Atlantic City's Revel casino gets $150M more in financing - New York News

Atlantic City's Revel casino gets $150M more in financing

Photo courtesy Revel Entertainment Photo courtesy Revel Entertainment

By WAYNE PARRY | AP

ATLANTIC CITY, N.J. (AP) - Revel, Atlantic City's newest casino that has struggled to find a place in the seaside gambling market, has obtained another $150 million in financing to help keep it going.

The casino resort said it amended its agreement with JP Morgan Chase Bank to provide for additional money to help pay down existing debt and to fund operations. Most of it consists of a new $125 million loan.

Since opening in April, Revel has ranked near the bottom of Atlantic City's 12 casinos in the amount of money won from gamblers. But its executives said Revel's business model relies more on room and restaurant revenues than do other casinos.

Revel CEO Kevin DeSanctis said the company will add a new high-limit slots area, and new restaurant and entertainment options.

  • New Jersey NewsNew Jersey NewsMore>>

  • Weather conditions ripe for brush fires in NJ

    Weather conditions ripe for brush fires in NJ

    Wednesday, April 23 2014 9:08 AM EDT2014-04-23 13:08:34 GMT
    Forecasters have issued a red flag warning and fire weather watch for most of New Jersey.
    Forecasters have issued a red flag warning and fire weather watch for most of New Jersey.
  • Undercover police officer shot during drug buy in New Jersey

    Undercover police officer shot during drug buy in New Jersey

    Tuesday, April 22 2014 5:45 PM EDT2014-04-22 21:45:36 GMT
    An undercover narcotics police officer was shot during a shootout with a suspect in a parking lot in Bergen County, N.J., Tuesday afternoon, according to a source. The shooting happened at about 1:45 p.m. at a Walmart and Marshalls shopping center in Garfield. The cop was hot in the hip and ankle, and was taken into surgery at Hackensack University Hospital, the source said.
    An undercover narcotics police officer was shot during a shootout with a suspect in a parking lot in Bergen County, N.J., Tuesday afternoon, according to a source. The shooting happened at about 1:45 p.m. at a Walmart and Marshalls shopping center in Garfield. The cop was hot in the hip and ankle, and was taken into surgery at Hackensack University Hospital, the source said.
  • Hoboken a top place for recent college grads to live, report says

    Hoboken a top place for recent college grads to live, report says

    Tuesday, April 22 2014 12:46 PM EDT2014-04-22 16:46:32 GMT
    Hoboken's vibrant downtown, access to more than 100,000 job openings and the large amount of rentals available rank the city among the best places for new college grads to live in the country, according to Livability.com. Hoboken ranked No. 6 in Livability.com's recently released list of the "Top 10 Best Cities for New College Grads 2014."
    Hoboken's vibrant downtown, access to more than 100,000 job openings and the large amount of rentals available rank the city among the best places for new college grads to live in the country, according to Livability.com. Hoboken ranked No. 6 in Livability.com's recently released list of the "Top 10 Best Cities for New College Grads 2014."
  • Your MoneyMore>>

  • Caesars enters New York casino competition

    Caesars enters New York casino competition

    Tuesday, April 22 2014 10:52 PM EDT2014-04-23 02:52:22 GMT
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
  • Airbnb fights NY attorney general's subpoena

    Airbnb fights NY attorney general's subpoena

    Tuesday, April 22 2014 7:06 PM EDT2014-04-22 23:06:24 GMT
    Renting out someone's apartment is an easy way to get an inexpensive place to stay if you're a tourist, and cheaper and more convenient than most hotels. But now the government is stepping in and trying to get a handle on a booming business that may not be playing by the rules. State Attorney General Eric Schneiderman is squaring off in court with multi-million dollar Internet company Airbnb.
    Renting out someone's apartment is an easy way to get an inexpensive place to stay if you're a tourist, and cheaper and more convenient than most hotels. But now the government is stepping in and trying to get a handle on a booming business that may not be playing by the rules. State Attorney General Eric Schneiderman is squaring off in court with multi-million dollar Internet company Airbnb.
  • McDonald's profit slips amid weak sales

    McDonald's profit slips amid weak sales

    Tuesday, April 22 2014 8:24 AM EDT2014-04-22 12:24:13 GMT
    McDonald's reported a lower profit for the first quarter as the world's biggest hamburger chain saw global sales remain weak.The Oak Brook, Ill.-based company said global sales edged up 0.5 percent at established restaurants.  In the U.S., the figure fell 1.7 percent as customer traffic declined.
    McDonald's reported a lower profit for the first quarter as the world's biggest hamburger chain saw global sales remain weak.The Oak Brook, Ill.-based company said global sales edged up 0.5 percent at established restaurants.  In the U.S., the figure fell 1.7 percent as customer traffic declined.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices