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AC casino bets economy ripe for financing

9 September 2009

ATLANTIC CITY, New Jersey -- As reported by The Philadelphia Inquirer: "To the casual observer, work undertaken on the $2.5 billion Revel Casino rising next to Showboat might seem incremental.

"The 53-story concrete structure was topped off just two weeks ago, though ground was broken in November 2007. About 78 feet of structural steel will be positioned in the next couple months.

"But by October, said Kevin DeSanctis, president and chief executive officer of Revel Entertainment Group L.L.C. - the company behind the megacasino - he will seek the remaining $1 billion in loans he needs to complete the project.

"'We will go back into the lending markets in the fourth quarter," DeSanctis said in an interview last week. 'We plan to make a push October to December to get that last piece of financing.'

"For DeSanctis, it will represent a giant leap of faith that the credit markets have rebounded enough that a billion dollars in financing will no longer be considered untenable, if not impossible to get..."

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