Revel resort gets green light to open casino in Atlantic City
ATLANTIC CITY | Revel, the $2.4 billion Atlantic City casino resort that almost didn’t get built, cleared its final major hurdle Monday.
The New Jersey Casino Control Commission approved a casino license for the resort, which will become the city’s 12th casino when it opens next week.
Gambling is only part of the resort; it also has a luxurious spa, 14 restaurants, 10 pools and a theater with 5,050 seats that will host singer Beyonce on Memorial Day weekend.
“We’ve convinced people for 30 years that if you’re not a gambler, you can’t come here,” said Kevin Desanctis, Revel’s president and CEO. “We want to convince them you can. We’d love to have you.”
The project ran out of money during the recession, but resumed last year with the help of state tax incentives. Original backer Morgan Stanley pulled out of the project and took a $1.2 billion loss on it. Mr. Desanctis said much of the remaining financing came from Jpmorgan Chase & Co.
Located at the extreme northern end of the Boardwalk, next to the Showboat Casino Hotel, Revel is the first casino to open since its main rival, the Borgata Hotel Casino & Spa, debuted in 2003. With its angular slanted roof and its giant white light-up ball atop the 47story structure — the second-tallest in New Jersey at 710 feet — Revel is already an iconic presence in the nation’s second-largest gambling market.