According to Revel CEO, Kevin DeSanctis, the company completed the deal on Thursday and 2,000 construction workers will now be able to return to work on the casino, which it hopes to have finished in 15 months.
Once the casino is open, Atlantic City officials anticipate a staff of 5,500 employees come summer 2012. Ken Calemmo expressed his contentment with the prospect of new jobs.
“You can hear the sigh of relief that just went through all of Atlantic County,” Calemmo said.
Last year, Revel was forced to halt construction on the project in early 2009. Morgan Stanley, who had invested $1.2 billion into the project, claims to have taken quite a hit, claiming their original investment was now worth only $40 million.
“It was tough there for a while,” said DeSanctis. “If Revel was not going to get completed, it would have been very difficult for people. There would have been a cloud hanging over the city.”Revel Entertainment's Atlantic Casino To Resume Construction; To Employ 5,500 In 2012 by Harrison Barnes