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Atlantic City casino halts construction

Friday, January 30, 2009

Indoor construction has been halted on the $2 billion Revel casino in Atlantic City
Indoor construction has been halted on the $2 billion Revel casino in Atlantic City

Even the industry best known for excess and opulence is being affected by the state of the economy, with news that a $2 billion casino project in Atlantic City, New Jersey is being halted.

Revel Entertainment Group stopped construction on the interior of its 46-story casino which had been slated to open by the summer of 2010. That opening has now been put on hold.

"I think it would be very difficult to make the summer of 2010," Kevin DeSanctis, CEO of Revel told the Atlantic City Press. "It might be possible if something were to happen and the financing markets were to loosen up and we're able to secure the funding over the next few months."

The shutdown will affect 400 of the casino's 1,100 workers, but exterior construction of the building will continue.

South Jersey Building Trades Council president Will Pauls told the paper that the work stoppage will greatly affect the region as it was "the only major job" that was currently being on.

Revel hopes that by pacing the construction it will be able to spread out the money it has left and says the construction will carry on for the next 12 to 15 months.
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