PhillyInc

"I think $2 billion is not an unreasonable number," said Kevin DeSanctis, president and CEO of Revel Entertainment Group L.L.C., of the projected pricetag for Morgan Stanley's new casino on the Boardwalk. Revel Entertaiment will operate the casino and Morgan Stanley will own the new gambling palace. DeSanctis, who spoke on a panel at today's gaming conference, aptly called "The New Atlantic City," said the casino's price has gone up from $1 billion to $2 billion because of rising construction costs and the lengthy permitting process to build along the Jersey Shore. "You're going to have to spend a lot of money to make an impact here," he said. DeSanctis said he hopes to break ground on the casino in spring 2008 with an anticipated opening date sometime in 2011. He announced today that Arquitectonica, which has built massive casinos and hotels in Dubai and Macau, will be designing the Morgan Stanley casino. --Suzette Parmley