NJ's bankrupt Revel suffers fate of other casinos

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Associated Press

Posted on February 20, 2013 at 1:00 AM

Updated Wednesday, Feb 20 at 1:02 AM

ATLANTIC CITY, N.J. (AP) — New Jersey's newest casino says its casino and hotel guests won't notice anything different while it works out a prepackaged bankruptcy filing.

Atlantic City's Revel said Tuesday that it will undergo a Chapter 11 bankruptcy restructuring in late March, less than a year after it opened.

The move 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.

Revel CEO Kevin DeSanctis says the restructuring will give the casino resort more flexibility to operate.

The $2.4 billion casino never caught on as much as it had expected to, and it remained mired toward the bottom of Atlantic City's 12 casinos in terms of casino revenue.

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