Union warns investors against more Revel funding

In this May 21, 2012 photo, stacks of chips sit on a gambling table at Revel in Atlantic City N.J. Revel, Atlantic City's 12th casino, is having its grand opening from May 25 to May 28, 2012. (AP Photo/Wayne Parry)
December 14, 2012 11:15:29 AM PST
A casino workers union that has been locked in a bitter struggle with Atlantic City's newest casino is warning investors against pumping any more money into the struggling casino resort.

Local 54 of the Unite-HERE union, which is trying to unionize Revel, sent a report to Revel's main investors this week estimating it will need another $300 million to stay afloat in 2013.

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. That's far more than it has ever made in the 8? months it has been open.

Revel is seeking its second round of new financing since opening.

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