Revel, a brand new but struggling Atlantic City casino, has formally emerged from bankruptcy, the Associated Press reported yesterday. The pre-packaged chapter 11 filing wiped out $1.2 billion of the casino’s $1.5 billion in debt by giving lenders an 82 percent ownership stake. Revel posted a $149 million operating loss from its April 2, 2012, opening through the end of March 2013.
