She noted there are already signs of a turnaround, citing a 17 percent uptick in gaming revenue and a 21 percent jump in the occupancy rate last month. Siman said too much importance is being attached of the weak gaming revenue figures, saying the resort aspires to be more than just a slot shop, but also a global tourist destination. But gaming analysts say the property's financial problems Who Owns The Revel Casino real. They say the casino is not taking enough cash from its slot machines and table games to keep up with monthly debt payments, setting off concerns among industry watchers of an untimely bankruptcy. The question is, does it have enough financial wherewithal to make it to the next summer? Hailed as a game-changing addition to Atlantic City, Revel became the city's 12th casino this year and the first to open in nine years. The hotel features 1, guest rooms, 14 restaurants, and seven pools. But the initial returns have been lackluster. Mike Pollock, a managing director at Spectrum Gaming, said Revel may be stumbling through its first summer season but its long-term strategy — relying less on the casino and more on the resort — is Atlantic City's future. Revel's own financial projections suggest the casino may have been been too optimistic about gaming revenue. 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. They want amenities. They want free play. They're not interested in high-cost restaurants," Kempf added. Christie and the EDA both touted the project as a job creator, predicting it would bring in about 5, full-time jobs. But the latest job figures submitted to the Casino Control Commission show Revel has only 2, full-time jobs. When you include part-timers the number grows to 3, employees, records show. Siman says the company incorrectly described the initial job numbers as exclusively full-time, when they also included part-time workers. The casino's Who Owns The Revel Casino and partial owner, Kevin DeSanctis, was then forced to scramble to find investors to finish construction. Under the incentive plan, Revel will recover 75 cents out of every new dollar in state revenue it generates. Lizura, the chief operating officer for the state Economic Development Authority, said. If they do, then we keep 25 percent. It's virtually riskless for the state. The governor is also betting that the resort will produce the first bump in state casino tax revenue since But overall revenues saw a 10 percent dip last month. Christie spokesman Michael Drewniak said: "We are not buying into this naysayer approach to redevelopment in Atlantic City. We understand the concern, but it's still a very difficult environment. Everyone, on both sides of the aisle, recognized the issues and were not willing to give up on Atlantic City. If you purchase a product or register for an account through a link on our site, we may receive compensation. News Down on its luck: Revel jobs, revenue falling below projections Published: Aug. By Statehouse Bureau Staff.
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