Revel Casino in Atlantic City is a losing gamble, says union (AP / NJ . com)

December 16, 2012 – A casino workers union that has been locked in a bitter struggle with Revel, Atlantic City’s newest casino, is warning investors against pumping any more money into the struggling casino resort. Local 54 of the Unite-HERE union, which is trying to unionize Revel, sent a report to the casino’s main investors last week estimating it will need another $300 million to stay afloat in 2013. Revel is seeking its second round of new financing since opening; it secured $100 million in additional financing in August. The report said that if Revel does borrow an additional $300 million, it would raise its debt level to $1.6 billion, generating annual debt payments of $175 million.

Link to Full Article: http://www.nj.com/business/index.ssf/2012/12/revel_casino_in_atlantic_city.html

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