Revel Inks New Credit Deal Through 2013
Atlantic City’s newest casino has some more room to breathe.
Revel signed a new credit deal Wednesday night allowing it to borrow up to $100 million.
That deal came hours before a union president called on state casino regulators to investigate whether Revel is financially stable — a key requirement for running a casino in New Jersey.
Revel CEO Kevin DeSanctis says the credit deal guarantees the business adequate operating funds through 2013.
Bob McDevitt, president of the local Unite–HERE casino union, cited $27 million in liens and lawsuits filed against Revel by contractors and vendors as proof of financial weakness. But DeSanctis says those are normal post-construction claims that will be ironed out and paid within weeks.
Revel has gotten off to a slow start since opening in April.
(Copyright 2012 by The Associated Press. All Rights Reserved.)