\nWayne Parry, Associated Press <\/p>\n
\tATLANTIC CITY, N.J. (AP) \u2013 A look at key moments in the history of Atlantic City\u2019s Revel Casino Hotel:<\/p>\n
\t\u2013 September 2007: Revel Entertainment and partner Morgan Stanley file plans for a new casino and 3,800 hotel rooms. It would be the first new casino in Atlantic City since the Borgata opened in 2003.<\/p>\n
\t\u2013 July 31, 2008: A plane crash in Minnesota kills three executives of Revel Entertainment and its builder, Tishman Construction.<\/p>\n
\t\u2013 Jan. 28, 2009: Running out of money halfway through the project, Revel Entertainment lays off 400 workers and slows construction of the casino, saying it will finish the exterior while looking for money to build the rest.<\/p>\n
\t\u2013 April 22, 2010: Morgan Stanley decides it is better to take a $932 million loss on Revel than to spend an additional $1 billion to finish the project. Its decision to pull out sets off a scramble for new financing that spans the globe, including inquiries in China.<\/p>\n
\t\u2013 Feb. 1, 2011: Gov. Chris Christie announces Revel has secured its remaining financing, and he signs a package of bills designed to revive Atlantic City, including the creation of a state-supervised tourism district. The state authorizes $261 million in tax-increment financing through its Economic Development Authority. But the aid is to flow only after Revel reaches certain profitability thresholds, which it never does.<\/p>\n
\t\u2013 February 2011: Revel scales down its plans, eliminating a proposed second hotel tower that reduces the number of rooms to about 1,100.<\/p>\n
\t\u2013 Sept. 15, 2011: A construction worker is struck by lightning and killed while working outside Revel.<\/p>\n
\t\u2013 March 7, 2012: Revel reveals that Mitch Gorshin, whose father, Frank, played the Riddler from the \u201cBatman\u201d TV series, designed the casino\u2019s distinctive white ball atop its triangular roof.<\/p>\n
\t\u2013 March 26, 2012: Revel gets its casino license from New Jersey.<\/p>\n
\t\u2013 March 28, 2012: Revel starts a two-day trial gambling period for invited guests before its official opening.<\/p>\n
\t\u2013 April 2, 2012: Revel opens to the public.<\/p>\n
\t\u2013 May 9, 2012: Revel\u2019s $13 million in casino winnings ranks it near the bottom of Atlantic City\u2019s 12 casinos \u2013 a spot it would occupy for its two-year existence.<\/p>\n
\t\u2013 Aug. 22, 2012: Wall Street ratings agencies downgrade Revel debt after the casino\u2019s slow start.<\/p>\n
\t\u2013 Nov. 30, 2012: State Senate president Steve Sweeney calls Revel\u2019s finances \u201cdire\u201d and warns of a possible collapse.<\/p>\n
\t\u2013 Dec. 28, 2012: Revel lines up new financing for the second time in less than a year.<\/p>\n
\t\u2013 Feb. 19, 2013: Revel announces it will file for bankruptcy in March to eliminate $1 billion in debt by converting it into equity for lenders.<\/p>\n
\t\u2013 May 21, 2013: Revel exits bankruptcy court by giving lenders an 82 percent stake in the property.<\/p>\n
\t\u2013 June 19, 2014: Revel files for bankruptcy again and warns that it will close if a buyer cannot be found in a court-approved auction. A Revel lawyer tells a bankruptcy judge that the casino is \u201ca melting ice cube.\u201d<\/p>\n
\t\u2013 Aug. 7, 2014: A scheduled bankruptcy auction for Revel is postponed for a week to let management evaluate bids.<\/p>\n
\t\u2013 Aug. 12, 2014: Revel announces it has failed to find a buyer and will close.<\/p>\n
\t\u2013 Sept. 1, 2014: Revel closes its hotel.<\/p>\n
\t\u2013 Sept. 2, 2014: Revel closes its casino.<\/p>\n
\t\u2013 Sept. 24, 2014: A bankruptcy court auction of Revel begins, with Florida developer Glenn Straub\u2019s $90 million bid providing the base price.<\/p>\n
\t\u2013 Oct. 1, 2014: Toronto-based Brookfield Asset Management wins auction for Revel with a $110 million bid.<\/p>\n
\t\u2013 Nov. 19, 2014: Brookfield walks away from its deal to buy Revel, saying it is unable to reach a deal with the casino\u2019s power plant.<\/p>\n
\t\u2013 Jan. 5, 2015: Bankruptcy court judge approves sale of Revel to runner-up bidder Glenn Straub for $95.4 million; the deal is stalled within weeks when former business tenants and others appeal it.<\/p>\n
\t\u2013 Jan. 21, 2015: Appeals judge allows Revel sale process to continue.<\/p>\n
\t\u2013 Feb. 9, 2015: Straub misses deadline to close sale; Revel says it will kill the deal.<\/p>\n
\t\u2013 Feb. 24, 2015: Revel, Straub reach new sale deal, this time for $82 million.<\/p>\n
\t\u2013 April 2, 2015: Bankruptcy court judge approves sale to Straub.<\/p>\n
\t\u2013 April 7, 2015: Sale of Revel to Straub is completed.<\/p>\n
Posted by:<\/strong> Skinny on April 9, 2015, 3:59 am<\/p>\n "Pit Boss" wrote:<\/strong> \u2013 March 7, 2012: Revel reveals that Mitch Gorshin, whose father, Frank, played the Riddler from the \u201cBatman\u201d TV series, designed the casino\u2019s distinctive white ball atop its triangular roof.<\/p><\/blockquote>\n \n\tI read the story of how he came up with the idea for that ball atop the roof. It is a fascinating story.<\/p>\n \tHe was walking down the boardwalk one day and decided to have a slice of pizza. They served it to him on a piece of tin foil. As he walked along the boardwalk the sun was starting to set. After he finished the pizza he rolled the tin foil up in a ball planning on throwing it into the next garbage can that came along.<\/p>\n \tThen for some reason he held the rolled up tin foil ball out in front of him with his outstretched arm. He squinted at the ball through one eye so it looked like it was perched on top of the triangular roof of the Revel. He liked the way it looked, especially with the sun setting in the background. From that rolled up piece of tin foil, he decided to put the distinctive white ball atop the roof. At night the lights on the ball change so that it looks like the ball is rotating atop the point of the triangle. Watch it closely in the evening, it seems like it is rolling around the roof and might fall off at some points.<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Wayne Parry, Associated Press ATLANTIC CITY, N.J. (AP) \u2013 A look at key moments in the history of Atlantic City\u2019s Revel Casino Hotel: \u2013 September 2007: Revel Entertainment and partner Morgan Stanley file plans for a new casino and 3,800…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-8830","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=8830"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/8830\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=8830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=8830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=8830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}