A US casino that went bankrupt has acknowledged that preventing its clients from smoking was one of a number of key mistakes it had made in running its business, according to an Asbury Park Press story.
But now it has a chance to put things right. The New Jersey Casino Control Commission approved Revel’s reorganization plan, which will eliminate $1.2 billion of its $1.5 billion in debt by giving lenders an 82 per cent ownership stake.
That plan was approved by a bankruptcy court judge on Monday, and Revel expected formally to emerge from bankruptcy the following day.
In winning a reprieve, the bankrupt casino was said to have acknowledged several big mistakes, including ‘preventing its guests from smoking; not paying enough attention to slots players; and booking too many hip acts at the expense of other forms of entertainment’.
“Everybody deserves a second chance,” said Jeffrey Hartmann, Revel’s interim CEO. “We’re looking for a second chance. We are trying to listen to and respond to customers. We probably didn’t do a great job of that last year.”
Regulators’ approval did not come easily, as commissioners and a representative of the state Division of Gaming Enforcement expressed serious concerns about Revel’s ability to turn itself around and save its 4,600 jobs.
Category: Breaking News