Revel Casino to Lift Smoking Ban
Revel Casino is a new mega resort and casino located in Atlantic City, New Jersey, and home to live poker as well as other casino gambling games. The casino was just opened last year and already is suffered losses. The casino has officially filed for bankruptcy and now will be unbanning smoking at the casino in the hopes of bringing players back to gamble. The casino is one of many in Atlantic City and despite the fact that the casino is relatively brand new, it never caught on to those visiting or living in the state.
Atlantic City has been slowly going downhill for the past few years and continues on a downward spiral. Many are hoping that Governor Chris Christie’s decision to offer online gambling will help the suffering economy. The Revel casino first began to see signs of trouble during the construction process. The casino took years to build and the year before it would open; a additional $1billion+ was needed for continuation of construction. Now, court documents have been released which shows that the casino has filed for Chapter 11 bankruptcy protection.
The casino is hoping that allowing gamblers to smoke once again will entice them to visit the establishment. The eleven other casinos in the area allow smoking so this should be an improvement. However there will be more changes made to the casino. Since filing bankruptcy protection, the company will receive help. Exit financing will be given worth $335 million. This includes $260 million term loan as well as $75 million in a revolving loan.
The Revel casino will now have working capital that they can use to pay for debtor-in-possession financing as well as court expenses. But this is just the tip of the iceberg. The casino has a lot of work to do if they want to get out of the mess they are in. The casino is apparently in all this mess for many reasons. The casino was cited on several issues including contractor problems, day tripper connections, food and drink expenditures and no players club. The casino made many mistakes but hopefully changes will be made that will bring players in and help the casino finally be successful.