ATLANTIC CITY - The city ordered Revel Entertainment Group to immediately install safety devices at the company's casino construction site.
City Council unanimously approved a measure Wednesday requiring the company to install a smoke detector and a fire sprinkler system at the South Inlet location.
Morgan Stanley, the investment giant that funded the first half of the unfinished casino project, has authorized Revel to commence planning for the installation.
"Normally, the installation of such a system would occur as the interiors of the building are built-out and would be completed prior to the building's opening," Michael Quinn, Morgan Stanley's managing director, wrote in a letter to Councilman Frank Gilliam. Quinn added that the work will be done, with a projected start in April.
Gilliam spearheaded efforts to upgrade the site's safety systems during the summer, and Revel promptly committed to doing "what's right for the city," Revel CEO Kevin DeSanctis previously said.
Morgan Stanley's plans to sell its stake in the Revel project went public in April, amid the struggles of Revel officials pursuing final financing for the interior construction of the project. Earnings reports released later showed Morgan Stanley wrote off $932 million of its $1.2 billion investment.
Developments on the financing efforts of Revel and DeSanctis to finish the project have been quiet. However, Quinn said Morgan Stanley remains optimistic that a deal will get done.
"We are also expecting to receive a proposal from at least one other credible investor during the next 30 days," Quinn wrote.
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