{"id":1004027162,"date":"2011-02-22T07:10:36","date_gmt":"2011-02-22T15:10:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004027162"},"modified":"2022-12-08T06:01:28","modified_gmt":"2022-12-08T14:01:28","slug":"revel-secures-1-15b-for-stalled-casino-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/revel-secures-1-15b-for-stalled-casino-project\/","title":{"rendered":"Revel Secures $1.2B for Stalled Casino Project"},"content":{"rendered":"<p>February 18, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004027163\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/revel-secures-1-15b-for-stalled-casino-project\/revel-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg\" data-orig-size=\"1600,1144\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Revel &#8211; 1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg?w=1024\" class=\"alignright size-medium wp-image-1004027163\" title=\"Revel - 1\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg\" alt=\"\" width=\"300\" height=\"214\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg 1600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg?resize=300,215 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg?resize=768,549 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg?resize=1024,732 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg?resize=1536,1098 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Revel Entertainment Group L.L.C. has achieved quite a feat. The company has closed on a $1.2 billion <a href=\"https:\/\/www.commercialsearch.com\/news\/finance\/\" target=\"_blank\" rel=\"noopener\">financing<\/a> package for the 6.2 million-square-foot Revel Hotel and Casino in Atlantic City. Money issues brought most construction activity at the $2.4 billion beachfront entertainment resort to a halt in January, 2009, leaving the project half finished.<\/p>\n<p>Tishman Construction is general contractor for Revel Casino, which will open its doors on 20 acres of beachfront land along the Boardwalk. Ultimately, the property will feature two 53-story towers encompassing an aggregate 3,800 rooms, 145,000 square feet of gaming space, a 5,000-seat event center, entertainment and retail offerings, a dozen restaurants, a 22,000 square-foot spa, a meeting and conference center and a 7,700-space parking facility. Bower Lewis Thrower Architects, Arquitectonica and SOSH Architects are behind the development&#8217;s design.<\/p>\n<p>Revel Entertainment had kicked off construction of Revel Casino in 2007 before the credit crunch reared its ugly head. Morgan Stanley, which had forked over $1.2 billion for Revel Casino, announced in April 2010 that it would sell its interest in the project following a major loss on the investment. In the bank&#8217;s fourth quarter 2010 earnings statement, Morgan Stanley notes a decline in the value of its investment in Revel to $28 million.<\/p>\n<p>But with the New Year came a renaissance for Revel Casino. The financing came together in part with the help of New Jersey Governor Christie, who green-lighted tax-increment financing valued at $260 million from the New Jersey Economic Development Authority to fund infrastructure improvements surrounding Revel Casino and to clear the road, so to speak, for the project&#8217;s completion.<\/p>\n<p>Revel chairman &amp; CEO Kevin DeSanctics noted that re-starting the project immediately gives jobs to 2,100 construction craftspeople and will result in full-time employment for approximately 5,500 people.<\/p>\n<p>Update:\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/njs-revel-casino-files-for-second-bankruptcy\/\" target=\"_blank\" rel=\"noopener\">NJ\u2019s Revel Casino Files for Second Bankruptcy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The entertainment firm has closed on a financing package for the 6.2 million-square-foot Revel Hotel and Casino in Atlantic City. Money issues brought most construction activity at the $2.4 billion beachfront entertainment resort to a halt in January 20009, leaving the project half finished.<\/p>\n","protected":false},"author":936,"featured_media":1004027163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21742],"tags":[],"class_list":["post-1004027162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Revel Secures $1.2B for Stalled Casino Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/revel-secures-1-15b-for-stalled-casino-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revel Secures $1.2B for Stalled Casino Project\" \/>\n<meta property=\"og:description\" content=\"The entertainment firm has closed on a financing package for the 6.2 million-square-foot Revel Hotel and Casino in Atlantic City. Money issues brought most construction activity at the $2.4 billion beachfront entertainment resort to a halt in January 20009, leaving the project half finished.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/revel-secures-1-15b-for-stalled-casino-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-02-22T15:10:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:01:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/02\/Revel-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1144\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"Revel Secures $1.2B for Stalled Casino Project\",\"datePublished\":\"2011-02-22T15:10:36+00:00\",\"dateModified\":\"2022-12-08T14:01:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/\"},\"wordCount\":305,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/02\\\/Revel-1.jpg\",\"articleSection\":[\"Featured\",\"Hotel\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/revel-secures-1-15b-for-stalled-casino-project\\\/\",\"name\":\"Revel Secures $1.2B for Stalled Casino Project - 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