Saturday, May 23, 2015

Morgan Stanley lost $932M on NJ casino deal

Failed Revel casino project cost Morgan Stanley nearly $1 billion

Morgan Stanley lost $932M on NJ casino deal

Morgan Stanley today confirmed "a loss of $932 million on the planned disposition of Revel Entertainment Group, LLC," the failed Atlantic City casino a Morgan Stanley subsidiary tried to finance before the economy blew up in 2008. That's equal to six week's profits for the giant Wall Street investment and trading bank.

This and more in Morgan Stanley's profit statement here. Bloomberg tells a bit more about land acquisition and desperate last-ditch financing efforts here.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Joseph N. DiStefano