Atlantic City is kind of like a paradise that never quite came to fruition. It was a good idea - in fact, a great idea. Beach, gambling, shows, what more could you want from a vacation? But instead of becoming the multi-day destination for wealthy executives from New York, Philadelphia, and Dc that Mr. Trump and others were anticipating, it became a somewhat seedy mecca with lots of retired bus trippers. Atlantic City was eclipsed by a much more remote destination in desert of Nevada.
But now, in the midst of a financial crisis and stiff gambling competition from Pennsylvania and now Delaware, Ac is production a comeback. A comeback that begins with the chance of the .5 billion Revel Casino and is slated to be followed by some more mega-casinos that will bring Atlantic City to the overnight destination status once envisioned by its earliest pioneers.
Casio Ocean
However, in late 2008 a reputation crunch put a halt to the task and the hopes for Atlantic City revitalization seemed less likely than beating the guy who built hotels on Boardwalk and Park Place. So where does Revel Entertainment turn when they are out of money and they already have about a billion dollars sunk into the shell of a hotel and casino with no get out of jail free card? Where else, but the Chinese government. The get out of jail free card ultimately surfaced, and hopefully the bank error card is not about to rear its head.
Evidently, Revel Entertainment has entered into a .7 billion deal with China State building Engineering Corp. And Tishman building to halt out the mega-project intended to resurrect Ac from the ranks of gambling town wash-ups.
The chief menagerial of Revel said, "This is not about financing...It's about a building administration agreement." It's not about financing? C'mon.
Apparently seeking international venture partners is becoming more of the norm for casino owner since Mgm Mirage has had a partnership with the Dubai government to co-finance the billion CityCenter casino resort on the Las Vegas Strip.
I suppose China feels that the cheaper in the Us will have passed Go a consolidate of times by 2011 to certify such a monstrosity of excess. However, I doubt they'll be paying many change orders until then.
Revel Casino Finds arresting Partner to halt construction
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