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 8½ months it has been open.

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