New Atlantic City Casino Files For Bankruptcy
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DAVID GREENE, HOST:
NPR's business news starts with some tough luck in Atlantic City.
The Revel Casino in Atlantic City is not even a year old yet, but last night it filed for bankruptcy. The move will turn over control to lenders. The hope is that the casino can get rid of more than a billion dollars in debt. But it is not lights out for the glitzy Revel. The casino along with its hotel, theaters, restaurants and night clubs will remain open through the financial restructuring. Revel hopes to emerge from bankruptcy by early summer but not be profitable for several more years.