Revel cautions about 'first profit'

Posted: July 19, 2013

Management at Revel Casino-Hotel backed away Wednesday from its announcement earlier in the week that the 15-month-old property had its first profitable week during the first week of July.

"Revel would like to remind its investors and other stakeholders that, as was already noted . . . statements relating to the results of the first week of July 2013 were based on unaudited financial data and estimates that are subject to month-end and quarter-end financial adjustments," the new statement said. "Revel would like to emphasize that such unaudited financial estimates . . . may not be indicative of the actual financial results for the month of July 2013 or for any other financial period."

On Monday, the financially troubled casino, fresh from bankruptcy, announced the "first profitable week in the property's history" without providing specifics. It also announced a new round of layoffs - 75 senior-level management positions.

"We were advised by our SEC attorneys to enhance the disclosure attached to the press release dated Monday," Revel's interim chief executive officer, Jeffrey Hartmann, said Wednesday.

In July, "volumes are very good," he added.

"We're pleased with the promotion results," Hartmann said, referring to refunds of slots losses greater than $100 that started July 1.

Gaming analysts say Revel, which just added smoking lounges and a beach bar, needs a huge summer to begin righting the ship.

Built at a cost of $2.4 billion, Revel has consistently finished in the bottom tier among Atlantic City's dozen casinos. It finished 10th last month in total casino revenue with $11.6 million.


Contact Suzette Parmley at 215-854-2855, sparmley@phillynews.com, or on Twitter @SuzParmley.

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