Atlantic City's $2.4 billion Revel casino formally completed its financial restructuring and emerged from Chapter 11 bankruptcy Tuesday.
The reorganization plan, approved by a U.S. Bankruptcy judge and the New Jersey Casino Control Commission last week, eliminates about $1.2 billion of the casino's $1.5 billion debt through a debt-for-equity swap with its creditors.
Revel has struggled since opening April 2, 2012, on the Boardwalk. Its monthly casino revenue was near the bottom among the resort's dozen casinos.
Revel is relaunching this summer with new amenities and allowing smoking on its gaming floor for the first time. - Suzette Parmley