APNewsBreak: Revel files 2nd bankruptcy in 2 years

Associated Press

ATLANTIC CITY, N.J. (AP) — Atlantic City's Revel Casino Hotel has filed for bankruptcy for the second time in as many years.

The $2.4 billion casino filed a Chapter 11 petition Thursday first obtained by The Associated Press. The filing says the casino is seeking a buyer.

But in warning letters to employees, Revel said it will close down this summer if a buyer cannot be found quickly.

The casino is owned by investors who gained control of it during bankruptcy last year, swapping debt for equity in the property.

Revel has operated at a loss since it opened in April 2012.

It posted an operating loss of $21.7 million in the first quarter of this year.