Revel Slowdown Latest Drag on AC

Friday, Jan 30, 2009  |  Updated 7:40 AM PDT
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Revel Slowdown Latest Drag on AC

AP

As Atlantic City struggles with plunging casino revenue, the city is hoping to lure more airline carriers to cart travelers to and from Atlantic City Airport.

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Things are pretty bad in the nation's second-largest gambling market -- one casino about to be foreclosed on, another being run by a state trustee, three others facing possible bankruptcy.
    

But Atlantic City was counting on Revel Entertainment
The company's $2 billion casino-hotel project was forging ahead while mega-proposals from other companies crumbled all around.
    
No more. Revel laid off 400 workers on Wednesday and stopped work on the interior of the project while conserving its cash until things improve.
    
It's the latest in a string of high-profile setbacks to a gambling resort that had become used to nothing but good luck.

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