Down on its luck: Revel jobs, revenue falling below projections

NJ Star Ledger

Note the following quotes from the article:

The shiny $2.4 billion resort, acclaimed for its beauty and amenities, is on pace to take in $200 million in gaming revenue during its first 12 months of operation, according to a Star-Ledger analysis of records filed with the Economic Development Authority and the state Division of Gaming Enforcement.

That would mean Revel will fall roughly $360 million short of what the Christie administration banked on when it agreed to help salvage the project last year.

Comparatively, the highest-grossing casino in the city, Borgata Hotel Casino and Spa, took in $651 million in gaming revenue last year, according to annual revenue figures compiled by Gaming Enforcement.

Revel may not want to build its long-term business on the slot market, but it will need to ramp it up anyway to find its financial footing in the short term, Kempf said.

"The slot customers have loyalty to their casinos. They want amenities. They want free play. They’re not interested in high-cost restaurants," Kempf added.

http://www.nj.com/news/index.ssf/2012/08/post_283.html

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