AC's Revel Hotel Bankrupt: Newest Resort & Casino Plays the Bankruptcy Card

With Revel's first year playing out as more of a "miss" than a "hit," the underdog hotel, resort & casino in Atlantic City hopes that their bankruptcy file move will put them back in the AC game.

Atlantic City's newest hotel and casino made the decision to file for bankruptcy in this coming March.

According to NJ.com, Revel Hotel, Resort, & Casino will file for "voluntary chapter 11 bankruptcy protection" while still remaining open to the public. Revel CEO Kevin DeSanctis, along with New Jersey Governor Chris Christie, still remain optimistic. DeSanctis views it as "a positive step for Revel."

The original plan, backed by Christie, was for the lavish resort "to revitalize the city" by bringing in more Jersey tourism and targeting a higher class with bigger bucks to spend. This plan may have backfired thus far, as Revel has yet to see profit, but Christie is still confident and "not yet ready to give up." He claims that he needs five years to turn AC around and he's only two and a half years into that so far, as stated by USA Today.

The luxurious, chic hotel complete with ocean views, remote controlled window shades, ceiling to floor glass windows, lavish lobby chandeliers, and a multi level nightclub featuring some of the best DJ's around, maintains a solid poker face to conceal their financial struggles.

AC-goers will agree that Revel is a casino like no other in the surrounding area. This exclusivity, originally destined to set Revel apart from the rest and make it the best, also led to its demise.

As reported by the Associated Press, Revel was designed as "destination resort" and "saw itself not as a casino resort but as a resort that happened to have a casino." With a non-smoking casino on a separate level and the extremely overpriced rooms, drinks, and restaurants, Revel has driven away the usual gambler crowd in order to uphold their "upper-class" image.

Turned-off chain-smoking grannies decided to take their pennies elsewhere and big shot gamblers had far more glamorous places than South Jersey to spend their money, leaving the hotel with few revenue opportunities.

Targeting a different crowd and diverting from the AC norm was a risky gamble, $2.4 billion to be exact, and this casino has yet to hit the jackpot.

With the bankruptcy relieving two-thirds of their $1.5 billion debt and a repositioning marketing strategy in effect, this diamond in the rough remains open and hopeful.

This is great news for all of the twenty something year-olds who live for the Revel nightlife ; HQ isn't going anywhere just yet!