The city, which nearly averted defaulting on its debt before the state takeover, will have a new mayor in January after Democratic Councilman Frank Gilliam defeated incumbent Donald Guardian in November. Inside the 2 Billion Bust: Atlantic Citys Big Bet, the Revel Casino, Closes The Revel boasted 40 stories of waterfront rooms, dining and entertainment. The city, with junk ratings of CCC-plus from S&P Global Ratings and Caa3 from Moody’s, issued $138 million in bonds earlier this year through New Jersey’s Municipal Qualified Bond Act program to finance casino property tax appeal settlements.Ītlantic City has faced state intervention since November 2016 under the Municipal Stabilization and Recovery Act that empowers New Jersey’s Department of Community Affairs under designee Jeffrey Chiesa to alter outstanding debt and municipal contracts. Revel was among five Atlantic City casinos to close since 2014 as the Jersey Shore gambling hub suffered from a saturated gambling market and regional competition from nearby Pennsylvania. “The property is expected to slowly capture its fair share of the market given the quality of the property-(originally opened in 2012), breadth of project offerings and a revamped operating strategy aligned with the demands of patrons in the market,” said Moody’s analyst Peggy Holloway in the report. The facility will also include 55,000 square feet of retail space along with a parking garage with more than 7,000 spaces.

The Moody’s report said AC Ocean Walk will includes 100 gambling tables, 2,000 slot machines, pools, a spa, nightclubs and 13 restaurants.

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