Revel ends contributions to 401K - FOX 10 News | myfoxphoenix.com

Revel ends contributions to 401K

Posted: Updated:
Photo by Arun Kristian Das Photo by Arun Kristian Das

By WAYNE PARRY

ATLANTIC CITY, N.J. (AP) - New Jersey's newest casino is ending contributions to its employees' 401K accounts as part of ongoing cost-cutting moves.

Revel Casino Hotel says it hopes to be able to resume matching contributions to workers' accounts at some point in the future.

The $2.4 billion casino resort, which is less than a year and a half old, emerged from bankruptcy court in May. It has struggled since it opened in April 2012 to gain a substantial share of Atlantic City's cutthroat casino market.

Interim CEO Jeffrey Hartman said earlier this month Revel would continue to look for ways to reduce expenses and become profitable.

Its bankruptcy case enabled it to wipe away $1.2 billion of its $1.5 billion in debt, in return for granting lenders an 82% ownership stake.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • New Jersey NewsNew Jersey NewsMore>>

  • Search for masked robbers in Caesars heist

    Search for masked robbers in Caesars heist

    Tuesday, July 22 2014 8:22 AM EDT2014-07-22 12:22:25 GMT
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
  • Repaving of Palisades Parkway begins

    Repaving of Palisades Parkway begins

    Monday, July 21 2014 10:42 PM EDT2014-07-22 02:42:19 GMT
    Crews have begun repaving along the Palisades Interstate Parkway. The last time such work was done on the road, which links New York state to the George Washington Bridge, was the mid-1990s.
    Crews have begun repaving along the Palisades Interstate Parkway. The last time such work was done on the road, which links New York state to the George Washington Bridge, was the mid-1990s.
  • Seaside Heights carousel up for auction

    Seaside Heights carousel up for auction

    Monday, July 21 2014 7:57 PM EDT2014-07-21 23:57:00 GMT
    The 82-year-old carousel on the Seaside Heights boardwalk survived Superstorm Sandy and a devastating fire, but it may not survive changing economics. The company that owns the carousel is selling it to make room for new attractions. An auction is planned for fall, with the hope that a buyer will take the entire ride and prevent it from being broken up and sold off piecemeal.
    The 82-year-old carousel on the Seaside Heights boardwalk survived Superstorm Sandy and a devastating fire, but it may not survive changing economics. The company that owns the carousel is selling it to make room for new attractions. An auction is planned for fall, with the hope that a buyer will take the entire ride and prevent it from being broken up and sold off piecemeal.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices