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Morgan Stanley Takes Billion Dollar Loss on Jersey Casino
ATLANTIC CITY, NEW JERSEY --
Morgan Stanley announced today that it would accept a loss of $932 million rather than pursue completion of an Atlantic City casino gambling project. The company will sell its interest in Revel Entertainment while the proposed casino is half-finished, waiting for another billion dollars for the rest of the construction.
Revel executives have said they are trying to secure the financing needed to complete the casino from a Chinese national bank. Work has been slowed on the casino, with only exterior construction continuing, since January of 2009.
"We chose to dispose of our investment in Revel, resulting in a loss," Morgan Stanley CEO James Gorman told a conference call of investors.
Gorman says the investment bank would try to sell Revel within a year.
Over $1.2 billion has gone into the New Jersey casino tower, which is considered too far along to tear down. VBut, since the casino first broke ground, the recession and neighboring conpetition have cause the decimation of the Atlantic City gambling market.
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