Revel Casino Resort in Atlantic City, NJ Looking For $100 Million Credit Line
The Revel casino opened April 2 and was the first Atlantic City casino to open in nine years, but it has remained the 8th ranked casino in
gambling revenue out of the city's total 12. The casino's poor performance is likely due to the same problems Atlantic City casinos
have been facing for the past few years, including a weak economy and competition from Pennsylvania
The financing deal is expected to close in about a week.
After a disappointing first few months of operation, the Atlantic City Mega-Resort Revel is looking to get a $100 million financing deal to help with finances through 2013.
“We appreciate the support of our investors,” said Revel Chief Executive Officer Kevin DeSanctis in a statement. “Upon completion of this (credit) facility, we will have significant liquidity cushion through 2013 and beyond. We are excited about what we have delivered from a product and experience perspective and remain confident our strategy and differentiated economic model will result in significant value creation for our stakeholders.”