Wall Street gaming analysts say the casino is at the brink of insolvency, particularly with all the fall-off in business enterprise which has followed Hurricane Sandy.

Final week, Revel AC Inc. entered into discussions “with a majority of its lending group to supply extra capital for liquidity and to fund certain gaming tasks at its resort,” a company statement mentioned.

“We appreciate the continued help of our investors,” stated Revel’s chairman and chief executive officer, Kevin DeSanctis. “The additional capital will present us using the liquidity needed to allow the market to recover from Hurricane Sandy and execute our strategic build-out of fascinating new gaming, food and beverage, and entertainment amenities.”

Revel recently installed new management to run its 1,400-room hotel, and final month it recruited Darlene Monzo, former vice president of advertising at Parx – Pennsylvania’s top-grossing casino – to be its senior vice president of promoting.

In August, lenders agreed to double Revel’s credit line to $100 million to obtain it through this year and into 2013 just after month-to-month casino income continued to fall properly beneath expectations.

The exact amount and structure on the most current request for further capital are getting negotiated. The corporation mentioned it hopes to close around the financing inside 45 days.

Revel, which debuted April 2, also reported total net revenue of $61.eight million, up 12.two percent versus the $55.1 million reported for your second quarter. Adjusted EBITDA (earnings prior to interest, taxes, depreciation and amortization) was negative $12.two million for the third quarter, compared with damaging $22.9 million for the second quarter.

Though the whole Atlantic City gaming marketplace suffered right after Sandy’s hit to North Jersey and New York – two crucial feeder markets – gaming analysts say Revel was additional vulnerable due to its substantial debt load and since it has been open less than a year and continues to be trying to get a following amid a still-struggling economy and fierce regional competitors.