But the aid is to flow only after Revel reaches certain profitability thresholds, which it never does.įeb.
The state authorizes $261 million in tax-increment financing through its Economic Development Authority. Chris Christie announces Revel has secured its remaining financing, and he signs bills designed to revive Atlantic City, including the creation of a state-supervised Tourism District. Its decision to pull out sets off a scramble for new financing that spans the globe, including inquiries in China.įeb. 28, 2009: Revel Entertainment runs out of money halfway through the project and slows construction of the casino, saying it will finish the exterior while looking for money to build the rest.Īpril 22, 2010: Morgan Stanley decides it's better to take a $932 million loss on Revel than to spend an additional $1 billion to finish the project. July 31, 2008: A plane crash in Minnesota kills three executives of Revel Entertainment and its builder, Tishman Construction.
