WALL STREET JOURNAL: …The imposing casino, called Revel, opened a year ago but has been a financial disaster. Morgan Stanley in 2010 pulled out and wrote down nearly $1.2 billion it poured into the project. Mr. Garrity, who left Morgan Stanley that year, took control of Revel only to lose that grip last week, and the project is expected to file for bankruptcy protection on Friday…
The resort also became a central part of New Jersey Gov. Chris Christie’s plan to broaden Atlantic City’s appeal as the East Coast’s one-time gambling monopoly battled new competition from nearby states, including Pennsylvania…
But heavy gamblers rejected the casino so emphatically that Revel underperformed even modest expectations… (more)
