![]() It is the latest in a series of recent bankruptcies involving Atlantic City casinos. DeSanctis said the company and its lenders decided that a prepackaged Chapter 11 would be the best way to improve its balance sheet by eliminating substantial debt and increasing the changes for growth. Revel officials have been reviewing their options in recent months as the Atlantic City market continued to decline and its own revenues remained stuck in neutral. During the second and third quarters of last year, it reported gross operating losses of $35 million and $37 million. In January, it posted its second-worst month, winning less than $8 million from gamblers. Revel had to line up two rounds of additional financing since August to keep operating. 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. Account icon An icon in the shape of a person's head and shoulders. ![]()
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