Morgan Stanley takes $932M hit to walk away from Revel

FoolMoneyIn for a penny, in for a pound? Bollocks to that, said Morgan Stanley. The Wall St. firm has revealed the hard number behind the ‘substantial loss’ it expected to take by walking away from Revel, its aborted Atlantic City casino development. Apparently, even the knowledge that it will lose $932M(!) couldn’t entice the company to stick with it until completion. Meanwhile, Revel Entertainment is hoping Thomas Tusser was right and that there are other deep-pocketed fools willing to part with the billion or so it needs to finish construction. Read more.