Revel Entertainment discusses additional capital raise with lenders

By Sara Rosenberg

New York, Nov. 21 - Revel Entertainment Group LLC is in talks with a majority of its lending group to provide additional capital for liquidity and to fund some gaming projects at its resort, according to a news release.

Size and structure of the financing are still being negotiated.

Closing is expected within about 45 days.

"The additional capital will provide us with the liquidity necessary to allow the market to recover from Hurricane Sandy and execute our strategic build-out of exciting new gaming, food and beverage and entertainment amenities," said Kevin DeSanctis, chairman and chief executive officer, in the release.

"These new offerings will allow us to enhance our product, improve our customer experience, and create value for our stakeholders."

Additionally, the company released results for the third quarter, including total net revenue of $61.8 million, up from $55.1 million in the second quarter, and adjusted EBITDA of negative $12.2 million, compared to negative $22.9 million in the prior quarter.

Revel, a gaming and entertainment company in Atlantic City, N.J., commenced operations on March 28 and opened to the public on April 2.

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