Business

Full financing for Revel Casino in Atlantic City secured

Revel is back in business.

Full financing for the half-built, long-stalled Revel Casino in Atlantic City closed yesterday, a source close to the situation told The Post.

“It finally made it across the finish line,” the source said.

With the $1 billion-plus money in place, construction workers are expected to soon return to site — a much-needed shot of good news for the embattled city and cash-strapped state.

The plan is for the 53-story casino to open in Summer 2012, the source said.

In recent weeks, New Jersey Gov. Chris Christie leaned on executives at Morgan Stanley, which owns the Revel, to try again to raise the cash needed to complete the project. Efforts last year to raise the needed funds to get the casino built failed.

Morgan Stanley had no interest in spending more on the project, and instead the Revel company hired JPMorgan in mid-January to raise $1.15 billion.

The most difficult piece of the financing, a $305 million mezzanine loan, now is secured by escrow proceeds, the source said.