Sweeney: Revel casino's finances 'dire'

ATLANTIC CITY, N.J. (AP) -- New Jersey's state senate president says the new Revel casino's finances are "dire," and that he fears Atlantic City's newest resort could fail.

Stephen Sweeney says Revel owes $12 million in unpaid taxes to Atlantic City, which had planned a tax sale to recoup the money.

But the city and Revel say they'll agree next month to settle three separate tax court cases over how much the casino that cost $2.4 billion is truly worth.

In a letter to the state Division of Gaming Enforcement, Sweeney says "the casino appears to be burning cash at an alarming rate," and still owes substantial money to contractors who helped build it.

In terms of gambling revenue, Revel has been mired near the bottom of Atlantic City's 12 casinos since opening in April.