Located on over 20 acres of beachfront property in Atlantic City, it’s safe to say the Revel’s property taxes were in no way cheap. Adding to that the cost of the building’s construction as well as its vast size and peculiar configuration–patrons had to ride a steep escalator from the lobby to get to the casino and the 57-story hotel–it must have been difficult to turn a profit.Ītlantic City, New Jersey used to be the go-to place for gambling and high-rolling entertainment. In 2010, global financial company Morgan Stanley, which owned 90 percent of Revel Entertainment Group, decided to discontinue construction and walk away from its $932 million investment, leaving the state of New Jersey to invest in the stalled project in exchange for 20 percent of the revenues. Unfortunately, the Revel fell into a slew of financial crises from the very beginning. 5. The Principle Owner Walked Away from its Investment
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