Revel plans $2 billion casino

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Revel Entertainment Group, an upstart gaming company backed by Wall Street investment giant Morgan Stanley, plans to develop a $2 billion casino hotel that will top out at nearly 4,000 rooms and tempt customers with an array of retail and entertainment attractions.

"Revel wants to build two hotel towers of 1,936 rooms each, but market conditions will dictate the timing of the second one. The towers will soar 700 feet high, becoming the tallest buildings in town and dwarfing anything else currently on the Boardwalk.

"...The 48-story towers will be built in two phases. Combined, they will give Revel more hotel rooms than any other Atlantic City casino. But if Revel elects to stay with only one tower, four other casinos in town will have more rooms based on their existing inventory or expansion projects that will open in 2008.

"...Revel is clearing the 20-acre oceanfront tract where the casino is planned. The site is bordered by New Jersey, Oriental and Metropolitan avenues, overlooking the Boardwalk next to Showboat Casino Hotel. A grand opening is scheduled in 2011.

"This is the first casino developed by Revel, which has the financial backing of investment partner Morgan Stanley..."