{"id":1004056960,"date":"2013-01-02T08:01:20","date_gmt":"2013-01-02T16:01:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004056960"},"modified":"2020-05-11T02:22:30","modified_gmt":"2020-05-11T10:22:30","slug":"revel-resort-nails-down-150m-in-additional-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/revel-resort-nails-down-150m-in-additional-financing\/","title":{"rendered":"Revel Resort Nails Down $150M in Additional Financing"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004056962\" style=\"width: 250px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004056962\" data-attachment-id=\"1004056962\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/revel-resort-nails-down-150m-in-additional-financing\/7717816802_1c26df5402_z\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg\" data-orig-size=\"612,612\" 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=\"7717816802_1c26df5402_z\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Revel Resort&lt;br \/&gt;\nCourtesy: Creative Commons Flickr User Mike Riela&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg?w=612\" class=\" wp-image-1004056962 \" title=\"7717816802_1c26df5402_z\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg\" alt=\"\" width=\"240\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg 612w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg?resize=150,150 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/7717816802_1c26df5402_z.jpg?resize=300,300 300w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><p id=\"caption-attachment-1004056962\" class=\"wp-caption-text\">Revel Resort<br \/>Courtesy: Creative Commons Flickr User Mike Riela<\/p><\/div>\n<p>Revel AC Inc., the parent company of the Revel resort in Atlantic City, N.J., has completed an amendment to its existing revolving credit facility with JP Morgan Chase Bank N.A., as administrative agent and the participating lenders and financial institutions, Revel announced Thursday.<\/p>\n<p>The amendment provides for a new $125 million term loan under the facility and an increase of $25 million in the existing revolving commitments. A portion of the new term loan\u2019s proceeds was used by Revel to reduce amounts outstanding under its existing revolving credit facility. The company intends to use the incremental funds to support Revel\u2019s strategic growth plans and to provide additional capital for liquidity and funding for certain gaming projects at its Atlantic City resort.<\/p>\n<p>Commenting on the announcement, Revel chairman and CEO Kevin DeSanctis mentioned the resort\u2019s business model, which, compared to other Atlantic City casinos, reportedly focuses less on gaming revenue and more on room and restaurant revenues.<\/p>\n<p>\u201cIn terms of performance,\u201d DeSanctis said, \u201cthe gaming segment is clearly the area where we need to see improvement and is our primary focus. We believe these new and expanded gaming offerings, combined with newly appointed leadership, specifically in our slot marketing area, will generate significant improvement in our overall gaming volumes, particularly as we enter into the spring and summer seasons.\u201d<\/p>\n<p>Revel also announced that it plans to build a new high-limit slot ultra-lounge, an expanded players club and a three-meal restaurant \u201caccessible to a broader audience\u201d and additionally plans to expand its quick-serve food options, suggesting that it wants to appeal more to a mid-scale, rather than an upscale, customer base.<\/p>\n<p>The Revel resort, on the Boardwalk at Connecticut Avenue, features 1,399 rooms, indoor and outdoor pools, a 32,000-square-foot spa, 14 individually themed restaurants, and a collection of boutiques.<\/p>\n<p>The $2.4 billion, 20-acre resort had a troubled gestation. Construction began in 2007, but came to a halt, roughly half-completed, around January 2009 as the credit crunch hit. Then in February 2011, Revel Entertainment Group L.L.C. closed on a $1.2 billion financing package (facilitated in part by state TIF funds) that allowed the project to be finished.<\/p>\n<p>That victory might have been somewhat Pyrrhic, however, as gaming revenues in New Jersey reportedly have been declining since about 2006. More recently, of course, Superstorm Sandy caused some damage to Atlantic City\u2019s casinos, though it appears that damage to the area\u2019s image was rather more substantial.<\/p>\n<p>A Moody\u2019s report quoted at NJMonthly.com forecast a decline in the city\u2019s casino revenues of at least 25 percent over the next two quarters and possibly by as much as 50 percent by the start of 2013.<\/p>\n<p><strong>Like us on facebook:<\/strong><em><a title=\"Commercial Property Executive\" href=\"https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191\" rel=\"nofollow\"> https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revel AC, the parent company of Revel, the newest popular resort and casino in Atlantic City, N.J., has completed an amendment to its existing revolving credit facility with JP Morgan Chase Bank N.A. as administrative agent and the participating lenders and financial institutions.<\/p>\n","protected":false},"author":882,"featured_media":1004056962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21783,11,21742],"tags":[],"class_list":["post-1004056960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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