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Atlantic City Wire

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revel-ac-125.jpgLess than a year after opening, Atlantic City's newest restaurant-laden casino Revel is filing for Chapter 11 bankruptcy protection. Revel will remain open and "no layoffs are planned, and employees and vendors will be paid as usual" — this move should wipe away some of the $1.5 billion the company has accrued in debt. This is the latest in a string of bad news for Revel, which has had to seek additional financing since opening and, of course, deal with Hurricane Sandy fallout. [AP]

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