New Revel casino gets preliminary planning approval

2007-11-09 11:37:55

A new casino, to be built in Atlantic City by Revel Entertainment, has past the first approval stage.

It will be the gambling hotspot's 12th resort, according to the New Jersey Times, and plans for it were revealed for the first time this week.

Planning director for Atlantic City William Crane said: "This is very significant for the city.

"It's the next step up from Borgata. And it should be something that sets the bar a little higher in helping the city develop as a destination resort."

Built by the Marina District Development Corporation, the billion-dollar Borgata was the last casino to be opened in Atlantic City back in 2003.

Revel's resort is expected to cost around $2 billion and is scheduled to open at the end of 2010.

The company does not yet have full funding for the project although they are being backed by Morgan Stanley, the major investment bank currently experiencing turmoil.