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New Jersey Approves Gaming License For Revel Casino

New Jersey's casino gambling industry has been searching for several years for a spark that could reignite the Atlantic City gaming industry. On Monday, they may have received that spark when Revel was granted a gaming license in the state.

Revel has been in the works for years, and even before the 2008 economic recession, Revel was considered a key to reviving an industry that had lost its luster. With casino expansion taking place all across the US since the recession, it has become even more imperative that Atlantic City casinos find a way to hold off the competition.

Revel is considered by many to be that answer. The facility is a state-of-the-art casino, equipped with entertainment space, restaurants, and retail outlets. Revel will also feature 10 pools, a spa, a theatre, and a large gaming floor. Revel has no rival in Atlantic City or anywhere else on the East Coast.

"What always amazed me about Wall Street guys is our willingness to get on a plane, and fly five or six hours to Las Vegas," said Michael Garrity, Revel's CIO. "Because we're gamblers? No. Because we want to have fun. That's what Revel is all about.

The multi-billion dollar facility is expected to bring customers from all corners of the world. Macau has become the gaming capital of the world in recent years, and Las Vegas has had a revenue resurgence in recent months. Atlantic City, however, continues to be swallowed up by massive expansion taking place in states such as Pennsylvania, Maryland, and now even Massachusetts. New York lawmakers are also deep in discussion about opening their borders to full-scale casino gambling.

Regulators from the New Jersey Casino Control Commission granted the Revel gaming license on Monday, and they made no secret of what the facility could mean to the state of New Jersey in the future.

"We are placing a great deal of confidence in you, Mr. DeSanctis, and your team at Revel," said Linda Kassekert, Chairwoman of the Commission, when speaking to Revel's CEO and President Kevin DeSanctis. "Your ability to market this property and draw new people to come and experience what Atlantic City has to offer will play an enormous role in the future success of the gaming industry here."

The Borgata was the last casino to open in Atlantic City, and at the time, regulators felt that the Borgata and Revel together could help bring customers back to AC. When the recession hit, Revel was one of the short-term casualties, with developers halting the project. Once the financial market stabilized, the project was restarted, and the facility is now set to open on April 2nd.

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