Started by hail2skins on Thursday, 19th June 2014 2:30 pm
Last response by hail2skins 26th June 6:03pm
Reports today saying Revel is informing employees that it may close unless a buyer is found for the property within two months.
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anawas responded on Thursday, 19th June 2014
That's not good. I'm actually planning a trip to (what's left of) Atlantic City in the next couple months.
anawas replied on Thursday, 19th June 2014
Revel is a beautiful resort that rivals almost anything Vegas has to offer and makes great use of its ocean location to boot.
But it probably arrived in Atlantic City 10 years after it should have. And management has made a series of anti-consumer mistakes. Still, I wish it had paired with Cosmo or another trendy Vegas operator to have some sort of east coast-west coast nexis of cool.
Assuming this threat of closure is real - and not a ploy to buy time or bargain with the unions - maybe one of the losers in NY State's casino race might take a run at Revel ownership. Or one of the online poker sites (PokerStars?) might want the property.
(Speaking of PokerStars, the old Atlantic Club Casino and Claridge Hotel Casino have been sold, and not to a poker company. http://www.miamiherald.com/2014/06/18/4185854/former-atlantic-club-casino-sold.html )
Even AC power player Caesars might close a casino there. Tough market. http://www.bloomberg.com/news/2014-05-07/caesars-weighs-closing-atlantic-city-casinos.html
sandyastrogl1de responded on Thursday, 19th June 2014
It was a bad move for them to try the Cosmopolitan approach in their advertising. Cosmo hasn't made a profit ever, and they originated the non-gambling casino.
mstokes responded on Thursday, 19th June 2014
If Revel really does close, (which I really do doubt it will) it would be such a shame. It's easily my favorite property in Atlantic City. The first year or so Revel management didn't make the best decisions. They really didn't know the market they were in it seems, or they did and were just being ignorant to it. But under this new management things have been looking up for the property. They've finally acknowledged they have a giant and beautiful casino, and have been trying new players cards and promotions to get the gamblers. Management has also made the property more affordable, with cheaper restaurants and rooms, plus currently free parking (which actually is a big deal for an Atlantic City casino). I really believe that if Revel didn't have such a bad reputation and aligned itself with a established hotel loyalty program, that they could be doing Borgata and Caesars money but would even that be enough to pay off a $2 billion debt.
detroit1051 responded on Friday, 20th June 2014
Rumors have been around for some time that the Seminole Tribe of Florida's Hard Rock International would be interested in Revel if they could get it for next to nothing. Jim Allen, Seminole Gaming's CEO, is supposed to have a huge ego and has lots of casino experience in Atlantic City. Remember, Hard Rock almost went ahead on a boutique hotel in AC. Buying Revel would either put Seminoles in the big leagues or break them. Since the two Seminole Hard Rock Casinos in Florida (Tampa and Hollywood)are so successful and are on the east coast, there could be some synergy between Florida and AC. I'd like to see this work to keep Revel open.
Revel and Hard Rock
Drake responded on Friday, 20th June 2014
It's hard to believe they'd shut down in mid-summer, which is high season for Atlantic City and the Jersey shore. Then again, their rates are so out of whack with the other casino hotels ($499/$599 per night on weekends) that maybe they ought to just pull the plug.
hobgoblin7777 responded on Monday, 23rd June 2014
I just watched this video
Per the Analyst Revel cost $2.6 Billion to build, and if sold, he values it at south of $300 Million. Per the video the Indian Tribe that once expressed interest is not interested in it at even a $500 Million dollar price tag. If Blackstone paid $1.73 Billion for The Cosmo I am surprised they would not roll a measly $300 Million (or less) for Revel.