Revel, Atlantic City’s new casino and Las Vegas-style resort, which is trailing the town’s other 11 gaming halls in terms of total gaming revenue, according to October numbers, is looking for more money.
(All of Atlantic City’s casinos reported a 20-percent decrease in revenue last month compared to October 2011.)
It was revealed that last week, according to a company statement, Revel AC Inc. entered into discussions “with a majority of its lending group to provide additional capital for liquidity and to fund certain gaming projects at its resort.”
A report out today in one of Philly’s dailies says that “Wall Street gaming analysts say the casino is at the brink of insolvency, particularly with the fall-off in business that has followed Hurricane Sandy.”
According to the article, Revel is currently negotiating the structure and amount of its latest “additional capital” request.
According to Revel CEO Kevin DeSanctis, “The additional capital will provide us with the liquidity necessary to allow the market to recover from Hurricane Sandy and execute our strategic build-out of exciting new gaming, food and beverage, and entertainment amenities.”