Revel Entertainment, the casino that NJ Gov. Chris Christie bet on to revive Atlantic City, is struggling to avoid default as Hurricane Sandy’s effects depress already insufficient revenue.

The company’s $850 million, six-year term loan has fallen 37.1 percent this year to 52.13 cents on the dollar yesterday, a level that indicates investors foresee a default.

September gaming revenue was $16.9 million, “likely not enough to cover its obligations,” said Moody’s analyst Keith Foley.