Revel, the newest casino in Atlantic City, New Jersey, will file for bankruptcy, Yahoo! News reported Tuesday. The new casino said it would file for Chapter 11 bankruptcy in March. It is $1.5 billion in debt.
Revel’s CEO, Kevin DeSanctis, called the bankruptcy a “positive step.” Emphasizing a positive spin he added, “The agreement we have reached with our lenders will ensure that the hundreds of thousands of guests who visit Revel every year will continue to enjoy a signature Revel experience in our world-class facility."
The casino will remain open with the same staff and no layoffs are planned, he said.
It was hoped that the $2.4 billion casino would help boost business in Atlantic City but it never did the business that financial backers had expected.
Revel has been opened less than a year. After a number of delays it opened in April 2012.
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