A timeline of Atlantic City's Revel Casino Hotel
- Article by: The Associated Press
- Associated Press
- September 1, 2014 - 1:35 AM
A look at key moments in the history of Atlantic City's Revel Casino Hotel:
September 2007: Revel Entertainment and partner Morgan Stanley file plans for a new casino and 3,800 hotel rooms. It would be the first new casino in Atlantic City since the Borgata opened in 2003.
July 31, 2008: A plane crash in Minnesota kills three executives of Revel Entertainment and its builder, Tishman Construction.
Jan. 28, 2009: Running out of money halfway through the project, Revel Entertainment lays off 400 workers and slows construction of the casino, saying it will finish the exterior while looking for money to build the rest.
April 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. Its decision to pull out sets off a scramble for new financing that spans the globe, including inquiries in China.
Feb. 1, 2011: New Jersey Gov. Chris Christie announces Revel has secured its remaining financing, and he signs a package of bills designed to revive Atlantic City, including the creation of a state-supervised Tourism District. The state authorizes $261 million in tax-increment financing through its Economic Development Authority. But the aid is to flow only after Revel reaches certain profitability thresholds, which it never does.
Feb. 2011: Revel scales down its plans, eliminating a proposed second hotel tower that reduces the number of rooms to about 1,100.
Sept. 15, 2011: A construction worker is struck by lightning and killed while working outside at Revel.
Feb. 16, 2012: Revel says it will have many more part-time jobs than the other Atlantic City casinos; workers will be required to reapply for them every four or five years.
March 7, 2012: Revel reveals that Mitch Gorshin, whose father, Frank, played the Riddler from the "Batman" TV series, designed the casino's distinctive white ball atop its triangular roof.
March 26, 2012: Revel gets its casino license from New Jersey.
March 28, 2012: Revel starts a two-day trial gambling period for invited guests before its official opening.
April 2, 2012: Revel opens to the public.
May 9, 2012: Revel's $13 million in casino winnings ranks it near the bottom of Atlantic City's 12 casinos —a spot it would occupy for its two-year existence.
Aug. 22, 2012: Wall Street ratings agencies downgrade Revel debt after the casino's slow start.
Nov. 30, 2012: State Senate president Steve Sweeney calls Revel's finances "dire" and warns of a possible collapse.
Dec. 28, 2012: Revel lines up new financing for the second time in less than a year.
Feb. 19, 2013: Revel announces it will file for bankruptcy in March to eliminate $1 billion in debt by converting it into equity for lenders.
May 21, 2013: Revel exits bankruptcy court by giving lenders an 82 percent stake in the property.
June 19, 2014: Revel files for bankruptcy again and warns that it will close if a buyer cannot be found in a court-approved auction. A Revel lawyer tells a bankruptcy judge that the casino is "a melting ice cube."
Aug. 7, 2014: A scheduled bankruptcy auction for Revel is postponed for a week to let management evaluate bids.
Aug. 12, 2014: Revel announces it has failed to find a buyer and will close.
Sept. 1, 2014: Revel closes its hotel.
Sept. 2, 2014: Revel closes its casino.
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