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Sponsored School's back! Trump Entertainment Resorts emerged in from the third Chapter 11 bankruptcy that it or its corporate predecessors had filed. Revel, the casino that many people had hoped would turn around the New Jersey city's flagging fortunes, said it will file for Chapter 11 bankruptcy protection in March. He said: 'We are committed to the resurgence of Atlantic City, the tourism district, and the many efforts currently under way to bring world-class attractions and entertainment to the city,' he said. By Nick Enoch. Atlantic City's newest casino - which opened less than a year ago - is filing for bankruptcy, it was announced today. The project had to overcome numerous obstacles before its opening. An Atlantic City worker vacuums the Boardwalk near the Revel casino - but the entertainment group has failed to hoover up profits. Bing Site Web Enter search term: Search. Revel, the casino that many people had hoped would turn around Atlantic City's flagging fortunes, said it will file for Chapter 11 bankruptcy protection in March. And the Tropicana Casino and Resort was sold that same year out of bankruptcy court to billionaire Carl Icahn. Back to top Home News U.{/INSERTKEYS}{/PARAGRAPH} Revel was designed as a destination resort, an ambitious, risky project in a declining market. Revel had to line up two rounds of additional financing since August to keep operating. It only got completed with the help of state tax incentives that were approved in February Argos AO. It saw itself not as a casino resort but as a resort that happened to have a casino. No taxpayer funds will be used to finance the restructuring, the casino said. Three key executives working on the project died in a Minnesota plane crash in July ; a worker pouring concrete was struck by lightning and killed in The project ran out of money during the recession and had to stop construction halfway through. The restructuring should be completed by early summer, it added. More top stories. Revel's work force is largely non-union - a fact that earned it the undying enmity of Local 54 of the Unite-HERE union, representing most of the city's casino workers. The downfall of Revel is just the latest in a series of recent bankruptcies involving Atlantic City casinos. Revel officials have been reviewing their options in recent months as the Atlantic City market continued to decline and its own revenues remained stuck in neutral. Those fights aren't just for the cameras Susanna reflected on her TV relationship with Piers Porsha Williams gains 'another level of strength' after being hit with tear gas while protesting George Floyd killing Family Fortunes 'set to make a comeback with Gino D'Acampo as host' Today's headlines Most Read Madeleine McCann suspect is linked to unsolved abduction of five-year-old German girl in woods in - as Vicar, 81, who married Romanian toyboy, 27, dies alone in Bucharest hospital as his husband says he refuses Research suggests darkest day of the outbreak was March Iran becomes the first country to report a second wave of coronavirus infections as cases hit a record high You saved my life': Kate Garraway breaks down as she reveals her husband Derek's last words to Half of Britons say they are shunning Chinese products and two-thirds want the government to impose tariffs Tony Blair urges Government to use all available lab space and mass on-the-spot antigen and antibody tests Coronavirus appears to be declining in potency and people are contracting it less easily, US doctors reveal Two thirds of dentists in England WON'T reopen next week with most expecting to welcome patients again by England's coronavirus outbreak shrinks by HALF in a week: Official statistics estimate just 53, people Minister rejects call for shoppers to wear face masks to prevent coronavirus spread as medics demand planned BA boss Willie Walsh may launch legal challenge against government's 'irrational' day quarantine - as Horrifying moment banker's pool dive stunt goes horribly wrong as he leaps into pool and crashes into glass Meghan Markle sounded 'less restrained' and 'like her old self before she joined the royal family' in her Oscar-winning actress Cate Blanchett suffers a head injury in a 'chainsaw accident' at her home in England How well do YOU know these popular phrases? The company didn't identify which lenders will be part of the filing; it said only that 'a majority' of its lenders have agreed. David Rebuck, director of the state Division of Gaming Enforcement, said the Chapter 11 filing needs to happen. But the distinction seemed to have been lost on many customers, who found its restaurants and hotel rooms pricey. Existing management will remain in place, no layoffs are planned, and employees and vendors will be paid as usual, according to the company. DeSanctis said the company and its lenders decided that a prepackaged Chapter 11 would be the best way to improve its balance sheet by eliminating substantial debt and increasing the changes for growth. {PARAGRAPH}{INSERTKEYS}Tropicana Casino and Resort was sold same year out of bankruptcy court. 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