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.
November 28, 2014 |
Investor Carl Icahn has agreed to lend Trump Entertainment Resorts Inc. up to $5 million to help the owner of Trump Taj Mahal Casino in Atlantic City pay its bankruptcy expenses into January. The move, described in a bankruptcy court filing Wednesday, could indicate that a deal is near to keep the Taj Mahal open. Trump has said it will close the casino Dec. 12 if its biggest union doesn't drop an appeal of an October bankruptcy ruling that stripped workers of company-sponsored health insurance.
November 25, 2014 |
Although the decorations have been up for weeks, Friday marks the official start of the holiday shopping season. Or rather, it used to - these days, more and more stores are opening on Thanksgiving. That's why, at 6 p.m. Thursday, Albert Boscov, 85, will finish up his turkey dinner at home and head to one of the company's 43 stores. "We don't like opening on Thanksgiving, because we screw up life for people," said Boscov, chairman of Boscov's Department Store L.L.C., now celebrating its 100th anniversary.
November 16, 2014 |
The owners of the Trump Taj Mahal Casino in Atlantic City said in a court filing Friday they expected to close the Boardwalk property on or before Dec. 12. Trump Entertainment Resorts Inc. had been warning for months the struggling casino might close this fall if it didn't get significant relief from its biggest union and millions in government aid. The company got the relief it sought from labor last month when a bankruptcy judge allowed it...
November 14, 2014 |
Lest anyone forget why the Pennsylvania Gaming Control Board still has a license to issue for a second Philadelphia casino, a bankruptcy court hearing set for Friday morning offers a reminder. At the hearing in Philadelphia, lawyers for the defunct Foxwoods project - whose license to build a casino on the South Philadelphia waterfront was revoked four years ago - are scheduled to square off against lawyers for the state over the $50 million license fee Foxwoods paid in 2007. The key hearing comes just days before Tuesday's Gaming Control Board session at the Convention Center, where the board is expected to reissue the license.
November 6, 2014 |
Ahead of a key court hearing Wednesday in Wilmington, Trump Entertainment Resorts Inc. filed a revised bankruptcy plan showing that Carl Icahn - who is owed $292 million by Trump - could recover between 38 percent and 65 percent of his claim. Those percentages are based on estimated values of Trump Entertainment's two properties - the Trump Taj Mahal and the former Trump Plaza, which closed Sept. 16. The values range from $110 million, if the Taj Mahal is closed, to $190 million if the Taj Mahal remains open, the filing said.
November 2, 2014 |
In a sign of the ongoing devaluation of assets in Atlantic City, the utility company Pepco Holdings Inc. wrote down the value of its combined heat and power plant there by $53 million, or 64 percent, the Washington company announced Friday. Pepco slashed the value of the plant and related operations to $30 million from $83 million because of "significant adverse changes in the financial condition of its customers and the business climate in Atlantic City," the company said in its quarterly report to the Securities and Exchange Commission.
November 2, 2014 |
Ahead of a key hearing next week in the Trump Entertainment Resorts Inc. bankruptcy, unsecured creditors blasted the company's disclosure statement for its Chapter 11 reorganization plan as a "charade" that should not be approved by the judge. The company owns the Trump Taj Mahal and the closed Trump Plaza casino hotels in Atlantic City. The creditors said the plan is designed for the "sole purpose of preserving hundreds of million of dollars in tax attributes for the exclusive benefit of [Carl]