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Report: Revel execs could get $1.75M in bonuses for selling casino

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Revel, which cost over $2 billion to build, could go for as low as $30 to $40 million.
Revel, which cost over $2 billion to build, could go for as low as $30 to $40 million. - ()

A judge approved a bonus plan that could pay Revel Casino Hotel executives as much as $1.75 million, based on the sale of the Atlantic City resort, the Press of Atlantic City reported.

Chief U.S. Bankruptcy Judge Gloria Burns said Wednesday that records detailing who would get the bonuses, and the benchmarks they must meet to get them, will be sealed, the Press reported.

The stepped bonuses would be awarded based on the sales price of the casino, the Press said.

Revel cost $2.4 billion to build but could be sold for just pennies on the dollar, according to experts.

Bids are due Monday and the auction is set for Thursday, Aug. 7, if there is more than one bidder.

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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