The Chinese are interested.įebruary 2011: New Jersey Governor Chris Christie announces that construction will proceed on Revel, adding that the state will kick in $261 million. Spring 2010: Morgan Stanley says it won’t spend another billion on Revel to finish it and pulls out, accepting a $932 million loss. DeSanctis announces that they will finish the exterior while trying to find money for the rest. January 2009: With the project about 50 percent complete, Revel is already running out of money and lays off hundreds of workers.
July 2008: Pilot error leads to a plane crash that kills three Revel executives: the project manager for Revel’s construction company and two others. September 2007: Revel Entertainment and Morgan Stanley file paperwork for the $1.5 to $2 billion casino project, a two-tower property with 3,800 rooms. DeSanctis will form a company called Revel Entertainment. October 2006: Penn National Gaming COO Kevin DeSanctis, a Trump and Mohegan Sun casino alum, is tapped to helm the project, which may bear the Hard Rock brand. “We are believers in Atlantic City and that the paradigm is changing,” a Morgan Stanley executive declared. May 2006: Wall Street firm Morgan Stanley pays $74 million for 20 acres of land abutting Showboat and plans to add Atlantic City’s 13th casino.
