Hedge funds throw Revel casino a lifeline

The backers of Atlantic City’s nearly-broke Revel casino are making another risky bet.. The same group of investors that put roughly $1 billion in the casino’s parent company, Revel Entertainment, are loaning it another $150 million in a bid to keep the doors open through next summer, a source close to the situation told the NY Post.

“This is an act of desperation,” the source said. If they did not loan the money, Revel would have gone broke in a matter of weeks and their investment would have been worthless, the source added.

Now, they hope Revel can stay in business for a few more months, giving the backers time to restructure and ultimately sell the casino.  Revel — the first major Atlantic City casino to open in 10 years — has been a huge disappointment since it opened for business this spring…...

http://www.nypost.com/p/news/business/hedge_funds_throw_revel_casino_lifeline_0ivATjyvfnCzkMY34oBzDJ