Lawyer: Revel ‘a melting ice cube’ that needs help
A bankruptcy lawyer says Atlantic City’s Revel Casino Hotel is “a melting ice cube” that needs immediate help to stay open until a buyer can be found.
The $2.4 billion casino is back in bankruptcy court for the second time in little over a year.
It says it will shut down and fire its 3,170 employees if a buyer can’t be found.
Revel lawyer John Cunningham told Judge Gloria Burns on Friday that Revel is losing $2 million a week, and has already lost $75 million this year.
The judge granted temporary permission for the casino to pay employees and vendors, pay taxes and insurance costs and some utility bills.
She still needs to rule on whether Revel can use $125 million in financing to get it through bankruptcy court.
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