The New Jersey Casino Control Commission yesterday approved Revel Casino's reorganization plan, which will eliminate $1.2 billion of its $1.5 billion in debt by giving lenders an 82 percent ownership stake, the Associated Press yesterday. The casino's plan was also approved by a bankruptcy court judge on Monday. Revel posted a $149 million operating loss from its April 2, 2012, opening through the end of March 2013. It has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers. When it emerges from bankruptcy next week, Revel will carry $272 million in debt. Yet it still does not expect to turn a steady profit until the summer of 2014, said Dennis Stogsdill, Revel's chief restructuring officer.
