REVEL Press Release
REVEL TO PURSUE SALE TO NEW OWNER THROUGH CHAPTER 11 PROCESS
Receives New Debtor-in-Possession Loan Commitment to Support Continued Operations
Casino and Hotel Operations Continuing as Usual; Honoring All Reservations and Maintaining High Guest Service Levels and Customer Loyalty Programs
ATLANTIC CITY, NJ – June 19, 2014 – Revel AC, Inc. (the “Company” or “Revel”), the parent company of Revel Entertainment Group, LLC, announced today that it, along with certain of its subsidiaries, filed petitions in the U.S. Bankruptcy Court for the District of New Jersey to commence a chapter 11 process to address liquidity issues and facilitate a sale of substantially all of Revel’s assets.
The decision to pursue a sale through chapter 11 is the result of the strategic review conducted by Revel’s Board of Directors and senior management, with the assistance of independent advisors. If this process results in a successful sale, Revel anticipates that the new ownership will build upon the significant operational improvements recently implemented to further bolster the property’s performance and enhance its competitiveness in Atlantic City.
Scott Kreeger, President and Chief Operating Officer of Revel Casino Hotel, said, “Today’s announcement follows an extensive strategic review. We will work to reach an agreement with a new owner who will help ensure Revel’s long-term financial stability and who shares our commitment to providing Revel’s guests and players an exceptional experience in lodging, gaming, entertainment and recreation.”
Revel expects to continue normal business operations throughout this process and will seek court approval to:
•maintain the Revel Card loyalty program and other customer promotions, programs and policies and ensure that points and tier status earned by members and eligible customers remain secure and intact;
•honor all gaming obligations and vouchers;
•pay employee wages and benefits without interruption;
•honor reservations and concert tickets;
•provide commissions and payments to travel partners for services rendered during the process; and
•pay for goods and services provided to Revel during the process.
The Company reached an agreement to obtain a $125 million debtor-in-possession loan, inclusive of certain rollup amounts, arranged by one of its existing lenders, which is intended to provide Revel with liquidity necessary to operate its business while the Company pursues a sale through the chapter 11 process. Qualifying bidders will have an opportunity to submit offers for evaluation through a court-supervised competitive bidding process. Any sale will be subject to court approval and other closing conditions, and there can be no assurances that a sale will be consummated at the conclusion of this process. Revel has made customary filings, including first day motions, with the court to help ensure an orderly transition into chapter 11 while minimizing business disruption. The motions are expected to be addressed by the court soon.
The Company’s legal advisors are White & Case LLP and Fox Rothschild LLP, its financial advisor is Moelis & Company, and its restructuring advisor is Winter Harbor.
Additional information about the process is available in the ‘Investor Relations’ section of
www.revelresorts.com. Claims information is available at
www.revelcaseinfo.com. General information about reservations for Revel guests is available at (855) 348-0500.
About Revel
Revel Casino Hotel is Atlantic City’s newest and most spacious casino resort and convention destination. Located on Atlantic City’s world-famous boardwalk, the ocean front hotel is designed to offer endless views of the Atlantic at every turn. The casino resort offers 130,000 square feet of world class gaming, with 2,400 slots, 130 table games, electronic tables and players’ lounges, along with the high-limit table game Ultra Lounge. A member of the American Express Gold Hotel Collection, Revel features 1,399 ocean view rooms. Guests can enjoy indoor and outdoor pools, cabanas, gardens, lounges, a 32,000-square-foot spa, 13 restaurants that offer a range of fine dining to deliciously affordable menu options, a collection of boutiques, nightclubs, a dayclub, and live entertainment at The Social and showroom headliners at Ovation Hall. While taking in all the casino has to offer, guests can earn points as they play, dine, shop and relax with the Revel Card loyalty program. For additional information and updates, and for complete details and rules of all promotions, customers can visit the Revel Card desk or visit
www.revelcasino.com and become a fan on Facebook at
www.facebook.com/revel and follow @revelresorts on Twitter and @revelcasino on Instagram.
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 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.
