Revel announces completion of $150 million financing31 December 2012
ATLANTIC CITY, New Jersey -- (PRESS RELEASE) -- Revel AC, Inc. announced today the completion of an amendment to its existing revolving credit facility with JP Morgan Chase Bank, N.A., as administrative agent, and the lenders and financial institutions party thereto. The amendment provides for the addition of a new $125 million term loan under the facility and an increase of $25 million in the existing revolving commitments. A portion of the proceeds of the new term loan were used by the Company to reduce amounts outstanding under its existing revolving credit facility. As previously announced, the Company intends to use the incremental funds to support Revel’s strategic growth plans, and to provide additional capital for liquidity and funding for certain gaming projects at its resort in Atlantic City.
“From a gaming perspective, we are excited to reintroduce our new gaming and loyalty program to the market, and coupled with these exciting new gaming amenities, I am quite confident the steps we are taking will result in significant improvements in our market share.”
Commenting on the announcement, Kevin DeSanctis, Chairman and CEO said, “We appreciate the continued support and confidence of our investors, who have demonstrated a strong belief in our business model. This additional funding will enable us to execute our strategic build-out of exciting new gaming, food and beverage, and entertainment amenities. These new offerings will allow us to enhance and improve both the gaming and leisure experience for our customers.”
The Company announced plans to build a new high limit slot ultra-lounge, an expanded players club, a three meal restaurant accessible to a broader audience and plans to expand the Company’s quick-serve food options.
Commenting further, Mr. DeSanctis said, “Our existing product offering has allowed us to drive significant non-gaming revenues, particularly in the group and leisure segments. In terms of performance, the gaming segment is clearly the area where we need to see improvement and is our primary focus. We believe these new and expanded gaming offerings, combined with newly appointed leadership, specifically in our slot marketing area, will generate significant improvement in our overall gaming volumes, particularly as we enter into the Spring and Summer seasons.”
Darlene Monzo, Senior Vice-President of Marketing added, “From a gaming perspective, we are excited to reintroduce our new gaming and loyalty program to the market, and coupled with these exciting new gaming amenities, I am quite confident the steps we are taking will result in significant improvements in our market share.”
Revel is a new destination for uncommon recreation. The beachfront resort is smoke-free and features 1,399 rooms with sweeping ocean views. Designed to embrace its natural surroundings, Revel curates a collection of day life and nightlife experiences crafted to bring the outside in and the inside out. Indoor and outdoor pools, gardens, lounges and a 32,000-square-foot spa provide guests with a relaxing resort, while an outstanding collection of 14 individually themed restaurants from award-winning chefs and restaurateurs, live entertainment featuring marquee acts and international artists, nightclubs, an oceanfront day club, a casino that feels like a theatre and a collection of boutiques in The Row all tailor to each guest’s passions.