The Revel casino and resort in Atlantic City is preparing for a possible bankruptcy according to  a report in the Wall Street Journal.

Revel Hotel & Casino (Governor's Office/Tim Larsen)

With a $1.2 billion debt, Revel has hired the law firm Kirkland & Ellis and the investment bank Moelis and Company to possibly advise on bankruptcy and restructuring.

The WSJ reports that the casino, which opened just last April, is considering a "prepackaged bankruptcy" in which creditors would agree to a restructuring plan prior to a Chapter 11 filing.

In a statement  to the Star Ledger, Chief Investment Office Michael Garrity said "Revel has consistently worked to increase our financial flexibility, as evidenced by the additional capital we raised in December. We will continue to prudently evaluate various alternatives with regard to our capital structure."

Revel took in less tan $8 million in January, its second worst month according to the latest revenue report for all 12 of Atlantic City's casinos.

"We have just begun reintroducing Revel to the gaming customer," Revel CEO Kevin DeSanctis said. "We continue to improve our overall amenities, including a new noodle bar, slot players' lounge, new restaurants and day club."

He said the casino will soon announce new programs for The Social, an open gathering area just off the casino floor that's used for entertainment, meetings and other functions.

The Associated Press contributed to this story.