Kevin DeSanctis, who cut his gaming teeth on the Las Vegas Strip before heading East where he became a major player, has decided to "follow the money" in his quest to find funding for Revel Entertainment Group’s $1.7 billion megaresort in Atlantic City.
He is partnering with a Chinese construction company in pursuing financing from a Chinese government-owned bank for what might end up as the last major construction project on the Boardwalk.
China State Construction Engineering Corp., the construction arm of the Chinese government, will team with Revel Entertainment and Tishman Construction for the project.
The Revel project was slowed as the faltering economy caused lending institutions to tighten funding restrictions. But the project is too far along, said officials, thus the move to seek the necessary funding to complete the project from China.
No specifics about the financing have been revealed but it was known that additional lenders will be solicited next month. Already involved in the project is Morgan Stanley, the financial giant.
Reportedly, China State Construction will take a 51 percent stake in the new construction partnership with Tishman as they complete the Revel project. The timeline is for a summer, 2011 opening.
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