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Revel Casino Needs New Owners

Revel, the multibillion-dollar Atlantic City casino that has struggled financially in its 1st year, probably requirements new owners so that you can rebound, State Senate President Stephen Sweeney stated.

“What will make it prosperous is what it is not now,” Sweeney told the newspaper Wednesday during a trip towards the city to kick off his New Jersey Tiny Business enterprise Listening Tour.

“No 1 wants that place to succeed far more than me,” he added. “There’s no query that it can succeed.”

The massive oceanside resort, which price $2.6 billion, opened final April to heavy hype. It promised not simply gambling in addition to a hotel, but a location for non-gamblers to take pleasure in high-profile concerts, spas, shopping, and lavish restaurants from celebrity chefs.

In November, even though, the casino warned federal regulators about a prospective bankruptcy or foreclosure, citing debt that had grown to $1.3 billion. The casino received a $125 million loan in December to help spend for its debt and operating costs – the second round of new financing it had received given that opening.

Revel spokeswoman Maureen Siman has not returned an e-mail seeking comment.

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