Revel Gets $150M More in Financing in Atlantic City
Revel, Atlantic City’s newest casino that has struggled to find a place in the seaside gambling market, has obtained another $150 million in financing to help keep it going.
The casino resort says it amended its agreement with JP Morgan Chase Bank to provide for additional money to help pay down existing debt and to fund operations. Most of it consists of a new $125 million loan.
Since opening in April, Revel has ranked near the bottom of Atlantic City’s 12 casinos in the amount of money won from gamblers. But its executives say Revel’s business model relies more on room and restaurant revenues than do other casinos.
Revel CEO Kevin DeSanctis says the company will add a new high-limit slots area, and new restaurant and entertainment options.
Copyright 2012 The Associated Press.