Revel Entertainment Group has slowed development of a $2.5 billion hotel-casino in Atlantic City, the fourth project to be delayed or halted in the last 12 months.
Slumping credit markets, the poor economy and competition from neighboring gambling jurisdictions, such as Pennsylvania, were blamed for the slow down. Revel laid off 400 of its 1,100-person construction force. Construction on the 1,900-room hotel will continue, but at a reduced pace.
Revel had planned to finish what would be Atlantic City's 12th casino in the summer of 2010, but the grand opening will be delayed possibly into 2011, depending on how long it takes to line up the financing, Revel CEO Kevin DeSanctis told the Press of Atlantic City.
Revel joins Pinnacle Entertainment, MGM Mirage and a privately held casino operator on the sidelines. Atlantic City gaming revenue declined for the second straight year in 2008 with the New Jersey community reporting $4.5 billion, a decrease of 7.6 percent compared with 2007.