Revel Atlantic City
|Revel Atlantic City|
|Revel seen from the boardwalk|
|Address||500 Boardwalk Atlantic City, New Jersey 08401|
|Opening date||April 2, 2012
|No. of rooms||1,399|
|Total gaming space||150,000 sq.ft.|
|Signature attractions||Poker Room
Ivan Kane's Royal Jelly Burlesque
|Owner||Revel Entertainment Group|
|This article is outdated. (February 2014)|
Revel Atlantic City, commonly referred to as Revel, is an entertainment resort, hotel, casino and spa in Atlantic City, New Jersey, United States on 20 acres (8.1 ha) beachfront of land adjacent to the Showboat Hotel & Casino. Revel is located in the Uptown section of Atlantic City, and is the northernmost casino on the Atlantic City Boardwalk. On March 26, 2012, Revel was issued a casino license by the New Jersey Casino Control Commission. Revel opened to the public on April 2, 2012, and had its grand opening on May 25. Revel employs approximately 2800 full-time and 1000 part-time workers. Ten months after opening, the resort filed for Chapter 11 bankruptcy.
Design and construction
Revel's hotel tower is the tallest structure in Atlantic City and the second tallest in the state of New Jersey at 57 stories, and the second tallest casino tower in the United States. Arquitectonica was the design architect of the project. BLT Architects was the executive architect for the entirety of the project and architect-of-record for 75% of the facility. Tishman Realty & Construction, which served as construction manager for The Borgata, performed the same role at Revel. Scéno Plus, a Montreal-based design firm, aided in the conceptualization and implementation of Revel's 150,000 square feet (14,000 m2) casino. In the summer of 2008 the project was officially scaled back to include just one hotel tower with 1,900 rooms due to lack of financing. In March 2009, construction was stopped because of difficulties in raising the financing necessary to complete the project. Revel resumed construction in February 2011 after new financing was secured, and currently has 1399 rooms.
Revel features two nightclubs, thirteen restaurants, and two live entertainment venues, and multiple swimming pools. The resort features a 2-acre (8,100 m2) landscaped rooftop deck containing a few outdoor pools, cabanas, fire pits, and a "pine grove" (known as Sky Garden) with over 30,000 live trees and plants. The casino is located six stories above the ocean, and a three-story nightclub overlooks the lobby. Revel was completely smoke-free upon opening, but the casino announced in early 2013 that it would be creating a smoking area.
Revel Atlantic City has 130,000 sq ft (12,000 m2). of gaming space, more than 2,500 slot machines, and 120 table games. The casino is separated into several areas, including the following.
Poker Room – Revel's poker room closed in August 2013.
The casino has 3 main restaurants—Amada, a Spanish tapas restaurant, American Cut, a steakhouse, and Azure by Allegretti, which specializes in French and Italian coastal cuisine. Revel offers less formal dining options, including Alcove (breakfast), Corso Coffee (coffee and pastries), Distrito Cantina (Mexican take-out), Lugo Cucina e Vino (Italian), Luke's Kitchen & Marketplace (sandwiches, hot dogs, and fast food), Mussel Bar (mussels and imported beers), Relish (24-hour diner), Sky Cafe (eclectic; overlooks ocean), Village Whiskey (burgers), and Yubōka (Asian noodle bar).
Early in Revel's construction process, six key executives on their way to a Minnesota business meeting were killed in a charter plane crash on July 31, 2008. A tower crane on the Revel construction site collapsed in high winds on March 13, 2010, injuring one person on the ground. On March 20, 2010, the use of welding torches to remove the collapsed crane sparked a rooftop fire. The damage from the fire was minor, and there were no injuries. Lightning from a brief but intense storm struck three concrete workers on September 15, 2011, killing one. Later, on September 30, 2011, a worker was listed in critical condition after a head injury sustained from falling off of a ladder. On September 10, 2012, a customer was severely injured at Revel when he fell off an escalator to the floor 40 feet below.
Construction of the resort cost $2.4 billion. Global financial company Morgan Stanley, the owner of 90% of Revel Entertainment Group, decided in April 2010 to discontinue construction and put its stake in Revel up for sale and walk away from its $932 million investment. On February 1, 2011, as part of his plan to revitalize Atlantic City, Governor Chris Christie announced that the State of New Jersey would invest $260 million in the stalled project in exchange for 20% of the revenues. On February 17, 2011, Revel Entertainment Group, LLC announced that it completed a $1.15 billion financing package which enabled the company to complete construction of Revel.
Revel lost $35 million in the 2nd quarter of 2012, and lost $37 million in the 3rd quarter of 2012. In August 2012, Moody's Investor Services and Standard and Poor's downgraded Revel's credit to Caa2 and CCC, respectively. On August 20, 2012, Revel asked lenders for a $100 million credit cushion. In November 2012, casino officials warned federal regulators about growing debt load of more than $1.3 billion could lead to bankruptcy or foreclosure if revenues did not increase in the foreseeable future. Atlantic City officials noted that Revel owed $12 million in unpaid property taxes, and Unite Here Local 54 said that Revel owed $51 million to contractors. A month later, Revel stated that they had received another $150 million in loans, including a $125 million term loan and a $25 million increase to an existing $100 million revolving loan.
In early 2013, because of uncertainty about whether Revel would have enough revenue to pay back its loans, Moody's and Standard and Poor's downgraded Revel's credit rating again to Caa3 and CC, respectively. On February 19, 2013, Revel announced that it was filing for Chapter 11 bankruptcy. The prepackaged bankruptcy will include immediate payment of all priority claims (e.g., vendors, taxes), and the reduction of Revel's debt from $1.503 billion to $272 million in exchange for the transfer of all of Revel's equity to the creditors. As part of their bankruptcy filing, Revel declared that the casino's value had dropped from $2.4 billion to $450 million, and predicted that Revel would not be profitable until 2017. In an attempt to attract more business, Revel has created a smoking area and reduced hotel room prices, and plans to create an inexpensive food court, and a private lounge for high rollers.
On June 19, 2014, Revel once again filed a Chapter 11 bankruptcy petition, and may close in early September if a buyer is not found.
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- Morgan Stanley's monstrous loss in Atlantic City
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- Lisa Spengler (November 21, 2012). "DGE announces 3rd quarter 2012 results". New Jersey Department of Law and Public Safety.
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- Salvador Rizzo (November 30, 2012). "Atlantic City's Revel resort, $1.3B in debt, faces potential bankruptcy or foreclosure". The Star-Ledger.
- Krista Giovacco (February 11, 2013). "Revel Loan Falls to All-Time Low After Moody’s Ratings Cut". Bloomberg Businessweek.
- Hoa Nguyen (March 15, 2013). "Revel bankruptcy could jeopardize tax breaks the casino seeks to tap to pay creditors". Press of Atlantic City.
- "Disclosure Statement for the Joint Plan of Reorganization of Revel AC, Inc. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code". EDGAR (Security and Exchange Commission). "As part of the bankruptcy, (a) $10 million in bankruptcy fees, and $22 million in administrative and priority claims will be paid immediately; (b) all of Revel's equity will be transferred to lenders; (c) 3 loans with $1.503 billion in principal and interest will be converted to a 5-year $260 million term loan, and a 4-year $12 million revolving loan, both with quarterly payments; (d) Revel will have minimal cash balance, and access to an additional $63 million in revolving loans."
- Wayne Parry (March 26, 2013). "'Upscale' Revel N.J. casino files bankruptcy". USA Today.
- "Bankrupt Revel casino warns it might close down this summer". Associated Press. June 19, 2014. Retrieved June 20, 2014.
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