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Another Atlantic City Casino Project Struggles
ATLANTIC CITY, NEW JERSEY --
Revel Entertainment Group had hoped to dazzle Atlantic City gambling fans with its new $2 billion casino by the summer of 2010, but that doesn't seem likely to happen. This week Revel laid off over four hundred construction workers and suspended work on the interior of its resort project as the company searches for more financing.
Exterior work will continue, according to Kevin DeSanctis, Revel's Chief Executive Officer. The company is hoping to find new funding for the interior building while using the spacing to keep the project going forward.
Several planned Atlantic City casinos have been cancelled due to the frozen credit markets, as well as declining demand at existing casinos. Meanwhile, double-digit drops in revenue percentage are occuring at the resort towns' casinos month after month.
Revel has partnered with Morgan Stanley to build its casino. DeSanctis declined to say how much has been spent so far on the construction, how much more is needed to complete the project, or what the company's shortfall is.
Both Atlantic City and Las Vegas are threatening to have their once-impressive skylines dominated by rusting girders and abandoned projects as the continued construction of giant megaresort casinos has become problematic in today's economy.
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