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Revel casino files for bankruptcy26 March 2013Reuters reports today that Revel Casino Resort, a lavish Atlantic City casino that opened less than a year ago, filed for Chapter 11 bankruptcy protection late on Monday under a plan that would turn over control to lenders and eliminate more than $1 billion of debt. According to Reuters, under the plan Revel will slash its debt to $272 million from about $1.52 billion through a debt-for-equity conversion, and will continue normal business operations throughout the restructuring. |