ATLANTIC CITY - Revel is asking its lenders once again for more money to keep the resort and casino afloat.
in a statement released by Revel, the company's CEO Kevin DeSanctis said "we appreciate the continued support of our investors...the additional capital will provide us with the liquidity necessary to allow the market to recover from hurricane sandy and execute our strategic build–out of exciting new gaming, food and beverage, and entertainment amenities."
We spoke with Michael Busler, PhD, a professor of finance from Stockton College, who said that in his opinion, revel would need around $50 Million in additional financing to help fund the large resorts overhead and debt obligations.
He also said that the biggest problem with Revel was timing.
With the slow economy, out of state gaming competition and now the toll of hurricane sandy, for now, the cards have been stacked against Revel.
Revel said the company expects to close on the funding within 45 days.