Wednesday, January 28, 2009

I knew this was coming - Revel scales back project

Revel scales back work on $2 billion Atlantic City casino
By DONALD WITTKOWSKI Staff Writer, 609-272-7258
Published: Wednesday, January 28, 2009

2:48 p.m. Update - ATLANTIC CITY — Revel Entertainment Group laid off about 400 workers today and halted work on the interior of its proposed $2 billion casino hotel while it searches for funding to complete the megaresort.

Kevin DeSanctis, Revel’s chief executive officer, said exterior construction will continue on the 46-story hotel tower, the parking garage and structural steel for the casino and other parts of the project.

By halting work on the interior, Revel hopes to space out the construction with the financing it currently has on hand. DeSanctis would not say how much Revel and its investment partner Morgan Stanley have spent so far or would need to complete the casino.

Revel had planned to open what would be Atlantic City’s 12th casino in the summer of 2010, but the timetable will be delayed for probably a few months or perhaps more depending on how long it takes the company to secure the financing, DeSanctis said.

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