Revel Casino Downgraded by Moody’s

Written by:
Aaron Goldstein
Published on:
Aug/22/2012
Revel Casino Downgraded by Moody’s

Troubled Revel Casino has been downgraded by Moody’s Wednesday.

Cake Games

The newest Atlantic City casino reported the biggest losses in that New Jersey gambling Mecca during its first several months of operation.

On Tuesday, Revel sought assistance from its lenders in an effort to increase the amount of credit it can draw on.

Moody’s Investors Service cited the casino’s poor performance in the cutthroat Atlantic City market as rationale for lowering its credit rating.  The move follows similar action last week by Standard & Poor’s.

“Based on these results, Moody’s has increased concern that Revel will not be able to achieve targeted business volumes and earnings necessary to cover its fixed charge burden,” the agency wrote. “And while Revel’s monthly gaming revenue has increased ... it is, in Moody’s opinion, significantly below the rate necessary for Revel to maintain an adequate level of liquidity and support its current debt burden.”

The $2.4 billion casino opened in April, but has been stuck in 8th place out of the city’s 12 casinos in terms of gambling revenue. It is trying to increase its credit commitments from lenders to $100 million in a deal it hopes to complete next week.

Revel posted a $35 million quarterly operating loss.

- Aaron Goldstein, Gambling911.com Business

Business/Financial News

Bookies in Arizona: Phoenix, Tucson, Mesa, Glendale, Chandler and Scottsdale

Bookies are prevalent throughout the beautiful Southwestern state of Arizona.  Residents of the state are fans of the NFL Cardinals, a few College Football teams and the NBA Suns among others. 

Minnesota Turnkey Sportsbook Solutions

Minnesota Turnkey Sportsbook Solutions

The Minnesota tribes could offer sports betting following a landmark ruling last May by the US Supreme Court that now allows sportsbooks to operate in all states, not just Nevada.

Iowa Turnkey Sportsbook Solutions

Iowa Turnkey Sportsbook Solutions

In May 2018, the US Supreme Court abolished decades of prohibition as it pertains to sports betting in the States. 

Texas Turnkey Sportsbook Solutions

Texas Turnkey Sportsbook Solutions

Texas is unlikely to license sportsbooks in this lifetime so bookies operating here will have limited competition to be sure. 

Nebraska Turnkey Sportsbook Solutions

In May 2018, the US Supreme Court reversed a decision that made sports betting illegal in most states over the past few decades. 

Syndicate