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MGM Found Suitable for Atlantic City Operations - Revel?

Last edit: Chuckmonster on Wednesday, 10th September 2014 3:10 pm
Last response by Drake 16th September 5:44am

From the MGM press room.

Did New Jersey realize that their fortunes were fucked and lowered the bar.

Do we have a bidder for REVEL?

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 Chuckmonster responded on Wednesday, 10th September 2014

Looks like we do have bidders....

$90 million bucks?. Ouch.

 vespajet replied on Wednesday, 10th September 2014

And people thought Landry's got a steal when they bought the Trump Marina.....

It makes you wonder how much lower the other offers Revel's owners reportedly rejected were in comparison.

 Chuckmonster replied on Wednesday, 10th September 2014

i thought the same thing re: the nug. what did they get that thing for like 30mil?

amazing. what a disaster.

 vespajet replied on Wednesday, 10th September 2014

$28 million, which was a huge drop in price considering the failed deal to sell to a company that was going to turn it into a Margaritaville Hotel & Casino originally was going to pay $316 million for it.

 anawas replied on Wednesday, 10th September 2014

...And thus Margaritaville set up shop in Resorts.

 anawas replied on Wednesday, 10th September 2014

It's not like the Golden Nugget just bought the place and opened up shop the next day. They spent a huge chunk of change* to renovate first.

*100,000,000+ comes to mind, but I don't have a citation for that and I'm too lazy to look it up.

 vespajet replied on Thursday, 11th September 2014

More like $150 million when all was said and done, which to give a comparison, was how much the Rush Tower at their Vegas property cost to build (Landry's had already spent $170 million on renovations and expansions there a few years before they started work on the Rush Tower.). Their location in Biloxi only cost $100 million to renovate in addition to the $45 million purchase price of the Isle of Capri.

 anawas responded on Wednesday, 10th September 2014

So will we see the fourth proposed MGM Grand Atlantic City? Or is MGM content just to eat a piece of Borgota's pie while it builds near Washington, DC?

 Chuckmonster replied on Wednesday, 10th September 2014

Oh man. Imagine if they actually built the last kooky looking MGM project they announced five years ago? It would've opened up right about now... CityCenter Disaster Version 2.0. The guy who pulled the plug on that deserves a raise.


 anawas replied on Thursday, 11th September 2014

There still are a lot of people at Atlantic City's three Marina-district casinos (Nugget, Harrah's, Borgata) since there's nothing else in the area to remind customers that it's OK to leave their respective resort.

That's good for business and bad for hookers and bums, who can't get there for free without a long walk or paying for parking. Though, having fewer dregs also is good for business.

If - and this is a HUUUUGE "if" - someone ever builds from scratch in AC again, I could see a fourth Marina-district casino being plunked down in empty space near Borgata before I see something new built at the Boardwalk. But before any of that, I see a casino operator renovating one of the 4 or 5 empty properties on the Boardwalk. Revel might be *too* big, but it sure is shiny.

If it were my money, I'd look at buying Trump Plaza at pennies on the dollar in upfront costs and then finding funds for a Nugget-esque top-to-bottom overhaul to compete with Caesars on luxury. Can't beat the location, but the property needs a LOT of love.

 blakjak21 responded on Thursday, 11th September 2014

There will no new casino resorts in AC for quite some time.

 adztheman responded on Friday, 12th September 2014

Wondering if this is a backup plan for MGM on the Eastern Seaboard, since Massachusetts voters will decide in November if the Expanded Gaming Law will continue or not.

MGM Springfield has the license for that region, and is waiting to see what happens before shovels hit the ground.

MGM pulled its name off the MGM Grand at Foxwoods; its now the Tower at Foxwoods; all traces of MGM were removed from the property.

 anawas replied on Thursday, 11th September 2014

I think MGM's National Harbor property just east of Washington, D.C. has been approved.

 toastcmu replied on Thursday, 11th September 2014

MGM's National Harbor has been approved and I believe prelim work has started - they're aiming for July 2016 for an opening. I'm thinking they just want to keep the marketing of the Borgata cliente to get them to Vegas in the meantime. They always had the strange relationship where you could turn in Borgata comps for a voucher which you could use in Vegas, but I'm not sure how many people actually took advantage of that.

 blakjak21 responded on Thursday, 11th September 2014

This buyer is also interested in the Showboat.
As for his plans for Revel, he 'may' partner with someone to run a the casino, if decides to have a casino. BUT, he would be 'bothered' by his family profiting from an enterprise built around gambling.

 Drake replied on Tuesday, 16th September 2014

I don't get it. If he's "bothered" by gambling profits, why is he even interested in a casino hotel?

 Skywise responded on Friday, 12th September 2014

"MGM Resorts International Found Qualified In New Jersey"

While it's technically correct that's really bizarre wording that implies it was undesired. Why not "MGM Resorts International approved for casino operations in New Jersey", or if it was the number of words, "MGM Resorts International qualifies in New Jersey"