Struggling to find its footing among Atlantic City's seaside gambling community, the under-performing Revel casino has just received a $150 million cash infusion to help keep in going.
As the nation teeters on the brink of a fiscal cliff, some investors still aren't afraid to pony up the cash for Atlantic City's newest casino.
JP Morgan Chase has agreed to provide the additional money to help Revel pay down its existing debt and fund operations.
This is the second round of new financing Revel has had to obtain since the summer.
``We appreciate the continued support and confidence of our investors, who have demonstrated a strong belief in our business model,'' said Kevin DeSanctis, chairman and CEO of Revel Entertainment. This additional funding will enable us to execute our strategic build-out of exciting new gaming, food and beverage, and entertainment amenities."
Since opening in April, Revel has ranked near the bottom of Atlantic City's casinos in terms of the amount of money won from gamblers, bringin in just over $112 million.
But its executives say Revel's business model relies more on room and restaurant revenues than the city's other 11 casinos.
They say they plan on offering more affordable restaurants as well as adding a high-limit slots area, in an effort to compete.
