Streams

Atlantic City's Revel Casino Declares Bankruptcy

Wednesday, February 20, 2013

Governor Chris Christie is putting a positive spin on the bankruptcy filing by Atlantic City's newest casino and hotel. The New Jersey governor says the filing actually shows confidence in Revel because investors are exchanging debt for stock in the company.  

But David Cay Johnston from the Columbia Journalism Review said the reason the bond holders are accepting equity is because they don’t have a choice.

“What are they going to do? Foreclose on the property? Then there won’t be a casino license and they’ll get nothing. Better to take the risk they might make something in the future, than take a total lost,” Johnston said.

WNYC’s Amy Eddings spoke to Johnston Wednesday. You can hear their conversation by clicking the link above.

Hosted by:

Amy Eddings

Editors:

Julianne Welby

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Comments [1]

Pete Branco from Medford/Shamong NJ

Revel has approved plans for Revel Estates. The community will start construction in late 2014. We intend to be the Dubai of the United States. The Estates will consist of 15 homes priced from 100 million to 200 million. KBR in Birmingham Alabama will be building the project. Contact James Klich at KBR for information in Birmingham Alabama.

Dec. 28 2013 07:42 PM

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