2/20/2013 10:30:00 AM

Atlantic City's Revel Big Gamble Fails as Casino Announces Bankruptcy Plans

Well, that was fast. Less than a year after making a huge splash with a Beyonce-attended debut, Atlantic City's newest mega-casino Revel will file for bankruptcy protection, according to USA Today. The casino, which comes with numerous name chefs ranging from Marc Forgione to Michel Richard, doesn't plan to close - the owners are looking at the bankruptcy option as a way to restructure their crushing debts and keep the ship running.

While the restaurants may be crowded, the real trouble lies on the casino floors. Apparently the joint has had trouble luring gamblers, and the income from betting has been much less than anticipated. Even though bankruptcy sounds horrible, other casinos on the strip  have used similar strategies for turnarounds, and for now it's business as usual at the property.

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