Revel Casino Bankruptcy Hearing Postponed Until Next Week
ATLANTIC CITY – (Associated Press) - The bankruptcy auction of the troubled Revel casino hotel, which had been scheduled for Thursday, has been postponed until next week.
Lawyers for the casino said in a court filing Wednesday night that they had received multiple bids for the casino by Monday's deadline and needed additional time to review them.
The auction was rescheduled for 9 a.m. next Thursday.
Atlantic City Mayor Don Guardian said last month that there were six potential buyers for the casino, but none of the potential bids have been outlined.
Moelis & Co., the investment firm hired to find buyers, said in a court filing that it reached out to more than 130 parties, including gambling operators, hotel operators, and other investors. The firm is also reviewing bids and researching buyer backgrounds, according to the description of its work included in the filings.
Revel is the city's newest casino and cost $2.4 billion to build. It opened in April 2012, but has declared bankruptcy twice. The casino has said it would close if a buyer was not found and approved.
Last week, a bankruptcy judge approved a bonus plan that could pay a total of $1.75 million to Revel executives.
Gambling analysts have said that Atlantic City has too many casinos and too little demand, and must reduce gambling supply to stabilize itself.
