Revel has filed for Chapter 11 bankruptcy after being open for less than a year. The move will allow Revel to remove $1.5 billion dollars in debt, converting $1 billion in equity for it's investors.
The casino has not been performing well and with unemployment over 10% in Atlantic City, it should come of no surprise that Revel is struggling. While it appears the night club is doing well, people are not willing to wager in the casino. Revel will most likely be fine, its 'too big to fail".
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