ATLANTIC CITY, N.J. (AP) — A New Jersey casino regulator says Revel needs to increase the amount of money it wins at slot machines or it will struggle to survive.
At a hearing Wednesday on the Atlantic City casino’s bankruptcy turnaround plans, Deputy Attorney General Jack Adams said that without a significant increase in slot money, “Revel will struggle to survive in this market.”
The state Casino Control Commission is set to vote on Revel’s reorganization plan.
The plan sheds most of the casino’s debt in return for giving lenders an ownership stake of more than 80 percent.
Revel filed for Chapter 11 protection in March, less than a year after opening. It has remained mired toward the bottom of Atlantic City’s 12 casinos in terms of the amount of money won from gamblers.
