Revel Casino Hotel

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City prepares to rename street, beach after Revel casino

As Revel Entertainment Group struggles to find financing to complete its $2 billion megacasino, they are still moving forward to make the area around the casino their own.

An ordinance up for final reading next week would designate the beach in front of Revel's South Inlet site as Revel Beach. Also under the measure, the portion of Connecticut Avenue from Melrose Avenue to Oriental Avenue would be named Revel Boulevard.

But the street name will appear with the Connecticut Avenue sign, likely calming any fans of the popular Monopoly board game potentially worried about altering the iconic street listing.

Revel to get $1.7 billion from China State Construction

Sources confirm a Reuters News report that Revel Entertainment has signed a letter of intent with China State Construction for more than a billion dollars.

According to a filing made with the Shanghai Stock Exchange, China State Construction has signed a $1.7 billion agreement with property firm Tishman and Revel Entertainment to help build what will be Atlantic City's newest casino.

Revel's mega casino was supposed to open in 2010, but was delayed due to the credit markets and the economic downturn last year.

AC may help casino with roadway financing

With tight credit markets threatening or slowing casino projects here and around the country, the developers of the $2 billion Revel casino-hotel are turning to the city for help.

The City Council is scheduled to introduce an ordinance Wednesday night that would allow it to issue $56 million worth of bonds to provide money for Revel to redesign and widen access roads to the project.

Revel would be responsible for paying interest on the bonds, whose term and interest rate have not yet been determined, said Lloyd Levenson, an attorney for Revel.

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