Revel AC announced the completion of an amendment to its existing revolving credit facility with JP Morgan Chase as administrative agent.
The amendment provides for the addition of a new $125 million term loan under the facility and an increase of $25 million in the existing revolving commitments. A portion of the proceeds of the new term loan were used by the company to reduce amounts outstanding under its existing revolver. The company intends to use the incremental funds to support its strategic growth plans, to provide additional capital for liquidity and to fund certain gaming projects at its resort in Atlantic City.
“We appreciate the continued support and confidence of our investors, who have demonstrated a strong belief in our business model,” Kevin DeSanctis, chairman and CEO said. “This additional funding will enable us to execute our strategic build-out of exciting new gaming, food and beverage, and entertainment amenities. These new offerings will allow us to enhance and improve both the gaming and leisure experience for our customers.”
The company announced plans to build a new high limit slot ultra-lounge, an expanded players club, a three meal restaurant accessible to a broader audience and plans to expand the company’s quick-serve food options.
Revel is a beachfront resort located in Atlantic City, NJ.