Revel Seeks Additional Credit from Lenders
Atlantic City’s newest casino is seeking some breathing room from its lenders.
Following a slow start out of the gate and a $35 million operating loss, Revel is asking its lenders to increase the amount of credit it can draw on.
The casino, which opened in April, has $30 million worth of credit, but wants to increase that to $100 million.
Revel has been mired in 8th place out of Atlantic City’s 12 casinos in terms of the amount of money won from gamblers, and analysts say it’s not taking in nearly enough to make its interest payments.
Revel CEO Kevin DeSanctis says the extra credit will get Revel through 2013 with a significant cushion.
(Copyright 2012 by The Associated Press. All Rights Reserved.)