Disaster Looms for $2.4B Atlantic City Casino-Spa

[What happens when a $2.4 billion casino-hotel fails?  It’s never happened before, but we may find out if Revel, Atlantic City’s spectacular new pleasure palace, continues to take in far less each month than is required to service debt from its mountainous construction costs.  We asked our good friend Mike Schurr for his thoughts on this topic. A Philadelphia real estate developer who summers in downbeach Margate where we grew up, Mike sees big trouble ahead -- not only for Revel’s financial backers, but for Atlantic City itself. RA]

I’m not an expert on many topics, but with twenty five years in the real estate business and Jersey Shore vacations that stretch back to my childhood, I know a thing or two about the intersection of these subjects.  First let me begin by saying there are a few places on earth that I love more than Margate, New Jersey. The beach, the smell of the ocean, the ability to bike everywhere and the close proximity to the poker rooms of Atlantic City make this small town a gem of a resort, at least for me. The proximity to Atlantic City, which lies on the same 8-mile-long island, is both a blessing and a curse, but that’s a story for another day. For decades, visionaries have touted Atlantic City as(…)
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