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China Moves to Partner in Atlantic City Casino Project
ATLANTIC CITY, NEW JERSEY --
Not many investors are looking to enter the abysmal Atlantic City casino gambling market, but one who is certainly catches notice. The China State Construction Engineering Corporation has entered into an agreement with Revel Entertainment on its planned boardwalk casino.
The company, owned by China, has taken a majority position in a three-way teaming with Revel and its existing construction partner, Tishman Construction of New Jersey. The arrangement became public when the Chinese construction company filed a regulatory report with the Shainghai Stock Exchange.
Revel officials say the deal is only about the construction, and does not involve equity in the casino.
"This is not about financing," said Revel CEO Kevin DeSanctis. "It's about a construction management agreement."
Revel is still searching for $1 billion in loans to finish the casino and begin operating.
Exterior work on the casino is completed, but interior work was suspended in January when credit could not be found to continue. Under the deal with China, the casino is scheduled now to open in the summer of 2011.
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