In 2006, Morgan Stanley purchased 20 acres (8.1 ha) directly north of the Showboat Atlantic City Hotel and Casino for a new $2 billion plus casino resort. Revel Entertainment Group was named as the project's developer for the Revel Casino. Revel was hindered with many problems, with the biggest setback to the company being in April 2010 when Morgan Stanley, the owner of 90% of Revel Entertainment Group, decided to discontinue funding for continued construction and put its stake in Revel up for sale. Early in 2010 the New Jersey state legislature passed a bill offering tax incentives to attract new investors and complete the job, but a poll by Fairleigh Dickinson University's PublicMind released in March 2010 showed that three of five voters (60%) opposed the legislation, and two of three of those who opposed it "strongly" opposed it. Ultimately, Governor Chris Christie offered Revel $261 million in state tax credits to assist the casino once it opened. As of March 2011[update], Revel had completed all of the exterior work and had continued work on the interior after finally receiving the funding necessary to complete construction. It had a soft opening in April 2012, and was fully open by May 2012. Ten months later, in February 2013, after serious losses and a write-down in the value of the resort from $2.4 billion to $450 million, Revel filed for Chapter 11 bankruptcy. It was restructured but still could not carry on and re-entered bankruptcy on June 19, 2014. It was put up for sale, however as no suitable bids were received the resort closed its doors on September 2, 2014.
In what year did Morgan Stanley purchase land for a new casino resort?
2006