The Real Deal New York

Christie appeals to Morgan Stanley to help save stalled Atlantic City casino

January 25, 2011 10:15AM

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From left: a rendering of the Revel casino in Atlantic City, Chris Christie and Morgan Stanley CEO James Gorman

Morgan Stanley is launching a new $1.15 billion debt offering to help complete construction on the stalled Atlantic City Revel hotel and casino, after New Jersey Gov. Chris Christie personally lobbied executives at the bank not to give up on the project. According to the Post, Christie felt that the state desperately needed the jobs that will come from finishing the 53-story Revel. Morgan Stanley tried unsuccessfully last month to raise $1.3 billion from hedge funds to launch the Revel in mid-2012, but has agreed to try again. The bank, which won’t be ponying up any additional investments beyond the $1.2 billion it’s already thrown into the pot, has hired JPMorgan to market the loans and is slated to meet with potential investors today. One prospective taker said the senior debt pieces have already been spoken for, but that there’s still a $295 million mezzanine loan up for grabs. [Post]

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