Atlantic City Casino Turns To China for Help
China State Construction Engineering Corp., the construction arm of the Chinese 
government, said in a filing with the Shanghai Stock Exchange that it is forming a construction consortium worth $1.7 billion with Revel Entertainment and Tishman Construction to complete what is likely to be Atlantic City’s last new casino for quite awhile.
Last year the project’s pace was slowed due to the recession. All but exterior work on the $2 billion ocean-themed Boardwalk casino was halted and hundreds of construction workers were laid off in January.
The Chinese company will own 51 percent of the construction partnership.(Source: WPVI TV)
51%.. that gives the Chinese a controlling stake.
While we are on the subject. Today we received the latest revenues from the Atlantic City casinos:
New Jersey reports August Casino Revenue $391.7M, -16.3% y/y
- TRMP Plaza $19.8M v $28.1M y/y
- TRMP Marina $16.5M v $19.4M y/y
- TRMP Taj Mahal $43.9M v $50.2M y/y
- Slot machines -14.6% y/y
- Table Games -20.3% y/y
