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A Timeline of Atlantic City’s Revel Casino Hotel

A Timeline of Atlantic City’s Revel Casino Hotel

Associated Press

A demeanour during pivotal moments in a story of Atlantic City’s Revel Casino Hotel:

September 2007: Revel Entertainment and partner Morgan Stanley record skeleton for a new casino and 3,800 hotel rooms. It would be a initial new casino in Atlantic City given a Borgata non-stop in 2003.

July 31, 2008: A craft pile-up in Minnesota kills 3 executives of Revel Entertainment and a builder, Tishman Construction.

Jan. 28, 2009: Running out of income median by a project, Revel Entertainment lays off 400 workers and slows construction of a casino, observant it will finish a extraneous while looking for income to build a rest.

April 22, 2010: Morgan Stanley decides it’s improved to take a $932 million detriment on Revel than to spend an additional $1 billion to finish a project. Its preference to lift out sets off a hasten for new financing that spans a globe, including inquiries in China.

Feb. 1, 2011: New Jersey Gov. Chris Christie announces Revel has cumulative a remaining financing, and he signs a package of bills designed to revitalise Atlantic City, including a origination of a state-supervised Tourism District. The state authorizes $261 million in tax-increment financing by a Economic Development Authority. But a assist is to upsurge usually after Revel reaches certain profitability thresholds, that it never does.

Feb. 2011: Revel beam down a plans, expelling a due second hotel building that reduces a array of bedrooms to about 1,100.

Sept. 15, 2011: A construction workman is struck by lightning and killed while operative outward during Revel.

Feb. 16, 2012: Revel says it will have many some-more part-time jobs than a other Atlantic City casinos; workers will be compulsory to reapply for them each 4 or 5 years.

March 7, 2012: Revel reveals that Mitch Gorshin, whose father, Frank, played a Riddler from a “Batman” TV series, designed a casino’s particular white round atop a triangular roof.

March 26, 2012: Revel gets a casino permit from New Jersey.

March 28, 2012: Revel starts a two-day hearing gambling duration for invited guest before a central opening.

April 2, 2012: Revel opens to a public.

May 9, 2012: Revel’s $13 million in casino loot ranks it nearby a bottom of Atlantic City’s 12 casinos —a mark it would occupy for a two-year existence.

Aug. 22, 2012: Wall Street ratings agencies hillside Revel debt after a casino’s delayed start.

Nov. 30, 2012: State Senate boss Steve Sweeney calls Revel’s finances “dire” and warns of a probable collapse.

Dec. 28, 2012: Revel lines adult new financing for a second time in reduction than a year.

Feb. 19, 2013: Revel announces it will record for failure in Mar to discharge $1 billion in debt by converting it into equity for lenders.

May 21, 2013: Revel exits failure justice by giving lenders an 82 percent interest in a property.

June 19, 2014: Revel files for failure again and warns that it will tighten if a customer can't be found in a court-approved auction. A Revel counsel tells a failure decider that a casino is “a melting ice cube.”

Aug. 7, 2014: A scheduled failure auction for Revel is deferred for a week to let government weigh bids.

Aug. 12, 2014: Revel announces it has unsuccessful to find a customer and will close.

Sept. 1, 2014: Revel closes a hotel.

Sept. 2, 2014: Revel closes a casino.

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