Atlantic City's Revel Casino Declares Bankruptcy

By
Nancy Solomon
New Jersey News | Feb 15, 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.

Profile Image
Nancy Solomon

WNYC is funded by sponsors and member donations

WNYC Homepage - Top Stories

From NYCHA to the Garden, the Knicks' Jose Alvarado is living a New Yorker's dream

Perhaps no player sends a clearer message to New York kids that making it to the NBA is achievable.
Gothamist |

A Memoir on Growing up in Gowanus, Before the Whole Foods

All Of It with Alison Stewart |

Bill Bradley on Knicks Fever and More

Bill Bradley talks about this year's NBA finals, reflects on his own championship season, and more.
The Brian Lehrer Show |

I.C.E.'s "Wartime Recruitment" Campaign

Hiring at the highest-funded U.S. law enforcement agency.
On the Media |
YOU ARE ONLINE