Revel Casino in Atlantic City is one of the newest in the area projected to be complete in the summer of 2011. The 53 story structure was just finished on the outside after being started quite some time ago. A halt to construction came in January of 2009 because funding became nonexistent. The developer said that the stoppage was not because of finance but because of construction management. A new construction company has been signed on to complete the casino and they are a Chinese based conglomerate.
China State construction Engineering Corp was retained and signed a $1.7 billion agreement with the owners of Revel Casino, Revel Entertainment Group LLC of Atlantic City and Tishman Construction Corp to finish the casino. The casino resides on the boardwalk next to the Showboat where the former Sands Hotel Casino stood. $1 billion in loans is still needed to complete this project. It is slated to open July of 2011.
Many American companies are turning to foreign governments to finish large projects. In fact MGM Mirage, a $5 million project and another project at the end of the Boardwalk are following in the steps of Revel. MGM Mirage is partnering with the Dubai government in an enterprise in Las Vegas. It seems that financing with sovereign wealth funds is more lucrative in this day and age.
China State Construction will retain 51% ownership in the new construction partnership with Tishman Construction. They will work together in order to finish the project. They will focus on the interior of the Revel and company representatives assure that no construction workers would be imported from outside the United States. There is an office of China State Construction in South Carolina. Today it is beneficial to companies to work with firms that have a global footprint and the Chinese company fit that bill.
The Revel Casino will be an ocean themed megaresort containing a 1900 room hotel tower, restaurants and retail shops, and two whole floors of casino gambling. If another projected tower is built, the resort will have 3800 rooms, 150,000 square feet gambling area, and 500,000 square feet of dining and shopping area. The resort is being built on 20 acres of the Boardwalk and has 1,100 square feet of beach frontage. It is expected that the resort will provide jobs for at least 4000 people. This is the first new casino on the Boardwalk since Trump Taj Mahal opened in 1991 and it is also the first new resort in the city since Borgata in 2003. It is hoped that Revel will breathe new life into the Atlantic City, NJ area.
It was thought that the project was abandoned for too long to be able to salvage, but the top was placed only a few weeks ago and there seems to be activity going on. There are three other projects in Atlantic City that have ceased operations leaving skeletal structures about town. It is good that Revel has been able to secure new funding and will be able to continue to be built rather than rot away on the beach of the Boardwalk.
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