http://www.businessweek.com/ap/financialnews/D9L452S82.htm
Stalled Revel casino to resume work, open in 2012
ATLANTIC CITY, N.J. New Jersey Gov. Chris Christie says construction will resume next week on Atlantic City's half-finished Revel casino.
Christie says Revel's owner came up with most of $1.15 billion needed to complete the project on its own. New Jersey will contribute $261 million through the Economic Development Authority, and the state will get back 20 percent of the casino's profits through "success reimbursement payments."
A spokesman said the state will not be a co-owner, and will have "no downside risk" in the venture.
The governor says the casino will open in June 2012.
Work began on the Revel in 2007 before the national recession hit and credit markets dried up. Revel ran out of money in January 2009.
Christie made the announcement as he signed an Atlantic City rescue package into law Tuesday.
Stalled Revel casino to resume work, open in 2012
ATLANTIC CITY, N.J. New Jersey Gov. Chris Christie says construction will resume next week on Atlantic City's half-finished Revel casino.
Christie says Revel's owner came up with most of $1.15 billion needed to complete the project on its own. New Jersey will contribute $261 million through the Economic Development Authority, and the state will get back 20 percent of the casino's profits through "success reimbursement payments."
A spokesman said the state will not be a co-owner, and will have "no downside risk" in the venture.
The governor says the casino will open in June 2012.
Work began on the Revel in 2007 before the national recession hit and credit markets dried up. Revel ran out of money in January 2009.
Christie made the announcement as he signed an Atlantic City rescue package into law Tuesday.
hno:
