It's been a long time coming, but a change is going to come for Revel, the Garden Pier, and Atlantic City.
The construction site of Revel's ocean-themed casino project taken around the time construction came to a halt due to financing problems.
ATLANTIC CITY, NJ — It's news that the entire Atlantic City region has been waiting to hear for almost two years.
Revel Entertainment has secured its much-needed financing to resume construction in its half-built casino project on the northern end of the Boardwalk in Atlantic City.
On Thursday afternoon, the Associated Press and Bloomberg News reports that Revel Entertainment has announced today that it has secured, according to Bloomberg, "the final $1 billion-plus it needs to finish its half-built casino on the Atlantic City Boardwalk, a project that is widely considered the best chance for the nation’s second-largest gambling market to recover from four years of plunging revenue."
Here is an excerpt:
Revel Entertainment said Thursday that it has secured the final $1 billion-plus it needs to finish its half-built casino on the Atlantic City Boardwalk, a project that is widely considered the best chance for the nation's second-largest gambling market to recover from four years of plunging revenue.
The remaining $1.15 billion in financing was secured Thursday, and work on the stalled project will resume as quickly as possible, Kevin DeSanctis, Revel's CEO, told The Associated Press.
As Atlantic City Weekly reported in November 2010 (see article / interview with Atlantic City Mayor Lorenzo Langford here) Atlantic City Mayor Lorenzo Langford believed at that point that Kevin DeSanctis, CEO of Revel Entertainment, had "secured his financing":
"It was conveyed to me and others that Kevin has secured his financing," said Langford, in an exclusive interview with Atlantic City Weekly. "Now, he didn’t tell me that, but a source very close to him shared that with me. And I’ll tell you this, the work seems to have picked up [there]. Every once in a while I walk the boards and I go down to that end [of the Boardwalk where the Revel site is located] and I remember a few months ago when nothing was happening and now I see activity. So, I don’t want to read too much into that, but it’s a positive sign."
More positive signs to come for Atlantic City now that this huge project will move ahead with construction.
There has been some recent talk about the Garden Pier on the Boardwalk, which houses the city's Art Museum and Historical Museum, and is literally across the street from Revel's site. Now that Revel has got its money, there will doubtlessly be a lot of commentary in relation to Garden Pier, and the effects the resumption of construction will have on Atlantic City, the region, and perhaps even the country.
What do you think about the fact that Revel got its financing?
"It was a little bit of a culture shock coming from Las Vegas, as you can imagine. But then when I actually spent some time [in Atlantic City] and spent some time in competitors' casinos, I was pleasantly surprised and I feel that, you know, being involved in Revel is a very exciting piece of history for Atlantic City and I think will change how people look and perceive the market."
Revel reportedly outbid another Atlantic City Casino to book the popular pop rock band, but it’s unlikely they’ll actually christen the new showroom.
"There are those that don’t believe the Atlantic City fathers are capable of handling this business. And again, that speaks to a level of arrogance and it also speaks to an underlying air of racism — point blank, as I’ve pointed out."
Kevin DeSanctis, Revel CEO: "Clearly we want to go after the type of artist that can draw 5,500 people, and when you get into that genre, if you will, there’s probably only about 20 acts that can do that."
Revel continues to back up its claim that the property will be a mega-casino complex with the announcement that Food Network Iron Chef Jose Garces, acclaimed chef and owner of eight restaurants in Philadelphia, and four more in Chicago and Scottsdale, Ariz. is set to open the doors to three highly anticipated restaurants at Revel.
As in previous years, the Metropolitan Business & Citizens Association (MBCA) Winter luncheon kickoff event at Resorts in Atlantic City featured a keynote address — an unofficial state of the city address — by Atlantic City Mayor Lorenzo Langford.
Gov. Chris Christie signed legislation today to create an Atlantic City Tourism District and announced a breakthrough in the Revel Casino project.
Word on the street is that the long-awaited resumption of construction of the Revel Casino Hotel complex in Atlantic City could begin in the very near future. I realize this has been stated before, but this time it looks like it’s for real. I certainly hope so. Remember how the city had a lift when it was thought that Revel had its financing in place a few months ago? I can only tell you that the rumor machine is busier now working on this project than at any other time since it first came to town. Keep your fingers and toes crossed. Update from the blogs 4/2/10... 200 Numbers Don’t Add Up A story that appeared in this week’s issue of GGB News, an excellent source of news about the gaming industry both nationally and internationally, produced an interesting story based on...
I wonder about those who say that if Revel Entertainment gets its money and completes its complex, it will cause several casinos in Atlantic City to go out of business. The question that I have is: “How many casinos will close their doors if Revel Entertainment does not complete its development?” Without a doubt there will be more closings if they don’t build than if they do. If those financially troubled casinos are having problems now, what will happen if things continue in the same way those casinos are operating today? In addition is the consideration that, if Revel is open for business in 2011, there will be at least 5,000 people hired to staff the facility. There is little question in my mind that we must do everything...
Back in January 2009, Revel Entertainment felt the recession crunch and was forced to lay off part of its construction crew, halting progress on the interior of its nearly $2 billion north-end Boardwalk casino project and limiting progress to the building’s exterior alone.
Revel Casino stays ahead of the curve when it comes to keeping those who want to remain “in the know” informed of its progress in Atlantic City.
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1. Anonymous said... on Feb 17, 2011 at 07:01PM
“so do we now have a new completion date?”
2. Anonymous said... on Feb 18, 2011 at 08:52AM
“This is great news! It will get alot of people back to work.”
3. Anonymous said... on Feb 18, 2011 at 12:08PM
“Are you still highering”
4. Anonymous said... on Feb 22, 2011 at 09:50AM
“How can I hire you if you can't spell, "hiring"?”
5. Anonymous said... on Feb 24, 2011 at 08:43AM
“SOME PEOPLE JUST CAN NOT SPELL, I battle it every day,but I can sell you a trip around the world. Kevin is the best , he will put A.C. back on the map!”
6. Anonymous said... on Mar 25, 2011 at 08:13PM
“My much need to ask question is ..since new jersey gave revel the tax cut over 20 years will Revel finish all stages of the casino project they set outto build or are they gonna just do the first phase...Probably a question alot would like to see answered.
MM,LLC”