Morgan Stanley pulling out of Revel casino in NJ

ATLANTIC CITY, N.J. (AP) - April 1, 2010

In its announcement Thursday, the financial services company did not state a reason for abandoning the imperiled project. It owns more than 90 percent of the ocean-themed casino-hotel on the Boardwalk.

But looming next week is a demand from New Jersey casino regulators that top Morgan Stanley officials submit voluminous personal and financial information to enable the state to determine if they would qualify to hold a casino license.

In a filing with the U.S. Securities and Exchange Commission, Morgan Stanley said it will seek to sell or auction off the project.

Revel's CEO says the project will still get built.

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