So it’s looking like Revel will make it through to 2013. The embattled mega-resort and casino, which admirably opened with the mission of shaking up Atlantic City’s nickel-slots and all-you-can-eat buffet status quo with multiple celebrity chef-driven restaurants (including three from Jose Garces), has been struggling to stay afloat since opening last spring. Today it received a $150 million lifeline from JP Morgan Chase to help cover the costs for operations and pair down mounting debt, NBC Philly reports. This is the second time in the casino and hotel’s nine months of existence that it’s required a cash infusion.
In August, as talk of insolvency and impending bankruptcy began surfacing, the state-funded casino landed a $100 million in credit from its lenders to cover operational costs and payroll through the long, dark and lean winter months. But then Hurricane Sandy blew in. And with the superstorm went millions in lost revenue as the city was washed out. With the new funding, Revel will hopefully survive the winter months, and make good on its promise to open more affordable food options, and high-limit slots.
Revel Gets Reprieve with Cash Infusion [NBC Philly]
Earlier: Atlantic City’s Revel Seeks $100 Million Lifeline to Offset Its Dismal Performance