Union Warns Investors Against More Revel Funding
A casino workers union that has been locked in a bitter struggle with Atlantic City's newest casino is warning investors against pumping any more money into the struggling casino resort.
Local 54 of the Unite-HERE union, which is trying to unionize Revel, sent a report to Revel's main investors this week estimating it will need another $300 million to stay afloat in 2013.
After analyzing the casino's finances from publicly filed reports, the union says Revel needs to make $28 million to $33 million a month in gambling revenues in order to meet its interest payments. That's far more than it has ever made in the 8 1/2 months it has been open.
Revel is seeking its second round of new financing since opening.
(Copyright 2012 by The Associated Press. All Rights Reserved.)