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Revel casino announces its bankruptcy plan

Revel Entertainment announced late Tuesday it will file for bankruptcy in an effort to wipe out roughly two-thirds of its $1.5 billion debt load.The casino, which has been open less than a year, has struggled to establish itself as a gaming capital in Atlantic City, which has seen its own gambling fortunes turn since establishing highs in 2006. It has needed two infusions of additional financing since its official Memorial Day opening.

The restructuring is not expected to affect casino hours, entertainment, events or staffing, according to a news release announcing the plan.

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