Atlantic City and its struggling gambling industry tonight received the best news possible: Revel Entertainment has found the $1.7 billion needed to finish construction of its mega-resort on the Boardwalk's east end.
The tangible and psychological ramifications of Shanghai-based China State Construction Engineering Corp. ponying up the dough are overwhelming. Most importantly, of course, this guarantees the stunning, blue-glass hotel-casino project will see completion, giving gamblers and non-gamblers alike another reason to visit AyCee, And with it will come thousands of jobs at a wide variety of pay scales.
But this is bigger than the proverbial bricks and mortar. China State Construction's eyebrow-raising investment sends an unmistakeable message that despite the lousy economy and slot parlors to the immediate west, Atlantic City has a viable (not to mention exciting, according to those who have seen the blueprints) future as a first-class tourist destination.
Plenty of "experts" have written off the town, and more than a few I've talked to have privately predicted Revel Entertainment would never be able to finish the job, and the existing exterior work would wind up being nothing more than an eye-catching monument to a future that never was.
This changes everything. Now the company can enthusiastically and confidently work toward what is now expected to be a July, 2011 opening.
Good news indeed...
About Chuck Darrow
Philly native Chuck Darrow has literally covered Atlantic City’s casino scene since Day One: He was there on assignment the night in November 1976 when voters approved legalized casinos.
Since then, Chuck has covered the town and its gaming industry for several area newspapers -- which is why, in some circles, he’s known as “Boardwalk Charlie.”
You can reach Chuck at darrowc@phillynews.com.
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