Atlantic City's Revel Casino Hotel on Thursday filed its second bankruptcy in just over a year as the struggling casino hunts for a buyer to save it. The casino opened in April 2012 and filed its first bankruptcy in March 2013.
The venue warned its staff Thursday that it will shut down this summer if a buyer can't be found.
In warning letters given to employees and obtained by The Associated Press, Revel said it is seeking a buyer for the $2.4 billion casino but can't guarantee one will be found. If not, employees could be terminated as soon as Aug. 18, Revel said in the letter.
"If Revel is unable to complete such a sale promptly, Revel expects to close its entire facility," the letters read. The company also said it plans to stay open while it searches for a buyer.
It could not be determined how much Revel might sell for in a bankruptcy auction, but it is sure to be a steep discount. Wall Street analysts and some casino executives said last month that $300 million was too high a price for the casino. A union that has been at odds with Revel since before it opened pegged its value in April at $25 million to $73 million, based on public filings.
For much of the past year, Revel has sought a buyer for the property, which has remained eighth out of Atlantic City's 11 casinos in terms of the amount of money won from gamblers. But it also kept the option of a second bankruptcy filing as potential buyers expressed interest but failed to pursue a deal.
The Seminole tribe of Florida, through its Hard Rock franchise, has indicated an interest "if the price is right."
The casino is owned by investors who gained control of it during bankruptcy last year, swapping debt for equity in the property. The transaction wiped out 82 percent of Revel's $1.5 billion in debt.
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