Revel, a lavish Atlantic City casino that opened less than a year ago, filed for bankruptcy protection yesterday under a plan that would turn over control to lenders and eliminate more than $1 billion of debt, Reuters reported yesterday. The company's expected chapter 11 filing culminates a rapid decline for a complex that cost $2.4 billion to build and had been expected to bring Las Vegas-style glitz to a city where gambling revenue had fallen for several years. Under the plan, Revel will slash its debt to $272 million from about $1.52 billion through a debt-for-equity conversion. The plan has secured more than the number of lenders' votes required for the court to approve it, Revel added.
