Revel Slowdown Latest Drag on AC
Updated 10:40 AM EST, Fri, Jan 30, 2009
)
Things are pretty bad in the nation's second-largest gambling market -- one casino about to be foreclosed on, another being run by a state trustee, three others facing possible bankruptcy.
But Atlantic City was counting on Revel Entertainment.
The company's $2 billion casino-hotel project was forging ahead while mega-proposals from other companies crumbled all around.
No more. Revel laid off 400 workers on Wednesday and stopped work on the interior of the project while conserving its cash until things improve.
It's the latest in a string of high-profile setbacks to a gambling resort that had become used to nothing but good luck.
Copyright Associated Press
First Published: Jan 29, 2009 11:04 AM EST
You Might Like
No comments have been posted yet.
You have 2000 characters left
