Atlantic City's Newest Resort Files for Bankruptcy

Revel, the 1,800-room Atlantic City resort that opened barely a year ago, filed for Chapter 11 bankruptcy protection on Monday, March 25. The property listed $1.1 billion in assets and $1.5 billion in debt upon filing. Among the changes the resort is planning in the wake of the measure, according to press reports, is to allow patrons to smoke in the casino, which previously had been prohibited. The $2.4 billion resort debuted last summer with 160,000 square feet of indoor meeting space and 90,000 square feet of outdoor function space. In addition to its casino, the resort offers the Bask spa with 32 treatment rooms, plus an array of 14 restaurants and a private beach.