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Revel Casino Filed for Bankruptcy

Revel Casino Resort has filed for Chapter 11 bankruptcy protection this Monday, Reuters reported. The bankruptcy protection will include a plan that would turn over control to lenders and eliminate more than $1 billion of debt. Revel Casino Resort is a lavish Atlantic City casino which opened less than a year ago.

According to the report under this plan the debt of Revel casino will slash to $72 million from about $1.52 billion. This will happen through a debt-for-equity conversion. The normal business operations will continue throughout the restructuring.

Tags: revel casino , atlantic city casino

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