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\tRevel casino said it\u2019s exploring strategic options, such as a possible sale, and restructuring its loans, six months after the $2.6 billion Atlantic City casino emerged from bankruptcy.<\/p>\n
\tThe Atlantic City casino, owned by investors who took over in May, hasn\u2019t decided on any specific deal and can\u2019t be certain one will occur, according to a statement yesterday. The company also said it obtained $75 million in additional financing.<\/p>\n
\tOnce owned by Morgan Stanley, the Revel Casino Hotel opened last year with the resort city\u2019s casinos in a downward spiral, buffeted by competition from neighboring states, the lingering effects of nationwide drop in gambling and later hurricane Sandy. Revel filed for Chapter 11 bankruptcy protection in March, 11 months after opening.<\/p>\n
\tAtlantic City has seen casino revenue shrink 40 percent over the past six years as neighboring states expanded their gambling offerings. The parent of the Atlantic Club Casino Hotel, formerly the Atlantic City Hilton, filed for bankruptcy court protection on Nov. 6.<\/p>\n
\tRevel said yesterday it doubled the size its first-lien credit agreement to $150 million. Proceeds will be used to pay off a $58 million revolving loan and for working capital.<\/p>\n
\tThe casino has retained Moelis & Co. as its financial adviser and White & Case as counsel.<\/p>\n
\tThrough six months of 2013, Revel registered an operating loss of $81.7 million on revenue of $81 million, according to information filed with the state.<\/p>\n
\tAtlantic City\u2019s casino revenue fell 9.3 percent to $2.2 billion in the first nine months of this year, according to the New Jersey Division of Gaming Enforcement. Revel ranked eighth among the city\u2019s 12 casinos in terms of gambling revenue in September, according to Bloomberg Industries research.<\/p>\n
\tGov. Chris Christie, re-elected to a second term, jump-started the stalled construction of Revel in February 2011 with as much as $261 million in state aid. In 2010 he formed a state panel to take over Atlantic City\u2019s casino district as part of an effort to revive the area.<\/p>\n
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