April 17 (Bloomberg) -- Revel AC Inc., the bankrupt owner of Atlantic City’s newest casino, said it eliminated 83 jobs to bring costs in line as the New Jersey resort town’s gambling business shrinks.
The cuts amount to about 2.5 percent of the Atlantic City-based company’s total employment, according to an e-mailed statement today.
“We must adjust our staffing to align with business demands,” interim Chief Executive Officer Jeffrey Hartmann said in the statement. “It will ultimately strengthen Revel’s position within the highly competitive Atlantic City marketplace.”
Gambling revenue in Atlantic City fell 11 percent in March to $238.5 million, the New Jersey Division of Gaming Enforcement said on April 10. Year-to-date revenue declined 12 percent, the agency said.
After opening its casino in April 2012, Revel AC filed for bankruptcy protection last month after reaching an agreement with lenders on a debt-for-equity swap. The closely held company listed $1.1 billion in assets and $1.5 billion in debt.
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