Making the News

WMGM - Atlantic City - NBC40

Originally Published:Thursday, September 10, 2009
http://www.nbc40.net/view_story.php?id=10502

ANALYSTS SAY PROPOSED PLAN FOR REVEL IS A STEP IN THE RIGHT DIRECTION

By Matt Lerario
WMGM - Atlantic City - NBC40

ATLANTIC CITY A proposed plan looks to make the Chinese government a major player in the construction of Atlantic City's newest casino. "We have long been proponents of the Revel project as being critical to the future of Atlantic City," said Michael Pollock of the Spectrum Gaming Group.

Atlantic City, like city and towns across the country, has seen it's fair share of let downs with the current recession, including the near stalling of the casino hotel project from the resort's next big player, Revel Entertainment.

Despite some financial setbacks last year, Revel officials recently told us the project is now full steam ahead. And with news today that the China Construction Engineering Corp. is entertaining a potential partnership with work on the Revel project, gaming analyst Michael Pollock believes the city is one step closer to reaping some big rewards on the road to recession recovery.

"We firmly believe that of all things on the horizon in Atlantic City, getting the Revel project open and operating should be job number one," said Pollock.

In addition to the creation of jobs, more importantly, Pollock believes Revel's progress will help to turn around the mind set and future potential of the resort on the heels of some of the biggest revenue losses in recent history.

"Having the Revel project advance is just the tonic that Atlantic City needs," said Pollock.

While a final construction plan may soon be hammered out, funding for the $2 billion project, however, is not. But Revel CEO Keven Desanctis, who we spoke with just last week, doesn't see that as an issue.

"We have, I think, plenty of time in which to secure additional financing, which we think will happen somewhere in the 4th quarter of this year and go forward," said Desanctis.

Based on that timeline, Revel could be the new kid on the casino block by the summer of 2011.

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