BestCraps.com

Revel Casino Construction Hit a Snag

Posted on April 29th, 2010

News Sponsored by Go Casino

Rated 5 Stars by BestCraps.com

Read Review

Visit Casino

Download Software

————————————————

Revel Casino is still in the middle of constructing a hotel and casino set in Atlantic City, NJ, the location of which is on a beachfront property adjacent to Showboat Hotel and Casino. Financing has become an issue especially since Morgan Stanley, a global financial company and owns 90% of Revel Entertainment has decided to stop the construction of the building and plans to sell its stakes in the company. This caused the project to be delayed further, although one will still see a construction worker or two emerging from the half-finished mega resort.

Cost estimates of its construction are set to US $1.5 billion and $2.5 billion. The company was able to raise a total of US $1.3 billion from investors, but additional funding is still being worked out to push for the completion of the project.

Outside Work Soon to be Completed

As many observers can see, the exterior of the casino shows a glass-enclaved project, and contractors mention that it will take weeks to finish the exterior. However, the interior is yet to be started. There is no clear indication of any further developments at this point, putting many trade workers in limbo regarding their employment. An assistant business manager of the international Brotherhood of Electrical Workers Local 351 from Folsom was even quoted that the windows are far from finished; however, materials like plywood are being ordered at this time.

The ambitious project is geared towards becoming the biggest casino in the city, and many have pinned their hopes on this project to generate jobs for many residents, considering the massive construction it will take to finish it. Many others are still of the same mind that the construction will continue in full swing, which would then allow them to get jobs back after the snag on financing is ironed out, while still others are concerned about the security of the building since no one can give an estimate of how long the project will be abandoned. In fact, some workers had moved on to other jobs.

Sen. Jim Whelan (Dem. – Atlantic) expected construction to wind down because of the financial struggles of Revel, considering that its main backer, Morgan Stanley, has stepped back and instead decided to sell their stakes at this very critical time. Morgan Stanley has written off a loss of as much as US $932 million out of their investment worth US $1.2 billion. Officials of Revel are locked in a discussion with Export-Import Bank of China to infuse an additional US $1 billion funds to get the project underway.

Tallest Structure in the City

This hotel and casino structure will contain a gaming space of 14,000 square feet, another entertainment space of 46,000 square feet and as many as 3,800 hotel rooms. There would be 40 retail shops for the upscale market, 20 restaurants and a seat arena for 5,000. At 710 feet with 47 stories, the tower is set to become the second tallest building in the state of New Jersey and in the United States.

Even though it was partially completed last year, the building has already become the tallest building in Atlantic City itself. Aside from the record heights, the construction is touted to be the largest since Borgata.

Revel’s CEO indicates that construction will continue in full swing as soon as financing is available. With the casino scheduled to open in 2012, many are looking forward to the fulfillment of this announcement, but there are still others who are skeptical about the completion of this project, especially since the gaming industry is one of the hardest hit by the recession.