Revel Casino in Atlantic City officially files for bankruptcy

March 25, 2013 7:56:44 PM PDT
Atlantic City's Revel Casino has officially filed for Chapter 11 bankruptcy re-organization.

The plan would give lenders equity in the casino in exchange for the debt they are owed.

A majority of lenders have signed into the plan.

The hope is that it should reduce debt by 82 percent, but won't affect employees, visitors, or vendors.

Revel executives plan to come out of Chapter 11 by early summer, in time for the busy season.