Square Feet: With State Help, a $2.4 Billion Casino Nears Completion in Atlantic City

ATLANTIC CITY, N.J. (AP) — Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after opening.

The $2.2 billion dollar Revel Casino was the most ambitious project in the history of Atlantic City.

(Reuters) - Revel, a lavish Atlantic City casino that opened less than one year ago, filed for bankruptcy protection late on Monday, a court filing showed. The Chapter 11 filing, which was expected, culminates a rapid decline for a complex that cost $2.4 billion to build and had been expected to bringing Las Vegas-style glitz to a city where gambling revenue had fallen for several years. The case is Revel AC Inc, Case No. 13-16253, U.S. Bankruptcy Court, District of New Jersey. (Reporting by Sakthi Prasad in Bangalore)

We’re gambling almost as much as we were before the recession, and the biggest growth comes from an unlikely state. In 2012, U.S. casinos earned $37.3 billion in gross gaming revenue, a 4.8% increase from 2011. It was the highest since 2007, when gambling brought in a record $37.5 billion, according to the American Gaming Association. (MORE: Hot Pizza: So Popular Restaurants Will Try Almost Anything) Not surprisingly, Nevada led all states with $10.86 billion, a 1.5% increase year-on-year. But traditional gambling meccas like Las Vegas saw only modest growth.

We’re gambling almost as much as we were before the recession, and the biggest growth comes from an unlikely state. In 2012, U.S. casinos earned $37.3 billion in gross gaming revenue, a 4.8% increase from 2011. It was the highest since 2007, when gambling brought in a record $37.5 billion, according to the American Gaming Association. (MORE: Hot Pizza: So Popular Restaurants Will Try Almost Anything) Not surprisingly, Nevada led all states with $10.86 billion, a 1.5% increase year-on-year. But traditional gambling meccas like Las Vegas saw only modest growth.

Hedge fund masters of the universe Marc Lasry and Carl Ichan bet on a come back year for Atlantic City casinos this year and lost. One culprit was Hurricane Sandy. The storm did a real number on the gambling business, with November profits down more than 27%.

By Shock Exchange:The $2.6 billion Revel Casino and Resorts made headlines recently when Beyonce Knowles gave a series of performances there during May 2012. Revel was the talk of the boardwalk as it hosted Mrs. Knowles' much anticipated return from a five month hiatus after giving birth to daughter, Blue Ivy Carter, in January 2012. The performances were attended by a virtual "who's who" of the entertainment industry (Jay Z, Kelly Rowland, Maria Bello, Jennifer Hudson, Selita Ebanks, and Michael K.