Atlantic City's Revel casino gets $150M more in financing
Photo courtesy Revel Entertainment
By WAYNE PARRY | AP
ATLANTIC CITY, N.J. (AP) - Revel, Atlantic City's newest casino that has struggled to find a place in the seaside gambling market, has obtained another $150 million in financing to help keep it going.
The casino resort said it amended its agreement with JP Morgan Chase Bank to provide for additional money to help pay down existing debt and to fund operations. Most of it consists of a new $125 million loan.
Since opening in April, Revel has ranked near the bottom of Atlantic City's 12 casinos in the amount of money won from gamblers. But its executives said Revel's business model relies more on room and restaurant revenues than do other casinos.
Revel CEO Kevin DeSanctis said the company will add a new high-limit slots area, and new restaurant and entertainment options.
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Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
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Photo courtesy Revel Entertainment
