Atlantic City's newest and most modern casino, Revel, will file for bankruptcy protection next month, but Governor Chris Christie is still hopeful Revel will help AC turn the corner, generate more revenue, and draw more visitors.

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"What's happening here is merely a shifting of Revel's debt load to equity," says Christie. "So those people who were owed debt, are taking ownership in the hotel."

The Governor insists those new owners are showing faith in the future of Atlantic City, by not walking away and closing the casino down.

He also stresses that everyone needs to understand that, "this is something that happens at times in business, certainly the events in the state in the last number of months hasn't helped."

Christie points out the state stands ready to support Revel, and he says he's not concerned that by seeking bankruptcy protection, the casino is sending a negative message.

"We've got challenges in Atlantic City - this is not a news flash," explained Christie. "We've had challenges in Atlantic City for a decade that nobody's been willing to do anything about, and we're actually trying to do something."

He also says the plan to reinvent Atlantic City is a 5-year plan, and it's still going to take more time for additional steps to be taken.

"I am not yet ready to give up on its viability as a convention and visitors Mecca."