Revel AC Inc., the struggling Atlantic City, N.J.-based casino operator, is still pursuing potential sale offers as it plans to shut down operations by Sept. 2 to stanch its cash loss of about $2 million a week, Bloomberg News reported yesterday. “It is still our goal and hope that we will have a successful sale,” John K. Cunningham, a Revel lawyer, said today at a hearing in U.S. Bankruptcy Court in Camden, New Jersey. He said that the casino’s losses were reflected in offers, and Revel would have to be shut down to entice acceptable bids. Revel is “bleeding money every week,” Cunningham told U.S. Bankruptcy Judge Gloria M. Burns. “The current bids we have don’t value Revel as an ongoing operation,” and the offers show bidders look at Revel’s losses like they would be “stepping into a black hole,” he added. Revel, which employs about 3,140 people, told workers in June, when it filed its second bankruptcy in two years, that it may be forced to close for good if it fails to attract a buyer.
