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Revel bankruptcy auction postponed until next week

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Revel bankruptcy auction has been postponed.
Revel bankruptcy auction has been postponed. - (AARON HOUSTON)

The bankruptcy auction of the Revel Casino Hotel has been postponed to next week after attorneys for the resort requested more time to review bids, published reports said.

The auction was scheduled for Thursday, but the Associated Press reported that lawyers from Moelis & Co. LLC received multiple bids by the Monday deadline. The disclosure was made in a court filing Wednesday night, in which the investment firm hired by ownership said it was researching buyer backgrounds.

The auction has been rescheduled for 9 a.m. Aug. 14, according to the AP. The report did not say how many bids were made.

Revel, a two-year-old casino, is in bankruptcy court for the second time. The towering $2.4 billion property has only lost money since opening, falling far short of expectations of attracting a new clientele to Atlantic City and spurring a renaissance of the ailing resort town.

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Atlantic City Mayor Don Guardian has said there are six potential buyers for the casino, but its owners have said they will close the property this summer if it’s not sold. It’s one of three casinos in danger of closing, along with Showboat and TrumpPlaza, meaning some 8,000 jobs could be lost in the city by Labor Day.

Revel first filed for bankruptcy in March 2013, resulting in a process that cut its $1.5 billion in debt by more than 80 percent. It also resulted in investors exchanging debt for equity in the property.

In the most recent proceedings, a judge last month said she would approve bonuses worth a total of $1.75 million for executives at the casino if they manage to find a buyer, the AP reported.

ALSO ON NJBIZ:

Special Report: Experts now say Revel casino may go for pennies on the dollar

It's official: Showboat closing in August, more than 2,000 jobs will be lost

Revel Casino owners file for bankruptcy ... again

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Joshua Burd

Joshua Burd

Josh Burd covers real estate, economic development and sports and entertainment. Before joining NJBIZ in 2011, he spent four years as a metro reporter in Central Jersey. His email is joshb@njbiz.com and he is @JoshBurdNJ on Twitter.

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