Atlantic City

In the Region Revel formally files for bankruptcy AC Revel Inc., owner of the struggling Revel casino in Atlantic City, formally filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Camden Monday, as expected. The prepackaged bankruptcy, with terms Revel's creditors have agreed to, is meant to reduce the casino's estimated $1.5 billion in debt by about $1 billion and provide it $250 million in debtor-in-possession financing, $42 million of which is new money. The luxurious Revel, which many had hoped would reverse Atlantic City's flagging fortunes when it opened April 2 on the northern end of the Boardwalk, has failed to grow the resort's gaming market.

AC Revel Inc., owner of the struggling Revel casino in Atlantic City, formally filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Camden Monday, as expected. The company filed at 10:20 p.m. The prepackaged bankruptcy, with terms Revel's creditors have agreed to, is meant to reduce the casino's estimated $1.5 billion in debt by about $1 billion and provide it $250 million in debtor-in-possession financing, $42 million of which is new money. The additional financing will provide Revel new working capital, fund certain capital expenditures and pay other expenses related to the financial restructuring.

  ATLANTIC CITY - Jacob Zimlichman had heard the entire Jersey Shore was underwater, destroyed by Hurricane Sandy. He knew that wasn't true. That's why the New Yorker was on Atlantic City's Steel Pier on Sunday as part of the seaside entertainment park's summer-season debut. "I didn't have any second thoughts about coming here," Zimlichman said as he watched his child enjoy a ride on the Mighty Stampede. State tourism officials wish everyone were as confident of the many miles of New Jersey beaches in good condition.

In another turn toward normalcy, amusement rides will start spinning this weekend at some parks and piers along the Sandy-battered Jersey Shore even as work continues to repair damage to buildings, boardwalks, and other attractions. The Keansburg Amusement Park, which the storm left under up to six feet of water, was to open Saturday, though not all rides will be ready to operate and its Wildcat roller coaster is gone. Co-owner Hank Gehlhaus said the park suffered millions of dollars in damage, very little of it covered by insurance, but he told the Asbury Park Press, "We're not going anywhere.

ATLANTIC CITY - Revel AC Inc., owner of the ailing, barely-a-year-old Revel casino, is expected to file its Chapter 11 petition in U.S. Bankruptcy Court in Camden on Monday, the start of what is expected to be a two-month process to get its finances back on track. Revel will maintain normal business operations during the bankruptcy. But the financial restructuring appears to clear the way for a series of practical changes, including addition of a smoking area, a beach bar, and more reasonably priced restaurants, among other things, by Memorial Day weekend, in time for the resort's peak season.

ATLANTIC CITY - Before Hurricane Sandy roared ashore near here, abruptly ending what was left of last year's summer-to-fall tourist season, the industry had already set a state record of $40 billion in annual revenues and brought more visitors to New Jersey than the year before, Gov. Christie said Wednesday. Given the fragility of the still-recovering economy, that was welcome news to about 550 tourism officials and business owners at the Golden Nugget for the opening of a three-day conference on New Jersey tourism.

ATLANTIC CITY - Before Hurricane Sandy roared ashore near here, abruptly ending what was left of last year's summer-to-fall tourist season, the industry had already set a state record of $40 billion in annual revenues and brought more visitors to New Jersey than the year before, Gov. Christie said Wednesday. Given the fragility of the still-recovering economy, that was welcome news to about 550 tourism officials and business owners at the Golden Nugget for the opening of a three-day conference on New Jersey tourism.

WEST LONG BRANCH, N.J. - Gene Allen could coach from now until 2040. He likely would never find another team like the Atlantic City squad that walked off the court for the final time Friday night. "They have so much heart and character," Allen said of his players after Atlantic City lost, 63-49, to St. Joseph of Metuchen in the semifinals of the Tournament of Champions at Monmouth University. "They exemplify what I want this program to be all about. " Atlantic City pushed tall, talented, and well-rested St. Joseph to the limit in the first game of a doubleheader.