state casino regulators reported Atlantic City's casinos took in 11 percent less from gamblers in July than they did a year ago.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.22% up 4.16%  
15 Y Fixed Graph 3.32% up 3.24%  
30 Y Fixed Jumbo Graph 4.62% up 4.61%  
5/1 ARM Graph 3.52% up 3.35%  
5/1 Jumbo ARM Graph 3.78% up 3.70%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.29% -- 4.29%  
$50K HELOC Graph 4.04% -- 4.04%  
$30K Loan Graph 5.09% up 5.08%  
$50K Loan Graph 4.52% -- 4.52%  
$75K Loan Graph 4.52% -- 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% dw 3.47%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 2.99% up 2.98%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% -- 0.35%  
1 yr Graph 0.69% up 0.68%  
5 yr Graph 1.39% -- 1.39%