Revel, the newest casino/hotel in Atlantic City, New Jersey, will file for bankruptcy, Philly.com reported Tuesday. The site also noted that Revel will stay open and its employees will keep their jobs through the bankruptcy proceedings. The casino hopes to get a fresh start and emerge financially strong after the financial reorganization.
Atlantic City has long been a favorite getaway for Philadelphia's LGBT community and Revel was popular with the gay community. Philadelphia Gay News reported glowingly on the eve of the Revel's grand opening in April.
Revel said 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 open less than a year ago. After a number of delays the casino opened in April 2012.
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