by Lisa A. Grimaldi | February 20, 2013

Revel, the Atlantic City resort and casino, announced Tuesday that it will file for Chapter 11 bankruptcy protection next month, according to press reports.The voluntary, prepackaged bankruptcy envisioned for late March will wipe away about two-thirds of the property's $1.5 billion in debt by converting more than $1 billion of it into equity for lenders. Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resort more flexibility to operate. The $2.4 billion resort debuted last summer with 1,800 guest rooms, 160,000 square feet of indoor meeting space and 90,000 square feet of outdoor function space (including a pool, a "SkyGarden" and a fire-pit area). In addition to its casino, the resort offers the Bask spa with 32 treatment rooms, plus 14 restaurants and a private beach.