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New casino bankrupt: There goes Atlantic City? (+video)

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Michael Drewniak, Gov. Chris Christie's press secretary, expressed confidence in Revel.

"We are committed to the resurgence of Atlantic City, the tourism district, and the many efforts currently under way to bring world-class attractions and entertainment to the city," he said. "A rejuvenated Revel will remain an integral part of that landscape, as it continues full operations as a premiere hotel, gaming and top-flight entertainment hub for the city, in addition to employing more than 2,000 people. Most importantly, none of those things that make Revel among Atlantic City's highest-profile attractions will change, as Revel uses this new financial flexibility and the continued backing of its investors to grow the business and be part of Atlantic City's expansion."

David Rebuck, director of the state Division of Gaming Enforcement, said the Chapter 11 filing needs to happen.

"The agreement between Revel and its lenders will allow for a necessary financial restructuring and improve the property's financial condition going forward," he said. "We see this as a positive step that will allow Revel to comprehensively address its financial needs while continuing normal business operations."

Revel officials have been reviewing their options in recent months as the Atlantic City market continued to decline and its own revenues remained stuck in neutral. DeSanctis said the company and its lenders decided that a prepackaged Chapter 11 would be the best way to improve its balance sheet by eliminating substantial debt and increasing the changes for growth.

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