AC: Revel Close...Sale...Fail
April 10th, 2015 at 11:10:24 AM
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Quote: dave12038457I have a feeling the whole power issue is a negotiating tactic by Straub. The power plant was built for Revel and Revel only. He is hoping perhaps they are forced to sell to him at a greatly reduced cost "no one else has a need for this power plant." This plant not only supplies electricity, it also supplies cold water for air-conditioning and hot water for heat. Yes he can get portable diesel generators but, you need NJ EPA permits for them and they aren't meant to be a long term fix. Revel was built with its power plant, air-conditioning and heat in a separate plant. Even if Straub ran new electric feeder lines to Revel it still leaves Revel lacking heat and air-conditioning. He can either build a new heating/air-conditioning plant "not very likely" or buy and/or negotiate with the existing plant. My guess is Straub will come to some king of agreement with the existing plant. I can't see that he has any choice.
Some people are of the opinion Straub is crazy. Crazy like a fox is more like it. The man is a very shrewd negotiator.
Well he's definitely crazy. The "like a fox" part remains to be seen. I think someone else here said Sraub has ADD. That's exactly what I was thinking. Every time he opens his mouth some new idea comes out. If I came out with a new idea three times a day, some of them might be good. By accident if nothing else. This is Straub, he seems to have some good ideas mixed in with the nutty ones. Hopefully he puts a good management team in place to talk him off the ledge about the nutty stuff.
Can the Revel be operated profitably? If they can lower overhead (hello power plant), and follow the Borgata's model. Maybe. But those are two huge if's. I wonder if he can get it reopened by summer beach season? Seems like a tall order only an month and a half until Memorial Day weekend.
April 10th, 2015 at 11:29:45 AM
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Considering all the permits needed to open a casino and hotel, I don't see how it opens until later this year. Won't Straub have to go thru the whole casino licensing process, before he get a casino permit. Plus there is all the other policy & procedure stuff that needs to be created for a new gambling company. Even getting all the permits (occupancy & health) needed to open the hotel could take months.
April 10th, 2015 at 11:43:11 AM
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I would agree with you normally. No way they are open by summer. But if the officials in AC had any sense they'd expedite the process. Still might not be doable.
April 10th, 2015 at 12:45:35 PM
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The city has started to fine Straub. Still no power. Huge problem. There must be doses of stupidity in this cities water system. The saga of AC sadly continues.
April 10th, 2015 at 1:11:01 PM
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Straub said the city's action left him "with a bad taste in my mouth about government. If they turn us away, we'll go spend our money someplace else. I can very easily go back to Miami and be busy down there. They ought to be fining the people that caused this, not the person who just walked through the door.
So now he's threatening to take his ball home and leave the playground.
This is the last thing we want," Timothy Lowry, a lawyer for ACR, said Thursday morning. "But this guy ... I don't know what to believe. He wants us to provide free power. Glenn Straub doesn't want to pay anything. He bought Showboat, and he thinks he's going to be sending sea turtles down the Boardwalk with electrical cords."
I love the sea turtle bit.
Things are going to get ugly. If you think the purchasing negotiations and legal setbacks were bad, just wait. This is a train wreck and I just popped some corn and pulled up a chair!!
http://news.yahoo.com/power-plant-moving-forward-plan-shut-off-revel-134614734.html
So now he's threatening to take his ball home and leave the playground.
This is the last thing we want," Timothy Lowry, a lawyer for ACR, said Thursday morning. "But this guy ... I don't know what to believe. He wants us to provide free power. Glenn Straub doesn't want to pay anything. He bought Showboat, and he thinks he's going to be sending sea turtles down the Boardwalk with electrical cords."
I love the sea turtle bit.
Things are going to get ugly. If you think the purchasing negotiations and legal setbacks were bad, just wait. This is a train wreck and I just popped some corn and pulled up a chair!!
http://news.yahoo.com/power-plant-moving-forward-plan-shut-off-revel-134614734.html
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
April 10th, 2015 at 1:53:14 PM
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Why treat the guy who wants to do "something" useful with the property like this - assist him in getting some emergency power and expedite all casino, liquor, etc. permits — this is typical AC
(I wonder if Borgata has a dog in this fight?)
(I wonder if Borgata has a dog in this fight?)
April 10th, 2015 at 2:08:16 PM
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Yeah this is typical of government. AC is in desperation survival mode. Given that, the mayor and city officials should be doing everything possible to facilitate a smooth transition and get this place back up and running, ASAP. Do they do that? Of course not. Now Straub sounds like a piece of work, granted. But if I was the mayor of AC I'd lock Straub the ACR power people and the relevant city/state agencies in a room and not let them out until a transition/reopening of Revel plan was on the table. I'd have done it yesterday. Nothing else the city could do is more important. Who elects these morons.
April 10th, 2015 at 2:26:35 PM
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Quote: Venthus
So did they finalize (as far as this deal is concerned...) what's happening to the tenants? Last I heard, Straub was still trying to oust them.
-Unfortunately for the tenants, they may have convinced the wrong guy, with regard to credible AC business acumen, to finally crawl out of his wormhole & take their side (wonder if he was paid as an "expert bankruptcy witness", given his unparalleled experience in taking a $2 billion investment belly-up in record time?)
"Former Revel CEO Kevin DeSanctis on Wednesday sided with Revel's tenants in their battle to reopen inside the failed resort"
http://www.pressofatlanticcity.com/news/breaking/former-revel-ceo-arguments-against-tenants-spurious-and-wholly-without/article_2b0581bc-d87d-11e4-bc29-c79a4f7604a6.html
-despite Mr DeSanctis's "gravitas"?, the bankruptcy judge punted the tenants case to the next courtroom
"Judge Gloria Burns entered the final sale order Monday morning after verbally approving the deal last week. An attorney for Straub said the contract gives him one business day to complete the sale, which could happen late Monday, or Tuesday.
The judge's order left unresolved one of the stickiest aspects of the sale: The rights of former business tenants at Revel to continue to operate there once Straub re-opens the property. Her order specified that the tenants' rights are not wiped out by the sale agreement; last week, she said those rights need to be dealt with in a forum other than bankruptcy court."
http://www.recordonline.com/article/20150406/NEWS/150409602/101129/news03
April 10th, 2015 at 2:48:53 PM
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I hope I didn't flag this by mistake I was trying to hit reply button. I understand why the nightclub wants to reopen but why the push by Jose Garces. Where does he think his customers are coming from. Don't they understand that Straub wants to go in an entirely different direction. He is not going to after the customer that eats at restaurants run by Jose Garces. The Revel needs a food court and basic low cost restaurants. Is HQ totally self contained that means an entrance outside the property with no access to the casino floor. HQ really believes with no restaurants open and no rooms that people are going to go there over the club at the Borgata or Tropicana. The owner of the club was talking about opening 5/15. The parking garage only gives access to the casino floor so that can't be used. Meanwhile the casino has no power right now. I think that HQ is just trying to extract money from Straub. There is no way the club owner can think he's going to turn a profit with current set up.
April 10th, 2015 at 2:55:22 PM
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Borgata, nah, I don't think they need a dog in this fight, they're doing just fine and will continue to do so even with another casino in the mix. They have the formula right and have a lot of loyal patrons.
Now CET is another story, I think they might have a dog in this fight. They have said over and over that there are too many casinos in AC. They really only sold to Stockton to use as a university, no casino. What I think is going to happen to Showboat is Straub is going to wait and get the clearance and approval in his favor on that "upscale casino" clause and he's then going to sell it to Stockton so just wait and see there will be a college next to the Taj.
Now CET is another story, I think they might have a dog in this fight. They have said over and over that there are too many casinos in AC. They really only sold to Stockton to use as a university, no casino. What I think is going to happen to Showboat is Straub is going to wait and get the clearance and approval in his favor on that "upscale casino" clause and he's then going to sell it to Stockton so just wait and see there will be a college next to the Taj.
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
April 10th, 2015 at 5:06:51 PM
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Garces's restaurants (and food truck) involved quite sizable capital and other investments.Quote: JackStraw8004I understand why the nightclub wants to reopen but why the push by Jose Garces.
April 10th, 2015 at 8:52:10 PM
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Kevin DeSanctis' tenure at Revel was, "Spurious and wholly without merit."
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
April 10th, 2015 at 9:57:14 PM
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That's something you can put in your next legal complaint along with arbitrary and capricious.Quote: Mission146Kevin DeSanctis' tenure at Revel was, "Spurious and wholly without merit."
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
April 10th, 2015 at 10:33:27 PM
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Were AC a PC I'd hit "control, alt and delete," then reboot.
"What, me worry?"
April 11th, 2015 at 7:13:14 AM
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Nah. Wouldn't work. You'd have to redesign, re-engineer and rebuild the whole thing. Preferably with a whole new staff of honest and authentic geeks.Quote: MrVWere AC a PC I'd hit "control, alt and delete," then reboot.
April 11th, 2015 at 7:19:24 AM
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Quote: MrVWere AC a PC I'd hit "control, alt and delete," then reboot.
and add mandatory birth control shots for those receiving welfare/food stamps.
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
April 11th, 2015 at 7:20:43 AM
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"Nah. Wouldn't work. You'd have to redesign, re-engineer and rebuild the whole thing. Preferably with a whole new staff of honest and authentic geeks."
I'm talking about the whole town, at least as regards casinos, not just Revel.
The saga of "When casinos came to town" is yet another well deserved black eye / epic fail for AC and the state of NJ.
*see "The Boardwalk Jungle," by Ovid Demaris for details*
From the initial corruption involved in the licensing process through the failure to use tax money to develop infrastructure such as better roads and airports to the failure to gentrify the ghetto which adjoins the shorefront casinos, the list of incompetent decisions spirals on like a bad hair weave.
Graft, greed, corporate indifference all played a predictable part.
Pray for a tsunami.
I'm talking about the whole town, at least as regards casinos, not just Revel.
The saga of "When casinos came to town" is yet another well deserved black eye / epic fail for AC and the state of NJ.
*see "The Boardwalk Jungle," by Ovid Demaris for details*
From the initial corruption involved in the licensing process through the failure to use tax money to develop infrastructure such as better roads and airports to the failure to gentrify the ghetto which adjoins the shorefront casinos, the list of incompetent decisions spirals on like a bad hair weave.
Graft, greed, corporate indifference all played a predictable part.
Pray for a tsunami.
"What, me worry?"
April 11th, 2015 at 7:37:45 AM
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So am I. How many government officials have to go to jail before the voters wake up?Quote: MrV"Nah. Wouldn't work. You'd have to redesign, re-engineer and rebuild the whole thing. Preferably with a whole new staff of honest and authentic geeks."
I'm talking about the whole town, at least as regards casinos, not just Revel.
April 11th, 2015 at 7:44:23 AM
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OK, and my my point applies equally, whether focusing on one casino or the entire lot of them.
Ideally (and hypothetically, purely for discussion purposes), some catastrophe would wipe them and the adjoining area out; then collect the insurance and rebuild.
The problem of course is finding honest, competent and hard working politicians and owners to oversee the rebuilding process so that you don't wind up with the same pile of dog doo.
In NJ?
Not bloody likely.
No, they're reaping a whirlwind of their own creation.
Reminds me of this:
Seattle almost imploded due to reliance on one industry, Boeing, and when it started floundering it really hit the fan; via diversification and sharp political moves Seattle has recovered and flourished.
I do not see such a happy ending in the land of Turkish taffy.
Ideally (and hypothetically, purely for discussion purposes), some catastrophe would wipe them and the adjoining area out; then collect the insurance and rebuild.
The problem of course is finding honest, competent and hard working politicians and owners to oversee the rebuilding process so that you don't wind up with the same pile of dog doo.
In NJ?
Not bloody likely.
No, they're reaping a whirlwind of their own creation.
Reminds me of this:
Seattle almost imploded due to reliance on one industry, Boeing, and when it started floundering it really hit the fan; via diversification and sharp political moves Seattle has recovered and flourished.
I do not see such a happy ending in the land of Turkish taffy.
"What, me worry?"
April 13th, 2015 at 4:45:42 AM
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"I do not see such a happy ending in the land of Turkish taffy"
Bonomo.......
https://www.youtube.com/watch?v=Jpw64PkCJn8
Loved it!
Bonomo.......
https://www.youtube.com/watch?v=Jpw64PkCJn8
Loved it!
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
April 13th, 2015 at 5:42:02 AM
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Oh god I loved Turkish Taffy as a kid! I swear half the fun was breaking it on the sidewalk. Stuff would pull fillings right out of your teeth though.
How about those little candies sold on paper like a cash register tape? Or candy cigarettes?
Remember Fizzies? https://www.youtube.com/watch?v=ESF43WqVU1g
Its sugar has Nostalgia candy...
http://www.itsugar.com/itsugar-nostalgic-candy-gift-box.html#
How about those little candies sold on paper like a cash register tape? Or candy cigarettes?
Remember Fizzies? https://www.youtube.com/watch?v=ESF43WqVU1g
Its sugar has Nostalgia candy...
http://www.itsugar.com/itsugar-nostalgic-candy-gift-box.html#
April 13th, 2015 at 8:43:48 AM
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I got a bonomo turkish taffy a while back at Wegmans.
April 13th, 2015 at 10:26:19 AM
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You can get Turkish Taffy online from the Vermont Country Store.
April 13th, 2015 at 11:15:23 AM
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I'm going to be dating myself here but there was a show based out of New York City on WPIX called Wonderama with Sonny Fox (later with Bob McAllister) that I was on. Bonomo Turkish Taffy was one of the sponsors (along with Hebrew National ) We got a box of Turkish Taffy, banana (my favorite) and a whole slab of salami as gifts. I was a happy 5th grader.....
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
April 13th, 2015 at 3:27:50 PM
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Quote: MrsHeartRNI'm going to be dating myself here but there was a show based out of New York City on WPIX called Wonderama with Sonny Fox (later with Bob McAllister) that I was on. Bonomo Turkish Taffy was one of the sponsors (along with Hebrew National ) We got a box of Turkish Taffy, banana (my favorite) and a whole slab of salami as gifts. I was a happy 5th grader.....
Holy cow.... I was on Wonderama around age 8, and won the big prize. For weeks toys were constantly being delivered. I believe I opened a can and instead of the exploding snakes I picked the one with flowers....
April 13th, 2015 at 5:04:19 PM
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Quote: SOOPOOHoly cow.... I was on Wonderama around age 8, and won the big prize. For weeks toys were constantly being delivered. I believe I opened a can and instead of the exploding snakes I picked the one with flowers....
Wow, I can't believe someone else was on that show. They picked my twin brother to play a game and he won too. They picked me to dance in the cage, probably because I wore my mini dress and go go boots.....lol I remember it like it was just yesterday!
https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQKdgj5lp1t-2OlUCC4KXfdote0dE_nlmiwkuSPUhWxPpfMQmI1Dg
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
April 17th, 2015 at 7:25:21 PM
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Straub is now threatening to strip Revel and tear it down after losing in court again today. Facing fines from the city and not being allowed to use his generators, it isn't looking good for Revel. It's getting hot and humid in New Jersey so mold can't be far behind.
April 17th, 2015 at 7:42:44 PM
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Quote: BozStraub is now threatening to strip Revel and tear it down after losing in court again today. Facing fines from the city and not being allowed to use his generators, it isn't looking good for Revel. It's getting hot and humid in New Jersey so mold can't be far behind.
I am on Straub's side
I hope he tears it down and tells the power plant and the city of AC to go **** themselves
This guy is trying to save a building and maybe bring new jobs and gets caught in the red tape of prior bad contracts and environmental nonsense
April 18th, 2015 at 6:53:58 AM
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Quote: BozStraub is now threatening to strip Revel and tear it down after losing in court again today. Facing fines from the city and not being allowed to use his generators, it isn't looking good for Revel. It's getting hot and humid in New Jersey so mold can't be far behind.
what case did he lose?
what were the fines for?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
April 18th, 2015 at 7:16:34 AM
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Straub was being fined thousands per day in code violations on Revel. Without power the fire suppression systems are inoperative.
Straub brought in portable generators that run on diesel. The generators will violate the clean air act so can't be used. He may bring in smaller generators that are "clean" diesels.
The power plant itself is filing a lawsuit to prevent Straub from hooking up the generators. Seems the power plant owns some equipment in the casino/hotel and believes this equipment could be damaged by temporary generators.
Welcome to N.J. Mr. Straub.
Straub brought in portable generators that run on diesel. The generators will violate the clean air act so can't be used. He may bring in smaller generators that are "clean" diesels.
The power plant itself is filing a lawsuit to prevent Straub from hooking up the generators. Seems the power plant owns some equipment in the casino/hotel and believes this equipment could be damaged by temporary generators.
Welcome to N.J. Mr. Straub.
April 18th, 2015 at 9:26:53 AM
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Quote: dave12038457Straub was being fined thousands per day in code violations on Revel. Without power the fire suppression systems are inoperative.
Straub brought in portable generators that run on diesel. The generators will violate the clean air act so can't be used. He may bring in smaller generators that are "clean" diesels.
The power plant itself is filing a lawsuit to prevent Straub from hooking up the generators. Seems the power plant owns some equipment in the casino/hotel and believes this equipment could be damaged by temporary generators.
Welcome to N.J. Mr. Straub.
wow.
I assume he took the fines into account when he bought the property.
wonder what would have happened if NOONE bought the property at bankruptcy?
who owns it then? the state?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
April 18th, 2015 at 5:18:59 PM
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No, they'd have forced Revel into a Chapter 7 liquidation.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
April 18th, 2015 at 5:40:27 PM
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Quote: Mission146No, they'd have forced Revel into a Chapter 7 liquidation.
chap 7 = assets sold off.
but what if no one buys?
(and it looks clear now that revel is toxic and should be avoided)
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
April 18th, 2015 at 5:59:54 PM
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.04 on the dollar. Remember this. AC is a buyers market.
April 18th, 2015 at 7:02:30 PM
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I actually don't think Straub and his people, thought a lot of this through. Seemed like he played hardball with the utility supplier and they called his bluff by turning off the power. Then he figures, no worries I'll bring some trucks in to generate power while I figure something out. But the powers that be in NJ squashed that plan. It seems like he has no real "plan", seems like he's trying to do everything his own way, and winging it as the situation develops. How do you buy the property, knowing full well the utility issues, and have no plan to address them? You can't develop anything in a building with no electricity. He's off to a rocky start to say the least.
April 18th, 2015 at 7:05:20 PM
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As to Chapter 7 if no one buys. There'd always be some bid if the price gets low enough. In a situation where there was really no bid at all(highly unlikely). I imagine the state or city would seize the building as a property tax defaulter.
November 17th, 2015 at 6:19:07 PM
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Straub wants to turn Showboat into an Assisted Living Facility:
http://dmckee.lvablog.com/?p=17233
I said Revel, but that's close!!!
Actually, since Straub thinks it's a good idea, I've lost confidence in my plan.
http://dmckee.lvablog.com/?p=17233
I said Revel, but that's close!!!
Actually, since Straub thinks it's a good idea, I've lost confidence in my plan.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
November 17th, 2015 at 7:12:08 PM
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Wasn't the showboat sold to Bart blatstein last month ?
No longer hiring, don’t ask because I won’t hire you either
November 17th, 2015 at 7:45:19 PM
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Quote: WizardofnothingWasn't the showboat sold to Bart blatstein last month ?
Pretty sure I read that, too. Maybe it's not final. Or maybe Glen's showboating for the media.
If the House lost every hand, they wouldn't deal the game.
November 17th, 2015 at 10:18:02 PM
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Quote: WizardofnothingWasn't the showboat sold to Bart blatstein last month ?
I can barely keep up with the Showboat, Straub thinks he's going to get it for one reason or another is all I know.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
November 22nd, 2015 at 9:37:23 AM
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Showboat has not been sold yet but Blatstein and Richard Stockton college have reached a deal for a higher price for a delayed sale. In the meantime Straub is going to court to stop the sale saying he has the right to purchase Showboat.
In the meantime, it's getting colder and Revel doesn't have a contract in place for heat. Straub wants to bring in free standing boilers to be placed on the grounds and connected to the existing heating system. I'm starting to think that Straub will ever open Recel. It wouldn't surprise me to see him implode it.
In the meantime, it's getting colder and Revel doesn't have a contract in place for heat. Straub wants to bring in free standing boilers to be placed on the grounds and connected to the existing heating system. I'm starting to think that Straub will ever open Recel. It wouldn't surprise me to see him implode it.
November 22nd, 2015 at 3:40:44 PM
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What does paying more for a delayed sale mean? If you want to buy it wouldnt you want it right away.
Expect the worst and you will never be disappointed.
I AM NOT PART OF GWAE RADIO SHOW
November 23rd, 2015 at 5:27:51 AM
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Quote: GWAEWhat does paying more for a delayed sale mean? If you want to buy it wouldnt you want it right away.
According to an article in the local paper there is some type of tax advantage for Blatstein to wait until after Jan 1and since it costs the College to maintain the building until next year they reached an agreement for a higher price.
November 23rd, 2015 at 5:40:49 AM
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Quote: jerrysnjAccording to an article in the local paper there is some type of tax advantage for Blatstein to wait until after Jan 1and since it costs the College to maintain the building until next year they reached an agreement for a higher price.
Stratton college probably has straub to thank for that.
if straub wasn't in the picture, I bet Blatstein could dictate terms to the college since they are desperate to sell.
ie: we're buying in jan 2016. you're eating the costs till then
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
November 25th, 2015 at 12:32:38 PM
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Straub has reported to have reached an agreement to purchase the power plant that he has been fighting with so he will now be able to heat and power the building. At least the Syrian refugees he said he will put in the building will be comfortable now. In all seriousness I'm hoping this will eventually be good news for the City.
November 26th, 2015 at 6:16:54 AM
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Quote: jerrysnjStraub has reported to have reached an agreement to purchase the power plant that he has been fighting with so he will now be able to heat and power the building. At least the Syrian refugees he said he will put in the building will be comfortable now. In all seriousness I'm hoping this will eventually be good news for the City.
wait.. what?
instead of paying that power company the $ revel owes, he fought them for a year.
now he's going to BUY the plant from them?
so he could have saved a years worth of expenses by doing this on day1?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
November 26th, 2015 at 6:50:18 AM
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Quote: 100xOddswait.. what?
instead of paying that power company the $ revel owes, he fought them for a year.
now he's going to BUY the plant from them?
so he could have saved a years worth of expenses by doing this on day1?
Who says he hasn't been trying to. I doubt the deal was reached over tea this week.
Expect the worst and you will never be disappointed.
I AM NOT PART OF GWAE RADIO SHOW
November 27th, 2015 at 3:23:06 AM
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Time for ACR Energy Partners to be acquired! Here is an Article highlighting the most recent development in the history of the Casino Formerly Known as Revel and whether or not we can actually expect some sort of reasonable timetable for a relaunch now:
https://wizardofvegas.com/article/revel-again/
https://wizardofvegas.com/article/revel-again/
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
