'It is anticipated that the disposition of Revel will result in a substantial loss of that investment,' the global financial services company said.
The company said its total investment in Revel is $1.2 billion. 'The company will consider various alternatives to effect the full disposition of Revel, which may include a direct sale to a third-party or an auction process.' The filing said the company's directors on Wednesday 'authorized management to proceed with a plan of disposal for Revel Entertainment Group, LLC,' a subsidiary of Morgan Stanley. Securities and Exchange Commission, Morgan Stanley said it will seek to sell or auction off the project. The company, which owns more than 90 percent of the ocean-themed casino-hotel project on the Boardwalk, did not list a reason for abandoning the project.īut looming next week is a demand from New Jersey casino regulators that top Morgan Stanley officials submit voluminous personal and financial information to enable the state to determine if they would qualify to hold a casino license. (AP) - Morgan Stanley said Thursday it is pulling out of the $2 billion Revel casino in Atlantic City and is prepared to take 'a substantial loss' on the stalled project, into which it has already sunk $1.2 billion.
