Revel AC, Inc. (the “Company” or “Revel”), the parent company of Revel Entertainment Group, LLC, announced today that Revel Casino and Hotel will cease operations no later than September 10, 2014, subject to receipt of regulatory approvals.
We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property. We thank them for their professionalism and dedication; however we are faced with several unavoidable circumstances.
Despite the effort to improve the financial performance of Revel, it has not proven to be enough to put the property on a stable financial footing. This situation is compounded by the considerable non-controllable expense structure that has financially burdened the property. In addition, challenges have arisen in our attempts to sell Revel as a going concern. While we continue to hope for a sale of Revel, in some form, through the pending bankruptcy process, Revel cannot avoid an orderly wind down of the business at this time.
Thoughtful consideration was given to the impact on our guests, our employees and the employees of our associated tenants. We hope that Revel can be a successful and vital component of Atlantic City under a proper ownership and reorganized expense structure. We will continue to endeavor toward a placement with such an owner, but there can be no assurance as to the outcome of the pending bankruptcy process.
Revel will honor reservations and deposits while Revel remains open.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could impact the Company’s objectives and plans or cause the actual results of the Company to differ significantly from the historical results or from any future results expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to the Chapter 11 bankruptcy process, competition in the casino, hotel and resort industries, levels of travel, leisure and casino spending, general domestic or international economic conditions, and changes in gaming laws or regulations. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “plans,” or similar terms to be uncertain and forward-looking.