New “Destination Resort” Files for Bankruptcy

New “Destination Resort” Files for Bankruptcy

Saddled with $1.5 billion in debt – Atlantic City mega-casino files for Chapter 11

 Today NoCasinos.org issued the following statement:

“Anybody in Florida who thinks mega-casinos are a path to economic prosperity needs to take a close look at what’s going on in Atlantic City – where the so-called ‘destination resort’ that was supposed to revive the beleaguered casino industry there – has filed for bankruptcy.”

“They once called this mega-casino a ‘game-changer’ and a ‘destination resort’ that ‘saw itself not as a casino resort but as a resort that happened to have a casino.’  These are hauntingly familiar words to Floridians who are hearing the same slick sell job from Malaysian and Las Vegas casino conglomerates who trying to legalize mega-casinos in Florida.  This bankruptcy has ‘buyer beware’ written all over it.”

Here’s a link to the AP article: http://finance.yahoo.com/news/njs-newest-casino-revel-file-005235068.html