Garces Group Confirms Pending Shutdown at Revel

Following yesterday's news about the impending closure of Revel, which houses four Jose Garces concepts, the Garces Group has released an official statement about their operations at the casino. While the restaurants remain open for now and further details remain scarce as the situation develops, the statement confirms that they are gearing up for a shutdown: "Unfortunate circumstances now require that we initiate an orderly wind down of our business, while continuing operations."

The statement also expresses continued hope that Revel will find a buyer. Revel's ownership specified yesterday that even if a buyer is found at this point, it would not be in time to keep the casino from shutting down as planned by September 10.

According to an AP report today, Revel ownership filed to postpone a scheduled auction of the property, citing "ongoing negotiations" with possible bidders. (Today's report continues to suggest that any such sale would be completed after the shutdown of the casino.)

Yesterday, for the first time, Revel management provided official notification that they will cease operations no later than September 10, 2014, subject to the receipt of regulatory approvals.

Regrettably, the circumstances surrounding Revel's future are beyond our control. We are in direct contact with Revel's senior leadership and are doing the very best we can to understand and share information with our employees about the future of the property as it becomes known. And while they, and we, are still hopeful for the sale of the property, we must acknowledge Revel's notification in the context of our own operations. These unfortunate circumstances now require that we initiate an orderly wind down of our business, while continuing operations.

We are grateful for the hard work and dedication of our employees and thank them for their continued professionalism, passion and exceptional commitment to our guests and colleagues.

· All Casinos Coverage [-EPHI-]
· All Closings Coverage [-EPHI-]