Atlantic City's bankrupt Revel Casino Hotel has received court approval to borrow $23.9 million that it said would keep the 1,400-room resort operating for the coming month as it scrambles to find a buyer, Reuters reported on Friday. Revel filed for chapter 11 protection on Thursday afternoon and rushed to court early on Friday for a slew of court orders that it said were vital to pay its 3,140 employees, soothe nervous vendors and honor programs that provide gamblers with key perks. "The reality of the Revel situation today is that Revel has lost this year alone $75 million," John Cunningham, a White & Case attorney who represents the casino, told Judge Gloria Burns. "Even in peak summer season, Revel loses $2 million a week and relies on borrowed funds." The loan is being provided by a unit of Wells Fargo, a creditor of the hotel, and Revel will return to court on July 11 and could seek to increase the amount it borrows to $41.9 million.
