Revel Casino asked for greater credit - fall continues
The struggling casino has reportedly asked for greater financial support
Atlantic City's newest casino continues to fall on tough times
Despite having only been open for four months and being heralded as the future for Atlantic City's casinos, the Revel Casino has reportedly asked lenders for greater credit to solve the financial problems that it is experiencing.
While the casino already has $30 million worth of credit available, it is said to want $70 million more, which would take its total up to a substantial $100 million.
"We appreciate the support of our investors. Upon completion of this facility, we will have significant liquidity cushion through 2013 and beyond," said Kevin DeSanctis, chairman and CEO of Revel.
After posting operating losses of $35 million in the second quarter and struggling to have the impact that developers had hoped for, it appears that the Revel Casino needs to see a significant turnaround in fortunes if it is to deliver the results expected by investors.
And if Atlantic City's casinos continue to suffer in the coming months, the future does not look too promising for the once booming gambling centre.