Morgan Stanley bought some AC land for $70 million to develop and chose Kevin DeSanctis to plan the casino.ĭeSanctis had started his career as a state trooper on the New Jersey Turnpike, then ended up as a gaming enforcer.
This tale of fool’s gold begins in the mid-1990s. On Tuesday, Revel reached a debt-restructuring deal in preparation for a March bankruptcy filing. Instead, it’s the casino that took Wall Street for $2.5 billion. It would be a resort that happened to have gambling. Revel was suppose to be a new kind of casino - no low-cost buffets, no smoking and a casino on a different floor than reception, with windows that looked on to the best Atlantic City beach, so gamblers did not lose track of place and time. He’s one of only a handful of cars waiting.
Today, that cabby turns off his engine at the light to save gas. Last May, when the Revel casino opened in Atlantic City, the traffic light out front was reset on a four-minute cycle - in anticipation of epic traffic jams, one taxi driver says. Chris Christie, who went to bat for the troubled casino. SNAKE EYES: Revel CEO Kevin DeSanctis burned through $2.5 billion from Wall Street and political goodwill from New Jersey Gov.
