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:


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s