Atlantic City’s Revel Casino is filing for Chapter 11 bankruptcy protection in March, according to The Huffington Post. The $2.4 billion resort casino, which has attempted to differentiate itself from the other casinos in Atlantic City by marketing itself as being more of a luxury resort, posted its second worst month in January, winning less than $8 million in gambling revenue, according to the report. Revel reported gross operating losses of $35 million and $37 million during the second and third quarters of 2012.

Atlantic City’s economy has been in a slump for the past four years. Superstorm Sandy struck the city last October causing widespread damage and exacting an additional toll on the struggling economy. Trump Plaza Hotel and Casino was sold last week for $20 million and last year, revenues from casinos in Pennsylvania exceeded revenues from New Jersey casinos for the first time.
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Revel - Atlantic City - Photo: Fox Business

Last Updated on February 23, 2013 by Ramin Seddiq