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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.

Matthew White, Townsquare Media
Revel Atlantic City (Matthew White, Townsquare Media)

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.)

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