REVEL GETS SET TO FILE FOR BANKRUPTCY PROTECTION

Atlantic City’s newest casino is going to seek Chapter 11 bankruptcy protection. The casino said it plans to file in March with the hopes of finalizing the plan by the summer. Revel said there are no plans for layoffs and vendors are still going to be paid. The casino plans on eliminating two-thirds of its debt by converting $1 billion of its debt into equity for its lenders. Revel has struggled since its launch, coming in 11th out of 12 casinos in Jan. for gaming revenue, ahead of only the Trump Plaza.