Revel Looking for $100 Million to Get Through 2013
Revel Resorts opened in Atlantic City this past April to great fanfare but it hasn’t produced results where they count most, the gambling floor. The casino has ranked eighth each month in gambling revenue since its opening. The casino is to double its revolving credit to $100 million in order to give it more flexibility through 2013.
With average daily room rates of $211, the hotel occupancy rate of 45 is way below the industry average of 87 percent. Revel spokesman Joseph Jaffoni says that group meetings and food and beverage sales have been strengths. Reassuring, considering the culinary fire power assembled.
If the casino, which has been hyped as a game changer in Atlantic City doesn’t extend its credit, it could be looking at bankruptcy.
Revel seeks $100 million financing deal to get through 2013 [Press of Atlantic City]
Revel’s rocky launch [Philadelphia Inquirer]
Revel Resorts [Official Site]