April 20, 2013 |
A U.S. bankruptcy judge gave the final go-ahead Thursday to Revel's request for $250 million in debtor-in-possession financing to cover the struggling Atlantic City casino's expenditures after it emerges from Chapter 11. "I approve the financing. I see no reason not to move forward," Judge Judith Wizmur said during a second hearing on the prepackaged petition filed by Revel AC Inc. in U.S. Bankruptcy Court in Camden. Wizmur gave interim approval March 27. She is expected to rule on Revel's restructuring plan May 13. The casino filed for Chapter 11 on March 25, virtually on the eve of its first birthday, after several consecutive months of dismal gambling returns.
April 19, 2013 |
The $2.4 billion Revel casino in Atlantic City - currently in Bankruptcy Court - began issuing pink slips Tuesday to 83 employees. Interim chief executive Jeffrey Hartmann, who took over for former CEO Kevin DeSanctis last month, said the decision to trim the workforce came after a careful review of business volume and staffing levels after Hurricane Sandy. The storm hit the Shore on Oct. 29 and forced Revel and the 11 other casinos in Atlantic City to close for nearly a week.
April 18, 2013 |
Nearly 6 1/2 years after it wagered on casinos to create jobs and tax revenue, Pennsylvania continues to be among the strongest gaming markets in the country. And the view from Wall Street is that there is room for a second casino in Philadelphia, and that it will not have much more impact on Atlantic City than the four existing casinos around Philadelphia already have. Financing for mega-gambling palaces will be tight in the coming years, though. Said John Maxwell, managing director of Jefferies & Co.: "You're going to see more casinos in New York . . . and possibly gambling in the Meadowlands.
April 15, 2013 |
HANOVER, Md. - Maryland Live, the largest and most successful of the state's three operating casinos, introduced dealer-staffed table games late last week, doubling its workforce seemingly overnight - and, some say, amping up its threat to gambling halls in Atlantic City and Delaware, plus at least one casino along I-95 in Pennsylvania. Craps player Nick Giron, 28, of Prince George County, said he'd be cutting back on his trips to Atlantic City. It's a 30-minute drive to Maryland Live vs. three hours to the Shore, where he typically plays craps at the Borgata.
April 12, 2013 |
The Coast Guard rescued four people from a sailboat that lost its rudder and engine after apparently running aground early Wednesday, a mile off Little Egg Inlet. A frantic distress call from the 30-foot Fiona came in before 4 a.m. as those in the boat reported the vessel taking on water and they feared it was sinking quickly, said Coast Guard Petty Officer Cindy Oldham. A 25-foot response boat and an MH-65 Dolphin helicopter responded, but the exact location of the sailboat had not been known.
April 11, 2013 |
Atlantic City's dozen casinos generated $238.5 million in total gaming revenue last month, down 10.5 percent from March 2012, when 11 casinos generated $266.5 million. Figures released Wednesday by the New Jersey Division of Gaming Enforcement reinforced the obvious: that even with the opening of the $2.4 billion Revel in April 2012 and its addition of 2,450 slot machines and 160 table games to the market, Atlantic City's gambling revenue continued to shrink. Of the 11 gambling halls open a full year in March, 10 saw revenue decline.
April 11, 2013 |
Despite gaming revenue's precipitous decline at Atlantic City's casinos in the last six years, glamorous images of gamblers at poker and blackjack tables will be included in the 2013 campaign of the Atlantic City Alliance, which is charged with rebranding the Shore town and its new tourism district. The addition of gaming ads - one titled, "Your Tables Are Ready"; another, "Bring Your Game Face and Your Poker Face" - is a shift from last year's inaugural campaign. The alliance works in partnership with the Casino Reinvestment Development Authority and was created as part of Gov. Christie's five-year revitalization plan for the ailing resort.
April 9, 2013 |
THERESA TAFFE would give you her last penny. Her generosity and loving concern for others charmed family and friends. As a registered nurse, Theresa was able to express that love and concern to the patients of Lankenau Hospital, where she worked for many years. She died March 27 at age 85. She was living in the Bala Nursing Home and had previously lived in Wynnefield, West Philadelphia and South Philadelphia. Her husband, Anthony Taffe, was a prominent dog trainer who was a consultant and trainer for police K-9 units in Philadelphia, Camden and other cities.
April 9, 2013
Police in Atlantic City are investigating the deaths of two people found in a hotel room at the Revel Resort & Casino. At 1:40 p.m. Sunday, the bodies of a 56-year-old man and a 21-year-old woman, both New Jersey residents, were found dead by housekeeping staff, Atlantic City police said. Police did not release the victims' identities. Autopsies were pending. Anyone with information is asked to contact Atlantic City police at 609-347-5766. - Mari A. Schaefer