The writings been on the wall for quite some time, but now its official: Atlantic Citys Revel is headed for bankruptcy. Facing more than $1.5 billion in debt, the megacasino announced last night that it will file Chapter 11 in the weeks to come, according to the Associated Press. The casino and hotel, which is home to many celebrity-chef-driven restaurants and was built on hopes that tonier amenities could help turn the tide on the beach-side gaming resorts drooping revenues, has been open for less than a year. But with mounting money problems, the troubled hotel and gaming complex, which has received multiple multi-million-dollar bailouts in its brief existence, has consistently turned up at the bottom of the citys casinos in terms of revenue.
But news of looming bankruptcy proceedings isnt necessarily all bad. According to reports, the voluntary, prepackaged bankruptcy deal that Revels owners are working out will alleviate upwards of $1 billion in debt, and ensure that the cash-strapped casino will have enough money on hand to continue operating without layoffs or any interruptions to the services it offers guests. But with gaming revenue down across the board in Atlantic City and growing competition for gambling dollars from casinos in surrounding states, Revels future success still seems like, um, a crap shoot.