Revel is asking Atlantic City and Atlantic County to put up money to cleaning up the area around the Revel casino.
The deal, still in its early stages, would use a hefty portion of the city’s and county’s annual tax revenue from Revel to finance various improvement projects in the resort’s Inlet section and other areas that would affect the $2 billion megacasino…
Preliminary documents obtained by The Press of Atlantic City show the resort, the Atlantic City Board of Education and the county would each contribute a portion of the $32.5 million they are expected to generate from Revel’s annual property taxes. Normally, that revenue is split in half, with 50 percent for the city and the other half divided evenly between the county and the city school board.
Here’s a look at some of the improvements being asked for.
A draft agreement obtained by The Press of Atlantic City breaks down how the $150 million in infrastructure projects would be allocated. Below are some of the improvements featured in the documents. Officials with Revel and the city have warned that these numbers are likely to be altered.
Boardwalk Reconstruction
Demolition of Boardwalk from Melrose to Caspian avenues
Boardwalk renovation from Rhode Island to North Madison avenues
Price: $36 million
Expansion of Absecon Lighthouse Park
Expand park two blocks to Maine Avenue and the Boardwalk.
Price: $29.5 million
Garden Pier Renovations
Demolish end of pier
Renovate front of pier, Art Center and Historic Museum
Price: $10 million
Road Improvements
Arctic Avenue from Atlantic City Expressway off-ramp to Rhode Island Avenue
Baltic Avenue from Rhode Island Avenue to Atlantic City Expressway off-ramp
Price: $22.7 million
Much of Atlantic City is in need of some kind of repair. Call it gentrification or call it helping a community improve. While this is being asked for by Revel, they won’t be the only people to get something out of these improvements. It’s unfortunate that it takes this kind of business request to clean up the city but I understand why this is bring asked for and why this, or something similar to this, will happen in the next year or so.
The proposal isn’t final, but I can’t imagine it won’t be approved.
Revel casino found a way to secure funding to remain on schedule be finish construction and open in the summer of 2011.
China State Construction Engineering Corp. has signed a $1.7 billion agreement with property firm Tishman Construction Corp. and casino builder Revel Entertainment Group L.L.C. of Atlantic City, to finish the $2.5 billion megacasino planned next to Showboat on the Boardwalk.
Revel is still seeking about $1 billion in funding to complete the project but this deal should bring them closer to finishing the construction.
I’m stoked to see Revel’s owners doing everything they can to finish what they started. Rumors are that Pinnacle is waiting for the real estate market to turn up so they can cut their losses by selling the big bowl of dirt next to Bally’s. Of course, time will tell.
Time for a look back in the week at East Coast Gambler. What I thought was a slow week actually was a pretty busy week on ECG. Here’s all of the action.
Here’s a video update/tour of Revel in Atlantic City. There doesn’t seem to be any progress in the past few months but this video tour has some nice views.
It’s been a while since I’ve rounded up some of the articles I’ve read from around the gambling and casino world so this roundup will have more links than normal.
Atlantic City tripping has an excellent photo tour of Revel’s progress, or lack thereof. Nothing new here, but it’s very well done.
The Vegas Club has added a “Fetish Pit” to their casino floor. This is a case of pushing hot trends to the limits. Hot girls won’t likely get me in the casino, but if I’m there I’ll look.
Prive at Planet Hollywood in Las Vegas lost their liquor license and forces them to close. I’m not much of a clubber. I’m just surprised to see this.
Vegas Tripping posted this awful commercial from “Crazy Girls” at Riviera. This is laughable.
Las Vegas Sun talks about the premier service we should expect at the soon to open Mandarin Oriental hotel at CityCenter. I probably wouldn’t go here, but I’m a sucker for top notch service like the article discusses.
GASP! An Atlantic City attorney is looking to invest in a Pennsylvania slot parlor.
Lastly, I recently became aware of another east coast focused gambling blog – smart baccarat. It’s nice to find another gambling and casino blog from the east. Check it out.
