Atlantic City complex on track to get $1 billion in new funding
The Revel casino development in Atlantic City, N.J., is nearing completion of a deal for $1.15 billion in capital with help from the state that would allow the stalled project to be finished, The Wall Street Journal reports. People familiar with the situation told the business newspaper that J.P. Morgan Chase & Co. has secured commitments for an $850 million private placement that comes with a first-lien claim on the 1,100-room resort, and $300 million in mezzanine financing that would put Revel on track to open in summer 2012. The financing deal could be completed by the end of this week, sources told the Journal.
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