Published:
March 26, 2013 04:05 pm EDT
Over the past few years, the State of New Jersey has opted to go all-in on the rejuvenation of Atlantic City casinos instead of allowing expanded gaming at the Meadowlands Racetrack, which is minutes from downtown New York. Now it has been reported that the Revel Casino, which opened in Atlantic City in April 2012, has filed for Chapter 11 bankruptcy protection.
According to a report that appears on cnbc.com, the Chapter 11 was filed late last night (Monday, March 25).
According to the article, the Revel currently holds $1.52 billion in debt and is looking to reduce its debt level to $272 million under a debt-for-equity conversion.
(With files from cnbc.com)
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But we should open a casino
But we should open a casino in Toronto!
How ironic! Atlantic City
How ironic! Atlantic City casinos are going broke and the Ontario gov't wants to create them here. Just another major boondoggle by this Liberal gov't.
Interesting, the brain trusts
Interesting, the brain trusts at OLG (Paul Godfrey, Rod Phillips, and Tony Bitonti)have talked the Liberals of Ontario that it is a good idea to have 29 of these monuments to gambling installed in the province. Now, if these start loosing money, guess who is going to be picking up the bill. Right, the people of Ontario, as the terrible trio of geniuses, ride off into the sunset, along with the tax free profits that will no doubt disappear over the border into the good old US of A. Bruce T. Winning...just thinking.