While it’s unclear whether Revel AC Inc. will ever pay a dime to unsecured creditors, one thing is known: The buyer, Brookfield Property Partners LP, won’t operate the now-shuttered Atlantic City, New Jersey, casino under its old name.
The bankruptcy court in Camden, New Jersey, approved a USD110 million sale to Brookfield on Oct. 7. The sale has yet to be completed, Revel said in a court filing.
In the course of asking court permission to terminate a license to use the Revel trademark, the casino said Brookfield won’t be using the name when the property reopens.
Revel filed for creditor protection in June with a proposed Chapter 11 plan contemplating a sale. The company said this week that the plan must be modified and asked the bankruptcy judge to extend its exclusive plan-filing rights until March 16.
Before a plan can be filed, Revel said, it must resolve disputes over real estate taxes. To that end, the casino this week asked the judge to abrogate a settlement made in an earlier bankruptcy that fixed the tax assessment at $1.15 billion.
Revel said the property is “grossly” over-assessed, giving it the highest taxes among the casinos in Atlantic City, even though it sold for only $110 million.
Oriental inspired journey this winter at Forbes five-star spas at Wynn Macau
As the holiday season creeps in, Wynn Macau is unveiling its ‘Winter Solstice Touch’, a seasonal spa treatment to keep you warm through the coldest days of winter.
From December 22 to March 31 guests can enjoy ‘Winter Solstice Touch’ at both The Spa at Wynn and The Spa at Encore. During the 90-minute treatment, master therapists take a holistic approach by combining Oriental techniques to detoxify and energize the body and spirit.
The pampering begins with a scalp massage to take stress away and bring you into a state of euphoria. Drawing from the Orient’s most soothing practices, guests then enjoy an intensive full body massage that combines stretching, chi balancing and Chinese pressure point technique, relieving stored tension, stimulating body circulation and promoting a healthy energy flow along the body’s meridians.
The final touch is a deep-tissue massage, using a blend of warmed rosemary, ginger, lavender and black pepper oils that rejuvenate the skin, resulting in a feeling of uplifting energy and a deep sense of relaxation.