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Revel Files for Bankruptcy Protection

Thursday March 28th, 2013 - 8:34AM

ATLANTIC CITY, NJ—The $2.5 billion, year-old Revel Casino Hotel here, intended to revive Atlantic City's sagging fortunes, has filed for Chapter 11 bankruptcy protection.

Opened with high hopes and financial support from the State of New Jersey in the form of tax breaks, the 1,800-room property facing the Atlantic Ocean reportedly lost increasing amounts of money each month since it opened.

Atlantic City as a gaming destination has faced increased competition in recent years as neighboring, states including Pennsylvania, began offering gaming options of their own.