Revel, the struggling Atlantic City casino, has hired restructuring lawyers and bankers to mull options for reworking a heavy debt load, the Wall Street Journal reported today. Revel Entertainment Group LLC, whose operating subsidiary runs the casino and carries roughly $1.2 billion in debt, hired law firm Kirkland & Ellis LLP and investment bank Moelis & Co. within the past week. Revel has been bailed out by investors several times since opening in April and this month revealed it had amended a credit agreement for the fourth time and hired Alvarez & Marsal, a turnaround firm that helps companies conserve cash and restructure operations. The casino took in less than $8 million in gambling revenue in January, according to state figures released on Monday. Gambling revenue dropped 19 percent from December, making January the second-worst month for the casino since it opened.
