Subsidy Tracker Individual Entry

Company: 
Revel Entertainment Group
Parent Company: 
Revel AC
Subsidy Source: 
state
Location: 
New Jersey
City: 
Atlantic City
Project Description: 

casino

Year: 
2011
Major Industry of Parent: 
entertainment
Specific Industry of Parent: 
casinos
Subsidy Value: 
$323,000,000
Program Name: 
multiple
Awarding Agency: 
Economic Development Authority
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
5,500
Source of Data: 

The $261.4 million Economic Redevelopment & Growth award was reported by: Donald Wittkowski, "New Jersey approves $261 million tax reimbursement for Revel casino," Press of Atlantic City, February 1, 2011 and is listed in the ERG activity report at http://www.njeda.com/web/pdf/ERG_Activity.pdf. Additional subsidies worth $61.6 million--including $37 million for widening roads leading to the casino, $2.6 million in state worker training awards and $22 million in state luxury sales tax rebates--were reported in Suzette Parmley, "Revel's Rocky Launch," Philadelphia Inquirer, August 21, 2012.

Notes: 

The Revel Casino was awarded over $261 million in the form of an Economic Redevelopment Growth (ERG) grant, which is a performance based subsidy that is not yet disbursed. It is also eligible for $2.6 million in worker training subsidies from the state and $22 million in state luxury sales tax rebates. The state also agreed to spend $37 million on widening roads leading to the casino. The casino filed for bankruptcy in March 2013, and the outcome of the subsidies is uncertain. The ERG award is also listed in the main Subsidy Tracker data for that program.

Source Notes: 
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