Revel AC Inc. has filed for Chapter 11 bankruptcy protection with a prepackaged plan that if confirmed, will give its lenders ownership of its Atlantic City, N.J. casino.

The news comes as casino M&A is expected to pick up, evidenced by deals such as Pinnacle Entertainment Inc. (NYSE: PNK)’s $2.8 billion purchase of Ameristar Casinos Inc. (Nasdaq: ASCA). The industry is also expected to expand into new territories, with more states considering gaming expansion proposals.

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