Revel Resort Casino obtains $150M loan

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December 28, 2012

Additional financing help has been provided to Atlantic City's Revel Casino Resort. $150 million has been obtained by the casino in order to continue operations.

The casino opened in April and has had a difficult time competing with the 11 other casinos in the area. Revel has ranked in the bottom in revenues. However, the casino resort business plan was designed more around earning money from dining and hotel guests.

A new loan from JP Morgan Chase Bank has been secured to assist the casino. The money from the loan will be used on operations of the property. In addition, money will also be used to pay towards debt that already exists.

In order to make more money in the next year, the casino has been developing new plans. New entertainment, additional restaurants, and an area just for high limit gaming are being discussed.

Return to New Jersey Casinos.