Morgan Stanley bails on Revel amid bailout woe

Morgan stanley revel casino bailout, marketplace

Unlike Straub, Deifik made his intentions crystal clear — the property would be reopened as a hotel-casino. Just for the fun of it, include a guess as to whether Christie will sign this stinker of a bill.

Dozens of retail options. The prime backer of the half-finished Revel casino, Morgan Stanley, has put together a financing deal that relies on funding from the Chinese government.


Future sales taxes from the casino would go to repay the EDA. The Glenn Straub era Any hope that Straub would bring stability to Revel quickly went out the window. Doherty found that out on Wednesday when he traveled to Atlantic City to speak at a rally outside City Hall held by Local 54 of the casino workers union.

The goal was Memorial Day, but that proved a bit too lofty. This column will detail the history of Ocean Resort Casino, and what you can expect to find when the property reopens Thursday afternoon. It contains language depriving the locals of any say in the matter.

The project was ill-conceived from the start, and every subsequent decision seemed to be worse than the next. Chris Christie signed that pension-reform legislation last week, he had the cameras rolling for a video that was soon posted on his website.

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Six pools and the Exhale Spa. Yes, you read that right. And not only is the ball in play, one side is playing dirty.

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So do the workers, especially if competition from that glitzy new casino should happen to take business away from some of the older, not-so-glitzy casinos where they work. Mike Doherty of Warren County, who was one of only two senators to vote against the bill.

Revel eventually opened indeclared bankruptcy inand again in The goal is to keep all of the positive aspects of Revel and eliminate all the glaring issues that plagued the casino in its first go-round.

The rally, for which the organizers had a permit, was raided by a group of unionized ironworkers who tried to take over the podium, said Doherty. The geniuses in Trenton are preparing to give a giant grant to a consortium of commies and Wall Streeters. What visitors will find is a property with: And then earlier this month, Icahn took over another failed casino, this one right down the boardwalk from the Revel.

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The deal is being opposed by a coalition of fiscal conservatives and unionized workers. Gone are the smoking ban and the lobby escalator to the clouds. Not one but two former casinos are slated to reopen just hours apart. Ocean Resort Casinoformerly Revel, is slated to open its doors at 1 p. But as Doherty points out, both the Chinese and Morgan Stanley have plenty of money at the moment.

The group gathered enough signatures of Atlantic City voters to force a referendum on the deal, as is their right under current law. The conservatives believe the government should not be using your money to give one casino an edge over the others. Atlantic City's Revel casino: This is just another shakedown from big business.

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Another name change The Straub era mercilessly came to an end when he agreed to sell the property to Bruce Deifik in January. All of that happened even though the Revel project was scaled back and the original investors Morgan Stanley jumped ship. A TopGolf Swing Suite. That said, Straub did manage to morgan stanley revel casino bailout the Revel out from under its burdensome power plant agreement.

On the legal NJ sports betting front, Ocean Resort Atlantic City will debut with a temporary sportsbook, while it puts the finishing touches on a larger, centrally located sportsbook.

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Also missing will be the posh attitude that turned off so many locals. This is not the sort of bill a politician would want taxpayers to see him signing, especially not if that politician purports to believe in the right of initiative and referendum as our governor does. He summed it up like this: Of course at that price, Morgan Stanley might take a billion-dollar bath. But we taxpayers would make out just fine.