🤑 Morgan Stanley to sell stake in Atlantic City casino project | Las Vegas Review-Journal

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Banks have had a losing streak when it comes to playing in the casino sector. And the fate of the Revel Entertainment Group, an Atlantic City.


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Morgan Stanley to sell Revel project - Atlantic City Forum - Tripadvisor
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Morgan Stanley has written off $ million of its $ billion investment in the Revel casino project in Atlantic City, according to the company's.


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Morgan Stanley bought some AC land for $70 million to develop and chose Kevin DeSanctis to plan the casino. It seemed a logical choice.


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FOUR ATLANTIC CITY CASINOS have closed this year—another is expected to be Morgan Stanley bet big on Revel, investing $ billion.


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Atlantic City's casino fortunes suffered another body blow on Good Friday. Late in the day, investment firm Morgan Stanley, the largest owner of the estimated $2.


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Banks have had a losing streak when it comes to playing in the casino sector. And the fate of the Revel Entertainment Group, an Atlantic City.


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Atlantic City 1

Revenues in the industry were down significantly, as the gamblers who would have spent there gravitated instead toward resorts closer to home in Delaware, Pennsylvania and Maryland. Construction on Revel eventually finished, thanks in large part to help from Gov. See next articles.{/INSERTKEYS}{/PARAGRAPH} The decision to shut down also comes more than four years after Morgan Stanley, the original backer of the resort, walked away from what was even then a costly folly. Revel was meant to be different, an example of importing Las Vegas luxury to the New Jersey boardwalk. Chris Christie of New Jersey. {PARAGRAPH}{INSERTKEYS}Banks have had a losing streak when it comes to playing in the casino sector. Banks have had at best a spotty record of moving into the gambling industry. Hope remained that another buyer would emerge and close on a deal. Amenities abounded: nearly 1, hotel rooms with ocean views, 14 restaurants, 55, square feet of retail shops. And the fate of the Revel Entertainment Group, an Atlantic City resort once backed by Morgan Stanley , serves as a prominent reminder of that. For most of its existence, Revel had been the focal point of hopes to revive an Atlantic City already struggling to compete with national rivals. Its failure comes a little more than two years since the resort opened in a bid to reinvigorate the long-declining gambling industry in Atlantic City. By April of , the bank decided it had had enough and sought to walk away. In June, Revel filed for bankruptcy protection after failing to negotiate a sale to Hard Rock International. Deutsche Bank struggled for years with the Cosmopolitan resort in Las Vegas, only finally exiting its investment by selling the site to the Blackstone Group this spring. The already bankrupt Revel announced on Tuesday that it would shut down after failing to find a qualified buyer during a court-supervised auction process. The ,square-foot casino itself was only part of a sprawling acre complex.