ATLANTIC CITY, N.J. (AP) — Atlantic City’s newest casino is turning to layoffs to help it deal with financial problems as it works its way through bankruptcy court.
Revel laid off 83 workers on Wednesday. The cuts represent about 2.5 percent of the casino’s workforce.
Acting CEO Jeffrey Hartmann says the cuts were difficult but necessary for Revel to compete in a challenging market. The $2.4 billion resort opened a year ago, but has languished near the bottom of Atlantic City’s 12 casinos in terms of the amount of money won from gamblers.
Revel hopes to emerge from bankruptcy court by early summer with a deal that will wipe out 82 percent of its $1.5 billion debt by converting most of it into equity for lenders.
