ATLANTIC CITY, N.J. (AP) -- Atlantic City's newest casino says it is worth a fraction of what it cost to build the $2.4 billion resort as it prepares to file for Chapter 11 bankruptcy protection next week.
The Press of Atlantic City, citing filings Revel made to federal regulators this week, reports the casino may not turn a profit for four more years.
Revel says next year may be the first in which it brings in more money than it costs to run the business. When other costs are added, it could be 2017 before Revel operates in the black.
The figures were part of documents filed ahead of Revel's pre-packaged Chapter 11 bankruptcy filing, which is likely to be made on Monday.
Tuesday, May 21 2013 9:45 PM EDT2013-05-22 01:45:27 GMT
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
Tuesday, May 21 2013 5:25 PM EDT2013-05-21 21:25:20 GMT
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Tuesday, May 21 2013 5:21 PM EDT2013-05-21 21:21:42 GMT
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Tuesday, May 21 2013 6:06 AM EDT2013-05-21 10:06:47 GMT
Looking for some waterfront property in tony Greenwich? A 50-acre compound known as Copper Beach Farm has hit the market with an asking price of $190 million.
Looking for some waterfront property in tony Greenwich? A 50-acre compound known as Copper Beach Farm has hit the market with an asking price of $190 million.
Monday, May 20 2013 11:17 AM EDT2013-05-20 15:17:26 GMT
Seamless North America and GrubHub say they're combining to create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S.
Seamless North America and GrubHub say they're combining to create an online food ordering service covering more than 20,000 restaurants in 500 cities across the U.S.
Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion which would create the third-biggest specialty pharmaceutical company in the U.S.
Actavis is buying Warner Chilcott in an all-stock transaction valued at about $8.5 billion which would create the third-biggest specialty pharmaceutical company in the U.S.
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief.
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, and a speech by the Federal Reserve chief.
Sunday, May 19 2013 6:53 PM EDT2013-05-19 22:53:31 GMT
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million — the highest Powerball jackpot in history.
Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million — the highest Powerball jackpot in history.
Tuesday, May 21 2013 5:21 PM EDT2013-05-21 21:21:42 GMT
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Tuesday, May 21 2013 7:33 AM EDT2013-05-21 11:33:20 GMT
A New Jersey priest who resigned after admitting he worked unsupervised with kids despite a legal agreement that barred him from doing so is headed to court.
A New Jersey priest who resigned after admitting he worked unsupervised with kids despite a legal agreement that barred him from doing so is headed to court.
Monday, May 20 2013 10:42 PM EDT2013-05-21 02:42:18 GMT
Omar Morales feels lucky to be here for his son Joshua's 10th birthday on Monday. Morales was one of the passengers on board a USAir flight that made an emergency landing at Newark Liberty.
Omar Morales feels lucky to be here for his son Joshua's 10th birthday on Monday. Morales was one of the passengers on board a USAir flight that made an emergency landing at Newark Liberty.
Monday, May 20 2013 7:05 PM EDT2013-05-20 23:05:15 GMT
A private country club opened its golf course to the public for a charity tournament to raise money for Superstorm Sandy relief. The Westlake Golf and Country Club in Jackson hosted the event on May 13,
A private country club opened its golf course to the public for a charity tournament to raise money for Superstorm Sandy relief. The Westlake Golf and Country Club in Jackson hosted the event on May 13,
