Casino News

Revel lets go 400 workers from AC casino development

2009-01-29 17:35:16

Hundreds of employees have been laid off in a casino construction project in Atlantic City.

Revel Entertainment Group made the layoff of 400 workers yesterday and is delaying the completion of the project with the economic downturn cited as a cause.

Work is being halted on the inside of the $2 billion casino although it will carry on with the structural steel.

Revel is now waiting for the lending markets to recover with the hope of financing the project.

Chief executive officer Kevin DeSanctis said the company is trying to pace the process based on the funding and hoped it would be found within a year.

Revel announced in November that it had received preliminary approval for its site plan regarding the casino resort construction.

The plans include 1,900 rooms in each of two hotel towers and 150,000 square feet dedicated to a casino.

At the time, Mr DeSanctis predicted the work to last for about 36 months.