Eileen Blass/USA TODAY
The Revel Resort in Atlantic City will have to file for bankruptcy. Although it had high hopes of bringing in high rollers and help shore up the gaming destination’s fortunes none of that has happened so they will be forced to file for Chapter 11 bankruptcy protection in March.
The $2.4 billion Revel resort in Atlantic City, which opened with fanfare last spring, aimed to bring a high-class crowd to Atlantic City and help shore up the gaming destination's fortunes.
That hasn't happened.
According to the Press of Atlantic City and other media, management of Revel said Tuesday it will file for Chapter 11 bankruptcy protection in March. The Associated Press said it is a "voluntary, prepackaged bankruptcy envisioned for late March (that) will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders."