Revel AC Confirms Reorganization Plan

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. May 15, 2013

May 15, 2013 - Revel AC Inc., (the “Company” or “Revel”) announced yesterday that the U.S. Bankruptcy Court for the District of New Jersey (Camden) has confirmed Revel's prepackaged plan of reorganization (the “Plan”) under Chapter 11 of the Bankruptcy Code. The Plan was unanimously accepted by creditors voting on the plan in connection with the Company's voluntary pre-packaged solicitation of votes. Revel expects to emerge from Chapter 11 before the end of May after the conditions to effectiveness of the plan are satisfied.

Revel has secured $350 million in exit financing, including a $75 million revolver to fund working capital and a $275 million term loan, which will be used to pay expenses related to the restructuring and repay the outstanding borrowings under the debtor-in-possession financing.

The Plan will substantially reduce Revel's debt load from approximately $1.52 billion to $272 million, through an exchange of debt for equity, and annual interest expense will decrease from approximately $102 million to $46 million. A significant amount of the cash that was previously used for interest payments will now be available to fund ongoing operations. On a cash basis, the interest expense will be reduced by 96%, from $102 to $4 million, thereby improving cash flow.

Jeffrey Hartmann, Revel's Interim Chief Executive Officer, commented, “The confirmation of our plan is the last major milestone of the restructuring process. We look forward to officially emerging from Chapter 11 by the end of this month with a right-sized balance sheet and a significant reduction in our annual interest expense. The restructuring has been nothing short of transformative for Revel, and I would like to thank our lenders for their ongoing faith in our business, as well as our guests, vendors and employees for their continued support.”

“Upon emergence,” Hartmann continued, “we will enter the summer season on firmer financial footing, focused on driving growth and attracting guests to the property through an expanding range of amenities and exciting new programming. Greater casino floor appeal, new gaming rewards, the recent opening of our player's lounge and high-limits slots area, seven-day-a-week programming, our new 24-hour, three-meal-per-day restaurant, Relish, and the upcoming openings of a Noodle Bar and HQ Beach Club all strengthen our ability to offer a personalized Revel experience and uniquely position us to attract gaming, leisure and business meeting guests alike.”

Revel's legal advisor in connection with the restructuring is Kirkland & Ellis LLP. Alvarez & Marsal serves as its restructuring advisor and Moelis & Company serves as its investment banker for the restructuring.

Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could impact the Company's restructuring plans or cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “plans,” or similar terms to be uncertain and forward-looking. There can be no assurance that the restructuring transaction described herein will be consummated. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.

About Revel AC
Revel is a new destination for uncommon recreation. The beachfront resort features 1,399 rooms with sweeping ocean views. The resort houses a 130,000-square-foot casino with more than 2,400 slot machines, over 130 table games, electronic tables and a 37-table Poker Room. Designed to embrace its natural surroundings, Revel curates a collection of daylife and nightlife experiences crafted to bring the outside in and the inside out. Indoor and outdoor pools, gardens, lounges, and a 32,000-square-foot spa provide guests with a relaxing resort, while an outstanding collection of 14 restaurant concepts from award-winning chefs and restaurateurs, live entertainment featuring marquee acts and international artists, nightclubs, a casino that feels like a theatre and a collection of boutiques in The Row tailor to each guest's passions. Revel recently received regional recognition in the annual 'Best of Philly' awards by Philadelphia magazine, named the 'Best of Philly 2012 Casino Hotel.'

To start your Revel journey, visit www.revelresorts.com. To receive the latest updates on Revel, become a fan on Facebook at www.facebook.com/revel and follow @revelresorts on Twitter and Instagram. Revel is located on the Boardwalk at Revel Blvd in Atlantic City, New Jersey.