Problems on the boardwalk at Atlantic City where the money has stopped rolling in. So Revel Entertainment Group has partnered with a Chinese construction firm, a move that may help the ocean-themed megaresort stay afloat.
China State Construction Engineering, China’s biggest homebuilder, signed a general contracting agreement it said is worth $1.7 billion with Revel and Tishman Construction, the construction manager for Revel’s casino project along the South Inlet section of the Boardwalk.
China State Construction said it will own 51% equity of a new partnership with Tishman New Jersey to finish construction on the project. That is now expected in July 2011.
It was unclear what the partnership would entail or how exactly Revel will finance the remainder of its $2 billion casino project.
Revel wants to build Atlantic City’s tallest building, featuring a 1,900-room hotel tower, two floors of casino gaming and dozens of restaurants and retail shops. The sleek reflective glass and curvy waves of the building’s exterior gives passers-by a glimpse of the glitz Revel has been promising.
Last month, The Press of Atlantic City reported that close to $1 billion had been spent on the project, which was only about 60% finished.
No one is saying that Atlantic City is appallingly tacky, and anything new and stylish will look totally out of place. Press of Atlantic City reported that the Export-Import Bank of China is expected to finance the project, although the newspaper said those details were not disclosed.