The economy has left many Atlantic City casinos down on their luck, but the biggest construction company in China is taking a gamble with the new Revel casino. China State Construction Engineering Company is pumping $1.7 billion into the project so that construction can be completed.
The Revel complex is being built next to the Showboat and features a 47-story hotel tower that dwarfs A.C.'s other gaming houses.
Revel will have dozens of restaurants and retail shops, as well as a glass-enclosed casino floor that looks out on the ocean.
Since Revel secured much of its financing before the recession, it was able to provide more than 500 construction jobs.
And executives say Revel will offer 6,000 full-time jobs when completed in the summer of 2011.
Revel responded Thursday afternoon to reports about the funding by releasing the following statement:
"Media reports on an agreement being reached to finance the final construction of the Company’s beachfront casino entertainment resort in Atlantic City contain inaccurate information. Revel noted that China Construction Engineering Corp made a required regulatory filing with the Shanghai Stock Exchange outlining a potential construction management agreement between China Construction Engineering Corp and Revel’s construction manager, Tishman Construction Corporation of New Jersey, to complete construction of the Revel project. China Construction Engineering Corp is not providing financing to Revel as part of the agreement, and, as previously reported, Revel intends to seek financing for the project in the fourth quarter of 2009."
