Revel re­sort gets green light to open casino in At­lantic City

The Washington Times Daily - - Business -

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.

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