Revel Casino ends contributions to 401K - Dallas News | myFOXdfw.com

Revel Casino ends contributions to 401K

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

WAYNE PARRY | AP

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 percent ownership stake.

  • New Jersey NewsNew Jersey NewsMore>>

  • NJ National Guard unit to deploy to Persian Gulf

    NJ National Guard unit to deploy to Persian Gulf

    Friday, August 1 2014 8:34 PM EDT2014-08-02 00:34:45 GMT
    More citizen soldiers will be leaving New Jersey for the Middle East. Nearly 170 troops will depart the National Guard armory in Jersey City on Saturday for duty in the Persian Gulf.
    More citizen soldiers will be leaving New Jersey for the Middle East. Nearly 170 troops will depart the National Guard armory in Jersey City on Saturday for duty in the Persian Gulf.
  • Thousands come out for Blake Shelton's free beach show in Atlantic City

    Thousands come out for Blake Shelton's free beach show in Atlantic City

    Friday, August 1 2014 4:29 PM EDT2014-08-01 20:29:15 GMT
    Country music star and "The Voice" coach Blake Shelton played a free concert on the beach in Atlantic City in front of more than 60,000 fans Thursday night, promoters said. He performed on a stage build on the beach near The Pier at Caesars. Fans that couldn't get into the beach area could hear and watch from the Boardwalk and from boats moored in the water nearby.
    Country music star and "The Voice" coach Blake Shelton played a free concert on the beach in Atlantic City in front of more than 60,000 fans Thursday night, promoters said. He performed on a stage build on the beach near The Pier at Caesars. Fans that couldn't get into the beach area could hear and watch from the Boardwalk and from boats moored in the water nearby.
  • Home owned by Trump holdout sells at auction

    Home owned by Trump holdout sells at auction

    She once called Donald Trump "a maggot, a cockroach and a crumb." This week, he remembered her as "an impossible person."
    An Atlantic City-area real estate figure has bought at auction a property that earned its owner near-folk hero status for resisting decades of overtures from developers...
Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

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