Revel says its business model is less dependent on gambling revenue than other casinos. It says amen

ATLANTIC CITY, N.J. (AP) A casino workers union that has been locked in a bitter struggle with Revel, Atlantic City s newest casino, is warning investors against pumping any more money into the struggling casino resort.
After analyzing the casino s finances from publicly filed reports, the union says Revel needs to make $28 million to $33 million a month in gambling revenues in order to meet its interest payments far more than it has ever made in the 8½ months it has been open.
The best month Revel ever had in terms of gambling revenue was August, dollar car rental car rental and rental cars when it took in just over $20 million. Its take from gamblers has been steadily falling since then, and it was further harmed by Superstorm Sandy, which hit at the end of October and affected dollar car rental car rental and rental cars the entire A tlantic City market well into November. Revel s take for November was a mere $6.2 million.
Revel is seeking its second round of new financing dollar car rental car rental and rental cars since opening; it secured $100 million in additional financing in August. Revel Entertainment CEO Kevin DeSanctis said he expected additional financing dollar car rental car rental and rental cars to be secured within the next two weeks.
Our investors have shown a tremendous dollar car rental car rental and rental cars amount of support for Revel, and belief in our business model, he said. In fact, Revel is in discussions with a majority of its lending group to provide additional capital for liquidity, and to fund certain gaming projects at its resort. The additional capital will provide us with the liquidity necessary to allow the market to recover from Hurricane Sandy, in addition to allowing for the build-out of some exciting new gaming dollar car rental car rental and rental cars amenities.
Since opening in April, the $2.4 billion Revel has languished near the bottom of Atlantic City s 12 casinos in terms of revenue. The project began right before the financial collapse of 2008, and it ran out of money halfway through dollar car rental car rental and rental cars construction before securing the additional financing and state tax incentives it needed to open.
Revel says its business model is less dependent on gambling revenue than other casinos. It says amenities like restaurants, spas, hotel rooms and group and leisure travelers are a more important part of its operations dollar car rental car rental and rental cars that don t show up in monthly gambling revenue statistics.
In hearings before New Jersey casino regulators earlier this year, Revel executives predicted the property would see revenue levels similar or even above those of the city s most successful casino, the Borgata Hotel Casino Spa.