Moody’s Deals Revel Another Bummer

Downgraded down the shore.
Downgraded down the shore. Photo: Revel

Here’s more bad news for Revel: Poor performance, mounting debt, and concerns over the resort’s insolvency prompted Wall Street ratings agency Moody’s to downgrade the ambitious but ailing casino’s creditworthiness. The AP reports that in spite of some glimmers of hope in the form of increased gaming revenue, and some growth in food and beverage spending, Moody’s based its decision on the fact that the casino is operating below the rate necessary for it to maintain liquidity and pair down growing debt. The casino maintains that the downgrading won’t interfere with its request earlier this week for an additional $100 million in credit from its lenders, a move on which it sounds Revel is literally betting the house. [AP via Courier-Post]

Earlier: Atlantic City’s Revel Seeks $100 Million Lifeline to Offset Its Dismal Performance