Revenues for Atlantic City casinos have plummeted by nearly 13 percent and the gambling mecca’s newest casino filed for bankruptcy this month, according to a report released earlier this week by the state Division of Gaming Enforcement.

The Revel Casino is in the process of filing a Chapter 11 bankruptcy petition and is experiencing a decline in patrons. However, the casino saw a modest jump in revenues in February, from $7.9 million in January to about $9 million. Overall, Atlantic City’s 12 casinos earned about $212 million–a slight decrease from last year.

Add to the mix that the city is still recovering from Hurricane Sandy and waiting for state and federal funding to come through, and Atlantic City and the gaming industry is in trouble. Also, the recent influx of casinos in Pennsylvania and New York has added intense competition for the Atlantic City market. “Our numbers are starting to head in the right direction,” said Kevin Sanctions, president of Revel. He added that upcoming concerts at the Revel will feature singer Alicia Keys and Rihanna.

Lastly, in a related matter, Atlantic City Mayor Lorenzo Langford announced earlier this month that he would seek a third term as mayor next year. Langford was sharply criticized by Gov. Chris Christie for ignoring Christie’s orders to residents to evacuate in anticipation of Hurricane Sandy. Langford is Atlantic City’s second African-American mayor.