ATLANTIC CITY, NJ-On Tuesday, a troubled casino was able to get a fresh start, while plans for a large observation wheel at The Steel Pier got an infusion of cash.

The Casino Reinvestment Development Authority approved a $4-million loan for the Steel Pier project on Tuesday. The 200-foot high spinning observation wheel will be constructed on a new deck onto the beach south of the existing pier, according to the Press of Atlantic City. Construction is expected to cost $2.4 million and the wheel will cost another $7 million to $11 million, Steel Pier owner Anthony Catanoso says. The addition to the Steel Pier should be open sometime in 2014.

Also on Tuesday, Revel emerged from bankruptcy protection having rid itself of much of its debt. Revel had filed for Chapter 11 bankruptcy on March 25 in a “prepackaged” deal with lenders. A U.S. Bankruptcy Court Judge and the New Jersey Casino Control Commission granted their respective approvals to Revel's restructuring plan last week. Under the plan, Revel lenders secured an 82% stake in the casino in a debt-for-equity exchange.

“This is truly a monumental day for Revel,” says Dennis Stogsdill, the casino's chief restructuring officer. “Thanks to the support of our lenders and the dedication of our fantastic employees, we have completed a transformational financial restructuring not only successfully, but in time for the important summer season.” See stories in the Press of Atlantic City.