In a filing with the US Securities and Exchange Commission,Morgan Stanley said it will seek to sell or auction off theproject.The filing said the company's directors on Wednesday"authorized management to proceed with a plan of disposal for RevelEntertainment Group, LLC," a subsidiary of Morgan Stanley.According to the filing, the company may consider a direct sale toa third-party or an auction process.


Neither Morgan Stanley officials nor Kevin DeSanctis, chairmanand CEO of Revel Entertainment, immediately returned messages. ButDeSanctis, told the Associated Press the project will stillget built. "The key is to ultimately figure out who will end upwith that equity piece, whether it's Revel, Revel with a partner orsomeone else," he said.


Just weeks before this announcement, the Casino ReinvestmentDevelopment Authority approved the South Inlet DemolitionProgram, with Revel Entertainment set to fund up to $500,000 of theprogram's cost. It is unclear if this project will proceed asplanned.


What is known is that the casino and its 2,000-room hotel arewidely seen as crucial to Atlantic City's efforts to compete withneighboring states, which soon will offer table games that threatento further erode New Jersey's one-time monopoly on East Coastgambling.

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