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Revel Casino Financing Shot In Arm For Atlantic City

ATLANTIC CITY, N.J. (CBSNewYork/AP) -- Word that Revel Entertainment has secured the final $1 billion-plus it needs to finish its half-built casino was being welcomed Friday both by the casino industry and by some standing to benefit from the jobs it will create.

Recession-pummeled iron workers, electricians and other construction workers expect to see a year and a half of steady work on the casino project, while Atlantic City residents also hope they'll be able to land one of the estimated 5,500 permanent jobs the casino and hotel will create.

Revel was begun in 2007, before the national recession hit and credit markets dried up. It ran out of money in January 2009 and halted work with just the exterior nearing completion.

Governor Chris Christie has committed $261 million in state tax credits to help Revel once it's open.

It is slated to open in the summer of 2012 with 1,100 hotel rooms, and is likely to be Atlantic City's last mega-resort for some time.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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