March 15, 2015 |
The bankruptcy case of Atlantic City's Revel Casino Hotel hit another pothole Friday when U.S. Bankruptcy Judge Gloria M. Burns declined to approve the sale of Revel to Florida developer Glenn Straub for $82 million. Burns said from a Camden courtroom that it was not within her jurisdiction to approve the amended sale order because her January order approving the sale to Straub for $95.4 million was under appeal. Burns said she saw two possibilities for the Revel, built for $2.4 billion, which closed in September.
February 28, 2015 |
Kevyn Orr, the restructuring expert appointed by Gov. Christie to help stabilize Atlantic City's finances, told Bloomberg News that it would be inappropriate for him to talk about whether Atlantic City was a "shoo-in" for bankruptcy. "You know, nothing is shoo-in. But first of all I'm not the principal on Atlantic City. Kevin Lavin is the principal. He is the emergency manager. I'm just a counselor, a consultant in Atlantic City," Orr said in a question-and-answer piece published Thursday.
January 31, 2015 |
TRENTON - New Jersey Senate President Stephen Sweeney accused Gov. Christie on Thursday of trying to "force" Atlantic City into bankruptcy, and said he would sue to block such a move. Sweeney (D., Gloucester) criticized Christie's hiring of an emergency manager and a consultant to take charge of the embattled resort. Christie, a Republican considering a run for president in 2016, issued an executive order last week installing Kevin Lavin as emergency manager and tapping Kevyn Orr as a consultant.
January 22, 2015 |
U.S. District Judge Jerome B. Simandle said he expects to rule Wednesday on whether the operators of restaurants, nightclubs, and other venues at the former Revel Casino Hotel will be able to appeal the terms of the bankrupt Atlantic City property's sale to Florida investor Glenn Straub for $95.4 million. "I'm not prepared to rule right now, but it won't be long," Simandle said at the end of a four-hour hearing Tuesday in Camden, acknowledging that whatever he decides, an appeal to the Third Circuit Court of Appeals was likely.
January 18, 2015 |
U.S. District Judge Jerome B. Simandle scheduled an emergency hearing for Tuesday in Camden to hear arguments to block the sale of Atlantic City's Revel Casino Hotel by tenants who spent millions on facilities for the failed casino. Angel Management Group, which spent $16 million to build Revel's popular HQ clubs and Center Bar, appealed a Jan. 8 order by U.S. Bankruptcy Judge Gloria M. Burns that would allow Florida investor Glenn Straub to buy Revel "free and clear of liens, claims, encumbrances, and interests.
January 17, 2015 |
The bankruptcy filing Thursday in Chicago by Caesars Entertainment Corp.'s largest unit includes Caesars and Bally's on the Atlantic City Boardwalk, but not the Harrah's casinos in Chester and Atlantic City. All Caesars properties included in the bankruptcy remain open. "With the overwhelming support of our first-lien bondholders, we are moving forward to implement our previously announced restructuring plan," Caesars chief executive Gary Loveman said. The long-anticipated filing by the Las Vegas gambling giant sets up a jurisdictional fight.
January 8, 2015 |
Carl Icahn blinked in his showdown with Unite Here Local 54 over the threatened closure of Atlantic City's Trump Taj Mahal last month, but new bankruptcy court documents show that the billionaire investor is holding to key demands. Instead of closing the casino, Icahn agreed to provide up to an additional $15 million in loans to keep the Taj Mahal open through bankruptcy. Still, the latest version of Trump Entertainment Resorts Inc.'s bankruptcy plan, filed Monday in Wilmington, says the company will not emerge from bankruptcy unless potential union pension liabilities are kept to a level that Icahn accepts.
January 7, 2015 |
A bankruptcy judge in Camden said Monday that she would approve the sale of Revel AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub's effort to pay only $87 million. The next step is a sale order, which must be signed by U.S. Bankruptcy Judge Gloria M. Burns, but negotiations over the terms of that order - particularly how concerns of tenants and others will be handled - bogged down during a break. Burns asked attorneys for Revel, Straub, and other parties to work on a sales order to be filed this week, in time to be considered at a Revel hearing scheduled for Thursday.
December 14, 2014 |
U.S. Bankruptcy Judge Gloria M. Burns on Friday approved Revel AC Inc.'s request to terminate the deal to sell the closed Atlantic City casino to Brookfield Asset Management Inc. for $110 million. Next up for the $2.4 billion Revel, which opened in April 2012 and never turned a quarterly profit, is a Jan. 5 hearing for the judge to consider a sale to the backup bidder, Florida investor Glenn Straub, for $95.4 million. Neither Brookfield nor Straub - in Key West, Fla., for an unrelated court hearing - were represented at the hearing or on the phone participating in the hearing in Camden.
December 7, 2014 |
The Trump Taj Mahal in Atlantic City is likely to remain open until Dec. 20, as its parent company continues to negotiate for financial aid from the city or the State of New Jersey, the bankrupt Trump Entertainment Resorts said Friday. However, some employees already started working fewer hours this week, Kathleen McSweeney, senior vice president of market operations for Trump Entertainment, said in a statement. The Taj Mahal closed one of its hotel towers Monday, and at that point still planned to close the casino next Friday, according to a Nov. 26 petition on its closing plans filed with the New Jersey Division of Gaming Enforcement.