With June revenues of $14.9 million placing it eighth among Atlantic City’s 12 casinos, Revel is already playing defense with the media and, perhaps, with its bondholders. The $2.4 billion project, which opened in May, is estimated to need $25 million to $30 million per month in gross gaming revenue to meet its obligations.

For the month of June, Revel generated well under one-third the revenue of Borgata ($53.3 million) and less than half of Philadelphia Parx ($31.9 million) and just over one-half the revenue posted by Maryland Live! ($28.5 million).

That said, Kevin DeSanctis, Revel’s chairman and chief executive officer, was still able to point out several positives. Revel’s June non-gaming revenues up 25% versus May, representing 40 percent of total property revenue; June slot handle and table drop were up 30 percent and 2 percent, respectively; and July month-to-date (as of the 10th) gaming revenues are up over 75 percent versus the same period in June.

“With 90 days behind us, we are encouraged by the significant improvements we have seen across all major business segments – group, leisure and gaming. It is clear our economic model is working, allowing us to generate high margin non-gaming revenue and operate at a significantly lower cost versus the traditional gaming-dependent model,” said DeSanctis, in a statement. “We are excited about what we have delivered from a product and experience perspective and remain confident our strategy will result in significant value creation for our stakeholders.”

Revel’s counseling for patience does have its defenders. "We were not surprised by the June number," John Kempf, of RBC Capital Markets L.L.C., told the Philadelphia Inquirer. "There is still a lot of work to do here, but trends are moving in the right direction."

"We're very early in the game," Greg Roselli, of UBS Securities L.L.C, told the Inquirer. "In saturated markets in a tough economy, it takes time to build up a core gaming customer. The visitation at the property has been strong, and non-gaming trends and revenue are moving in the right direction.” He did have one caveat: “It's a much different world in gaming than when the Borgata opened."