Revel Casino ends contributions to 401K - FOX 13 News

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>>

  • Newark school enrollment problems

    Newark school enrollment problems

    Friday, August 22 2014 5:17 PM EDT2014-08-22 21:17:11 GMT
    The school year in Newark is getting off to a rocky start. Classes start in less than two weeks and parents are still waiting in line for hours to find out where their kids are enrolled. The problem is being blamed on a glitch in the school's new online open enrollment system. To say mother of three Jennifer Caraballo is frustrated may be an understatement. She is one of hundreds of Newark parents desperately now trying to find a new school for her children.
    The school year in Newark is getting off to a rocky start. Classes start in less than two weeks and parents are still waiting in line for hours to find out where their kids are enrolled. The problem is being blamed on a glitch in the school's new online open enrollment system. To say mother of three Jennifer Caraballo is frustrated may be an understatement. She is one of hundreds of Newark parents desperately now trying to find a new school for her children.
  • Teaneck couple's wedding photos wash up in Staten Island

    Teaneck couple's wedding photos wash up in Staten Island

    Friday, August 22 2014 2:08 PM EDT2014-08-22 18:08:20 GMT
    Nearly two years after losing their wedding photos, one couple has finally got them back. The photos washed up on a Staten Island couple's driveway a few days after Hurricane Sandy.
    Nearly two years after losing their wedding photos, one couple has finally got them back. The photos washed up on a Staten Island couple's driveway a few days after Hurricane Sandy.
  • Gallery U in Westfield celebrates anniversary with reality TV star Teresa Giudice

    Gallery U in Westfield celebrates anniversary with reality TV star Teresa Giudice

    Friday, August 22 2014 2:05 PM EDT2014-08-22 18:05:56 GMT
    Teresa and Joe Giudice (AP Photo/Oral-B Pulsonic, Gary He)Teresa and Joe Giudice (AP Photo/Oral-B Pulsonic, Gary He)
    Gallery U Boutique in Westfield celebrated its one-year anniversary Wednesday with an event featuring special guest Teresa Giudice of The Real Housewives of New Jersey. Giudice met guests, posed for photos and signed autographs and Gallery U collected donations for the Brain Injury Alliance of New Jersey. The event was hosted by Velocity 1 Media. "Last night's event brought 150 people to Gallery U Boutique and Downtown Westfield,” said retail manager Melody Lieberman.
    Gallery U Boutique in Westfield celebrated its one-year anniversary Wednesday with an event featuring special guest Teresa Giudice of The Real Housewives of New Jersey. Giudice met guests, posed for photos and signed autographs and Gallery U collected donations for the Brain Injury Alliance of New Jersey. The event was hosted by Velocity 1 Media. "Last night's event brought 150 people to Gallery U Boutique and Downtown Westfield,” said retail manager Melody Lieberman.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

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