Five casino assets in Atlantic City are looking for buyers, raising concerns that the East Coast gambling enclave could be starved for new investment at a moment when competition from elsewhere is rising.
The for-sale signs cover a diverse group, from the city's oldest casino to a 50% stake in its newest, as well as a vacant lot. Morgan Stanley said Wednesday it plans to sell the 2,000-room Revel, a partly finished hotel-casino, within a year and reported a $932 million loss on the $1.2bn investment. The project is expected to need another $1.4bn before completion.
Wall Street Journal