Morgan Stanley has divested its stake in Revel Entertainment Group, the developer of a half-built casino resort in Atlantic City, New Jersey, Bloomberg reports. The buyer was an investor group led by Kevin DeSanctis, Chairman and CEO of Revel Entertainment.
The New York-based bank did not take a pretax loss or gain on the sale. The bank valued its stake at $1.2 billion in 2010, recognizing a loss of about 98%. Before the sale, Revel raised $1.15 billion to restart construction.
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