Negotiations continue for $2 billion project

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "There will be a new Revel Boulevard and a new Revel Beach. That much is known. But there are some serious issues that must be resolved before the revelry can truly begin.

"Negotiators are trying to overcome some formidable obstacles in a development agreement that could allow Revel Entertainment Group to break ground on a proposed $2 billion megacasino as soon as Nov. 9.

"The agreement has already been rewritten several times and more revisions are needed before City Council is ready to vote on it, perhaps as early as its meeting today, said Councilman Dennis Mason, a key negotiator.

"...Revel, an upstart gaming company backed by Wall Street financial giant Morgan Stanley, plans to build a casino complex that would include two hotel towers totaling 3,800 rooms, 150,000 square feet of casino space and 500,000 square feet of dining, retail and entertainment attractions. A grand opening is expected in 2011.

"The development agreement lays out the rights and responsibilities of both sides before construction begins on the project. Revel is tentatively scheduled to seek city Planning Board approval Nov. 7 and break ground on the casino two days later if the agreement is authorized by City Council, Mason said.

"...Revel is developing a 20-acre oceanfront site next to Showboat Casino Hotel..."