Just some info from my visit last night.
From a high limit point of view, the play was light around 8pm, but by 11pm the Ultra Lounge was packed (and the house made a fortune at the craps table at least). All of the games in the UL were full.
As for the sale front, A potential buyer of the property was also looking around - he went around with a security team (not casino security, but personal security) and toured the property. I met him last night on the 44th floor - however I can not divulge his name. However I can say he is not from a company with any casinos in AC, nor is he Steve Wynn (who toured the property 1 - 2 months ago, and has not been back from what I know).
Also, the casino employees are having daily meetings with any updates on the property, and according to those I talk with, they have not really been told anything that the public does not already know.
I personally would have a hard time believing a sale does not occur at the auction on the 6th.
Also of interest, anyone buying Revel can offer debt instead of cash to buy the property - this should make it available to more parties (not everyone has loads of cash sitting around)
The bankrupt owner of Atlantic City's Revel Casino Hotel and Wells Fargo Principal Lending LLC reached a deal in New Jersey bankruptcy court with its unsecured creditors over proposed sale procedures in an auction of the company's assets, estimated to be worth up to $1 billion.
The parties agreed to bidding procedures for the auction — slated for early next month — in which lenders will be able to offer debt instead of cash
Revel and Wells Fargo, its debtor-in-possession lender, had argued that the proposed bid procedures would ensure that the debtors’ sale process is conducted openly and in a way that would encourage bidders to submit bids that will best maximize the value of the debtors’ assets.
"The bid procedures constituted 'a reasonable, sufficient, adequate and proper means to provide potential bidders with an opportunity to submit and pursue offers for the purchased assets,'" said a draft of the agreement submitted Thursday to the court.
The agreement comes three days after owners of high-end restaurants and entertainment services at the casino objected to proposed sale procedures, saying they are entitled to be part of the auction process since they will have to work alongside the buyer.
A group of “amenity tenants” filed papers saying they have not been invited to participate in the sale process despite being the providers of the dining, nightlife, spa and retail attractions Revel advertises. They say the resort cannot use the Bankruptcy Code to simply cancel their leases.
In mid-June, Revel entered Chapter 11 for the second time in two years with the goal of selling its assets, saying it couldn’t overcome its liquidity problems even though it slashed its debt by 82 percent following its first bankruptcy.
The company says it is facing between $500 million and $1 billion in liabilities and estimates the same range for its assets. It owes $137 million on a first-lien credit facility and another $310 million on a second-lien credit agreement, according to court filings.
Revel first sought bankruptcy protection in March 2013 and exited the proceedings two months later. The prepackaged reorganization plan allowed the company to cut its funded debt down by 82 percent, from $1.5 billion to $270 million, reduced its annual interest cost by 68 percent from $100 million to about $38 million, and allowed first-lien debt holders to convert their debt for 100 percent equity in the reorganized Revel.
But by late 2013, Revel had to borrow another $75 million from existing second-lien debt holders.