Morgan Stanley sells stake in Atlantic City’s Revel Casino

    Former financial backer of Revel Casino, Morgan Stanley, has sold its stake in the casino project to the investor group led by Revel Entertainment Group CEO Kevin DeSanctis.

    After suffering a $1.2 billion loss in the stalled Atlantic City process, Morgan Stanley sold its stake for $30 million, the Press of Atlantic City reports.

    Plans for the casino began in 2006, and Revel said last month should be completed in early 2012.

    Want a digest of WHYY’s programs, events & stories? Sign up for our weekly newsletter.

    It will take 126,000 members this year for great news and programs to thrive. Help us get to 100% of the goal.