Aug 7 The bankrupt Revel Casino Hotel in
Atlantic City, New Jersey, has postponed an auction of the
1,400-room property by a week to Aug. 14 to allow more time to
evaluate bids, according to a court filing late on Wednesday.
Revel has said that if it does not find a buyer for the
hotel and casino complex, which dominates Atlantic City's
skyline, the property will close. It has notified its 3,140
workers they may lose their jobs as soon as Aug. 18.
The postponement notice filed with U.S. Bankruptcy Court in
Camden, New Jersey, did not identify bidders, or say how many
qualified bids Revel had received. There is no initial, or
stalking horse, bidder for the auction.
"The debtors still need additional time to fully analyze and
evaluate the bids received and are not prepared to go forward
with the schedule auction," the filing said.
The auction is now scheduled for Aug. 14 at 9 a.m. EDT (1300
GMT) at the New York law offices of White & Case, the firm that
represents the casino's owner, Revel AC Inc. The auction is
closed to the public.
Revel filed for its second bankruptcy in June, and also
filed for Chapter 11 in March 2013.
The resort cost $2.4 billion to build and opened in April
2012. It was a centerpiece of New Jersey Governor Chris
Christie's effort to bring Las Vegas gambling to Atlantic City
and rejuvenate the seaside resort's declining fortunes.
Atlantic City has been hard hit by new gaming options in
nearby Pennsylvania and Delaware. The Atlantic Club casino
closed in January, and the Showboat and Trump Plaza casinos have
said they plan to close in the coming weeks, costing thousands
Revel has said it is losing $2 million a week, even in the
busier summer season.
Qualified bidders for Revel were required to provide a cash
deposit of 10 percent, proof of finances to complete the deal
and evidence they could obtain necessary licenses. Bids would
also be considered for portions of business, according to court
The case is Revel AC Inc, U.S. Bankruptcy Court, District of
New Jersey, No. 14-22654
(Reporting by Tom Hals in Wilmington, Delaware; Editing by