New Casino Bankrupt In New Jersey: Atlantic City's Revel Files For Chapter 11 Bankruptcy After Less Than Two Years On The Boardwalk [PHOTOS]

The owners of Revel, the newest of three Atlantic City casinos to go bankrupt in three years, said Tuesday that the new casino will file for Chapter 11 bankruptcy, according to the AP.

The move guarantees the bankrupt boardwalk casino a new life, by converting two-thirds of its $1.5 billion of debt into more than $1 billion of lender equity.

The voluntary, prepackaged bankruptcy will wipe away about two-thirds of the casino's $1.5 billion in debt by converting more than $1 billion of it into new equity for lenders.

Casino CEO Kevin DeSanctis, called the move "a positive step for Revel," according to the AP.

"The agreement we have reached with our lenders will ensure that the hundreds of thousands of guests who visit Revel every year will continue to enjoy a signature Revel experience in our world-class facility," DeSanctis said.

Revel opened in Atlantic City in April 2012 in the midst of several tragic complications.

Three of the executives working on the new casino died in a Minnesota plane crash in 2008. A worker was killed in 2011 when he was struck by lightning while pouring concrete for Revel.

During the recession the project took even more hits. Morgan Stanley took their money out of the new casino project, leaving the developers with a $1.2 billion hole.

A year ago, the New Jersey state government approved tax incentives that enabled the developers to finish the new casino.

Apparently it was not enough, as Revel went bankrupt less than two years after opening.