Could Revel Resort be in Major Trouble?
Word has come out from the president of the state Senate that Revel Resort on the Boardwalk in Atlantic City is in a “dire situation”.
N.J. state Senate President Stephen Sweeney has expressed concerns about what he described as Revel’s “precarious financial condition” in a letter to the New Jersey Division of Gaming Enforcement.
The Press of Atlantic City reports that the $2.4 Billion mega-resort has burned through a $100 Million line of credit that was suppose to get Revel through 2013. The Press of A.C. also has discovered that Revel has failed to pay more than $12 million in property taxes and that Atlantic City has issued a tax sale notice for the casino.
Senate President Sweeney adds to this Revel is also facing millions of dollars in construction liens from contractors that are awaiting payment for building the casino, and feels an investigation of the resort’s “financial stability” be brought to light.
Revel resort has struggled from the very beginning since they opened in April, ranking consistently as one of the lowest in Atlantic City for gambling revenue, and what little momentum they may have gathering was stopped in its tracks by “Sandy”.
Revel is suppose to represent the future of Atlantic City as a major vacation destination in an attempt to draw in more business that they have lost from the “Day Trippers” that came in from other areas that now have full gambling facilities (Philadelphia, the Lehigh Valley, and Wilmington DE to name a few).