Atlantic City’s Revel Seeks $100 Million Lifeline to Offset Its Dismal Performance
It’s no secret that in spite of its roster of celeb-chef-backed restaurants and other glitzy non-gaming amenities, Atlantic City’s mega-resort Revel got off to a rough start this summer. Just how rough? Like $35-million-in-the-hole-after just-three-months-in-operation rough. And now, with talk of its insolvency and looming bankruptcy, Revel is seeking a lifeline from its lenders in the form of $100 million in credit, according to the AP.
That would give the 2.4-billion-dollar resort enough wiggle room to get through the lean winter months ahead. But with revenues dipping as surrounding states embrace gambling, and an expanding chorus of casino rats complaining that it’s smoke-free and simply just too damn fancy, there’s no guarantee that an increased line of credit will keep Revel afloat.
Revel Seeks Millions More in Credit [AP via NBC Philly]