Revel Entertainment Group, which opened the $2.5B Revel Casino Hotel in Atlantic City two years ago with great fanfare, has declared Chapter 11 and begun the process to unload the property.
Kekst and Company is handling communications.
The 57-story hotel is the tallest building in Atlantic City and was to symbolize the comeback of the blighted town.
Jersey Governor Chris Christie plowed more than $250M in state cash to facilitate construction of the project that has run up losses of $260M for Revel's parent.
The casino employs more than 3,100 people who could be jobless if the sale of the facility falls through. Wall Street analysts say the property is worth less than $300M.
The northeast/mid-Atlantic casino glut hurt Revel as the Garden State's gaming revenue fell to $3B in 2013 compared to its $5.2B peak in 2006.
Kekst's Peter Hill and Kimberly Kriger handle the Revel account. Publicis Groupe of France owns Kekst.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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