Revel Casino: Difference between revisions
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#REDIRECT [[Revel Atlantic City]] |
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{{Infobox Casino| |
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casino=Revel| |
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logo=Revel-entertainment-logo.jpg| |
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logo_size=200px| |
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theme=Ocean| |
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address=Boardwalk & New Jersey Ave.| |
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image=Revel Atlantic City Construction Summer 2010.JPG| |
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image_caption=View of the Construction of the Revel Resort from the Boardwalk - Summer 2010| |
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rooms=1,100| |
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date_opened=May 15, 2012| |
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space_gaming=150,000 sq.ft.| |
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attractions=| |
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shows=| |
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restaurants=| |
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owner=Revel Entertainment Group| |
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architect=[[Arquitectonica]]| |
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casino_type=Land-Based| |
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renovations=| |
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names_pre=| |
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website=[http://www.revelentertainment.com/ Company Website]<br>[http://www.revelinac.com Property Website]<br>[http://www.revelinac.com/dev/fact_sheet.pdf Facts Sheet]| |
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}} |
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''''Revel'''', commonly referred to as ''''Revel Resort'''', is a [[hotel]] and [[casino]] [[resort]] under construction in [[Atlantic City, New Jersey]] on {{convert|20|acre|abbr=on|lk=on}} beachfront of land adjacent to the [[Showboat Casino, Atlantic City|Showboat Hotel & Casino]]. Kevin DeSanctis is Revel's chief executive officer. |
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In March 2009, construction was stopped because of difficulties in raising the financing necessary to complete the project.<ref name="pressofatlanticcity.com">http://www.pressofatlanticcity.com/business/article_c416b558-0067-5d68-8dec-9290041d9ba6.html</ref> |
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Revel resumed construction in February, 2011 after new financing was secured. <ref name=" pressofatlanticcity.com"">http://www.pressofatlanticcity.com/news/press/atlantic_city/christie-signs-tourism-district-bill-says-revel-casino-to-open/article_03705842-2e1e-11e0-8c75-001cc4c002e0.html</ref> Kevin DeSanctis disclosed that the $2.4 billion megaresort will open May 15, 2012 during closing remarks at the East Coast Gaming Congress, an annual conference that draws hundreds of industry officials to Atlantic City held May 24-25, 2011.<ref>[http://www.pressofatlanticcity.com/communities/atlantic-city_pleasantville_brigantine/ceo-says-revel-casino-to-open-next-may/article_da92cb06-8649-11e0-bacb-001cc4c03286.html], [[Atlantic City Press]], May 25, 2011</ref> |
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== Design and construction == |
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Revel will contain {{convert|150000|sqft|abbr=on}}. of gaming space, {{convert|500000|sqft|abbr=on}}. of entertainment space, and 1,100 hotel rooms.<ref>[http://www.allbusiness.com/environment-natural-resources/ecology-environmental/5308017-1.html "Revel Entertainment Secures Preliminary Site Plan Approvals for Its Atlantic City Resort Development Project"], [[AllBusiness.com]], November 7, 2007</ref> The hotel tower <ref>{{cite web |url= http://www.emporis.com/application/?nav=building&lng=3&id=340999 |title= Revel Casino, Atlantic City, U.S.A. |accessdate=2010-07-11 |date= |work= |publisher= ''[[Emporis]]''}}</ref>, is the tallest structure in Atlantic City and the second tallest in the state of New Jersey at 47 stories (710 ft){{convert|216|m|ft|abbr=on}}.<ref>{{Cite web | last = | first = | authorlink = | coauthors = | title = Revel North Tower | work = | publisher = Skyscraperpage.com | date = | url = http://skyscraperpage.com/diagrams/?buildingID=68604 | format = | doi = | accessdate = 2011-05-05 | quote = }}</ref><ref name = EmporisRevel>{{Cite web | last = | first = | authorlink = | coauthors = | title = Revel | work = | publisher = Emporis | date = | url = http://www.emporis.com/building/revelhoteltowerii-atlanticcity-nj-usa?lng=3 | format = | doi = | accessdate = 2011-05-05 | quote = }}</ref> The tower is also the second tallest casino tower in the United States. Revel will house 20 restaurants, 40 retail shops and a 5,000 seat arena. Along with height records, the construction process is the largest one in Atlantic City since the construction of the [[Borgata]]. The project is being built by Tishman Construction Company of New Jersey. In the summer of 2008 the project was officially scaled back to include just one hotel tower with 1900 rooms due to lack of financing. In late January of 2011, Revel C.E.O. Kevin De Scantis while pitching yet another funding plan on Wall Street, announced that the property would only complete 1100 rooms in the opening phase, in addition other aspects of the project were to be scaled back to meet the available funding. |
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== Financing == |
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Construction cost estimates for the property are between US$1.5 and $2 billion.<ref>[http://cbs3.com/topstories/Atlantic.City.Casino.2.311808.html "Atlantic City Reveals New Casino Plans"], [[KYW-TV|CBS3.com]], September 13, 2007</ref><ref>[http://www.usatoday.com/travel/news/2007-11-26-atlantic-city-casinos_N.htm "Luxury mega-casinos to transform face of Atlantic City"], ''[[USA Today]]'', November 26, 2007</ref> |
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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.<ref>http://abcnews.go.com/Business/wireStory?id=10265136</ref><ref>http://www.crainsnewyork.com/article/20100422/FREE/100429942</ref> |
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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 dollars in the stalled project in exchange for 20% of the revenues.<ref>[http://www.philly.com/philly/business/20110201_Christie_to_sign_casino_district_control_bill.html "Christie: NJ to invest $260M in stalled casino project"], [[Philly.com]], February 1, 2011</ref>. In late January 2011, Revel C.E.O Mr. Kevin De Sanctis pitched a three tiered bond deal to Wall Street Bankers. Standard and Poors issued a preliminary rating on or about January 27, 2011 on this financing proposal. On February 1, 2011, the Governor of New Jersey with much planned hoopla came to Atlantic City and signed recently passed legislation that would deregulate many of the laws from the original Casino Control Act and create an entertainment district within the boundaries of Atlantic City to be overseen by the Casino Reinvestment Development Authority. After signing the bills into law, Governor Christie announced that earlier that morning the Economic [E.D.A.] Development Authority of the State of New Jersey was going to provide 261 million dollars through tax rebates over a twenty-year period that would be generated once the Revel project was completed. Many people{{Who|date=May 2011}} thought at this time that the state of New Jersey was going to own an interest in this property. The governor caused some of this confusion when he apparently stated that Revel had already raised most of the money. Later in the day a statement from Revel C.E.O. Mr. Kevin De Sanctis clarified that Revel had not yet secured financing and would make no further statements until a financing package was secured. Standard and Poors issued a revised preliminary rating late in the day on February 1, 2011. This was done because Revel had once again changed the structure of its proposed financing plan that had been submitted the week prior. On February 2, 2011 more specific details of the tax rebate incentives from the New Jersey E.D.A. appeared throughout the media. $125 million was to be spent on public works projects around Atlantic City benefiting the city in general. The remaining amount would be used to help Revel secure its financing. Revel announced that they would use 70 million dollars of the impending rebates to help it secure a portion of the bond package needed to buy out its partner, Morgan Stanley. On February 17, 2011, Revel Entertainment Group, LLC announced that it completed a $1.15 billion financing package which enables the company to complete construction of Revel. Re-starting the project put 2,100 construction craftsmen and craftswomen back to work and will result in full-time employment for approximately 5,500 people. |
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== Tragedies == |
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A construction tower crane collapsed in high winds on March 13, 2010, injuring one person on the ground.<ref>http://www.nbcphiladelphia.com/news/local-beat/Wind-Causes-Building-Collapse-in-AC-87595112.html</ref> Workers using welding torches to remove the collapsed crane sparked a rooftop fire on March 20, 2010 with no injuries and minor damage.<ref>http://www.therepublic.com/view/story/d2d3c9c70ae94dfba7d3780f368ee31c/NJ--Revel_Casino-Fire/</ref> |
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== See also == |
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*[[List of tallest buildings in Atlantic City]] |
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==References== |
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{{Reflist}} |
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==External links== |
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* [http://www.revelentertainment.com/ Official website] |
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{{Coord|39.3638|-74.4255|display=title}} |
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{{Atlantic City casinos}} |
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[[Category:Companies based in Atlantic County, New Jersey]] |
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[[Category:Skyscrapers in Atlantic City]] |
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[[Category:Buildings and structures under construction in the United States]] |
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Revision as of 18:59, 3 July 2011
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