January 28, 2009

Revel lays off 400, halts inside work on AC casino

According to CNBC: “Revel Entertainment is laying off 400 workers and stopping interior work on the last casino project in Atlantic City that hadn’t fallen victim to the economic crisis and the credit crunch.

The $2 billion, ocean-themed casino is rising at the northern end of the Boardwalk next to the Showboat Casino Hotel.

Revel CEO Kevin DeSanctis said Thursday that the company decided the best financial course for the next year to 15 months was to work only on the building’s exterior and pursue long-term financing. The company has about 1,100 employees.”

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