New Jersey’s Revel Hotel and Casino obtained $125 million to operate at full production until it finds a new purchaser. This loan comes in the midst of Revel’s 2nd Bankruptcy within the last 2 years.
Revel needs to compensate approximately 3,200 employees and fund several stakeholders.
Revel is seeking a new owner. If no new owner is found, Revel could close by August 18, 2014.
Revel is a 57-story hotel and is the tallest building in Atlantic City with windows that faced the ocean, unlike other casinos.
Competition in Delaware, Maryland, New York and Pennsylvania has hurt the gambling industry in Atlantic City. Revel has lost more than $260 million since it opened two years ago. The State of New Jersey invested $260 million to the long-stalled casino project, which was part of New Jersey’s five-year plan to turnaround NJ’s gambling industry.
The $2.4 billion Revel Casino Hotel is New Jersey in now said to be worth less than $300 million.
Let’s hope a buyer comes through for Revel and New Jersey’s sake.