AC: Revel Close...Sale...Fail

Quote: vendman1

WOW....I really thought the reason CET was closing Showboat was to bid on REVEL. They were basically going to trade an aging casino for a shiny new one. Made sense to me. I can't believe there wasn't one qualified bid. Wonder what a "qualified" bid would be. When I was there only a couple of weeks ago the employees seemed very optimistic that a buyer was going to emerge. Word on the street was either CET or Hard Rock.

Any bid CZR put in, which I am sure they did, was like the PH in Vegas purchase. That is an assumption of debt with no cash outlay. They dont have cash to spend but always try to use their holdings to make purchases. But those days are over and their assuming your debt is a good chance you wont get paid.

Quote: Boz

Any bid CZR put in, which I am sure they did, was like the PH in Vegas purchase. That is an assumption of debt with no cash outlay. They dont have cash to spend but always try to use their holdings to make purchases. But those days are over and their assuming your debt is a good chance you wont get paid.

Good point I suppose. But CET is a big company. I know they are massively in debt. But I think you could buy revel for like $100 million, maybe less. If they had half down or even a third down...I'm sure they could finance the rest, no matter how bad their balance sheet is. I'm sure they could come up with 30-50 million dollars. The place cost 2.4B to build it has to be worth something.

In addition, the bankruptcy courts main goal is to get the creditors as much money as possible. Isn't any money from a buyer, worth the NO money they will generate if they shutter the doors. I would think a competent owner/operator could make enough from the property to at least cover the day to day operating costs. But maybe I'm wrong.

What an article. 4 casinos will close this year,
3000 out of work for Revel alone. AC gets a
29% property tax increase (29%!) because
of the casinos, and the casinos that are left
are worth half of what they were recently.

Stick a fork in AC, it's done.. It will be amazing
if Revel stays open the rest of Aug. From what
Ace reports on weekend attendance, they aren't
even making enough to do the payroll.

mon·ey pit
an ongoing drain on financial resources

It could be the finest homeless shelter in the world.

Quote: vendman1

WOW....I really thought the reason CET was closing Showboat was to bid on REVEL. They were basically going to trade an aging casino for a shiny new one. Made sense to me. I can't believe there wasn't one qualified bid. Wonder what a "qualified" bid would be. When I was there only a couple of weeks ago the employees seemed very optimistic that a buyer was going to emerge. Word on the street was either CET or Hard Rock.

Here's your answer from the "horse's mouth" today:

"Gary Loveman, chief executive officer of Caesars Entertainment Corp. (CZR), said no qualified bidders have emerged for the bankrupt Revel hotel and casino in Atlantic City.The absence of qualified bidders for the New Jersey property “suggests that even at a de minimis price, people are finding it hard to imagine they can make money operating the Revel,” Loveman said today on a conference call, without specifying where he got the information."

(of course many of us would argue, if a certain horse's lips are moving, he is either chewing hay - or lying thru his teeth)

http://www.bloomberg.com/news/2014-08-11/caesars-ceo-loveman-says-no-qualified-bidders-for-revel.html

Quote: 7star4now

Here's your answer from the "horse's mouth" today:

"Gary Loveman, chief executive officer of Caesars Entertainment Corp. (CZR), said no qualified bidders have emerged for the bankrupt Revel hotel and casino in Atlantic City.The absence of qualified bidders for the New Jersey property “suggests that even at a de minimis price, people are finding it hard to imagine they can make money operating the Revel,” Loveman said today on a conference call, without specifying where he got the information."

(of course many of us would argue, if a certain horse's lips are moving, he is either chewing hay - or lying thru his teeth)

http://www.bloomberg.com/news/2014-08-11/caesars-ceo-loveman-says-no-qualified-bidders-for-revel.html

If Gary Loveman said it was raining and windy during a Hurricane, I'd look out the window to make sure. I'd still bet he's angling for an even lower price. Maybe buying it from the city for very little, when they forclose for unpaid property taxes or something.

Atlantic City's Revel Casino says it will close next month after failing to line up a buyer.

The company announced the move Tuesday, saying it would close its doors Sept. 10.

The $2.4 billion casino opened just over two years ago, and never turned a profit.

It was due to be sold at a bankruptcy court auction last week. But that auction was postponed until Thursday to allow casino officials to study bids that were received.

But after Revel's board met Monday, the decision was made to shutter the iconic glass-covered casino at the north end of the Boardwalk.

http://www.castanet.net/edition/news-story-120820-6-.htm

Revel said it still hopes to find a buyer through the bankruptcy process. But it acknowledged that if that happened, it would be after the facility had already shut down.
“We hope that Revel can be a successful and vital component of Atlantic City under a proper ownership and reorganized expense structure,” the company said. “We will continue to endeavor toward a placement with such an owner, but there can be no assurance as to the outcome of the pending bankruptcy process.”

http://nypost.com/2014/08/12/revel-casino-to-close-doors-adding-to-acs-gambling-woes/

Quote: 7star4now

Atlantic City's Revel Casino says it will close next month after failing to line up a buyer.

The company announced the move Tuesday, saying it would close its doors Sept. 10.

The $2.4 billion casino opened just over two years ago, and never turned a profit.

It was due to be sold at a bankruptcy court auction last week. But that auction was postponed until Thursday to allow casino officials to study bids that were received.

But after Revel's board met Monday, the decision was made to shutter the iconic glass-covered casino at the north end of the Boardwalk.

http://www.castanet.net/edition/news-story-120820-6-.htm

Revel said it still hopes to find a buyer through the bankruptcy process. But it acknowledged that if that happened, it would be after the facility had already shut down.
“We hope that Revel can be a successful and vital component of Atlantic City under a proper ownership and reorganized expense structure,” the company said. “We will continue to endeavor toward a placement with such an owner, but there can be no assurance as to the outcome of the pending bankruptcy process.”

http://nypost.com/2014/08/12/revel-casino-to-close-doors-adding-to-acs-gambling-woes/

I'm glad I used up all my resort dollars!

Quote: aceofspades

I'm glad I used up all my resort dollars!

Last time I was there (about 2 weeks ago) I splurged on a fancy dinner with my wife...just to use all of ours. Great minds think alike.

Quote: vendman1

Last time I was there (about 2 weeks ago) I splurged on a fancy dinner with my wife...just to use all of ours. Great minds think alike.

I got some nice button downs at Hugo Boss

Its been said many times in many ways, but there is no way this place would be closing if it was run right from the start, including design. Properly designed and operated, AC would be closing 6-8 other casinos because they would not have been able to compete with Borgata and Revel. There would have perhaps been room for a few others that operated a lower cost hotel and casino, but this would not have happened.

PA, MD, NY and all the other issues were coming no matter what Revel did, but there is still enough money in AC for casinos run properly. Borgata shows this month after month and will continue to do so in the future. Even CZR will find a way to make money in AC by closing Showboat and cutting expenses in their other casinos in every manner possible.

Stupidity and incompetence isn't a crime, but if it was Kevin DeSanctis would be public enemy Number 1 for his actions here.

So sad, so sad. Such a beautiful place one of my favorite casinos. I loved the rooms and the overall decor. I am almost never impressed with the design of casinos, I was with this place.

So what will logically happen with this place? I cant imagine it will just sit vacant forever.

Quote: AxelWolf

So sad, so sad. Such a beautiful place one of my favorite casinos. I loved the rooms and the overall decor. I am almost never impressed with the design of casinos, I was with this place.

So what will logically happen with this place? I cant imagine it will just sit vacant forever.

I agree, someone will take it over. I still think that CET would do well if they closed SB and ballys and took over Revel. They could bring in their players to the place. If anything they would at least have a busy casino.

I do wonder about the workings when buying a property like this. I am sure there are liens on the property. Also when someone buys it through bankruptcy, are they assuming the debt as well? Or can they just buy it for pennies and open re open it with no debt load other than day to day operations.

Quote: GWAE

I agree, someone will take it over. I still think that CET would do well if they closed SB and ballys and took over Revel. They could bring in their players to the place. If anything they would at least have a busy casino.

I do wonder about the workings when buying a property like this. I am sure there are liens on the property. Also when someone buys it through bankruptcy, are they assuming the debt as well? Or can they just buy it for pennies and open re open it with no debt load other than day to day operations.

This is what I've been saying for a while. It's too big and nice a property to just close completely. Even in a really down casino environment like AC. I'll miss it, it's a beautiful hotel. The casino layout is weird but still very upscale and pleasant. The property is easily the nicest in AC...only the Borgata is even close. Someone is going to pick it up for a song.

Quote: vendman1

In addition, the bankruptcy courts main goal is to get the creditors as much money as possible. Isn't any money from a buyer, worth the NO money they will generate if they shutter the doors. I would think a competent owner/operator could make enough from the property to at least cover the day to day operating costs. But maybe I'm wrong.

I am wondering the same thing. Suppose the best offer was Caesars offers to pay $1 and assume the debt for 10 cents on the dollar, which I think they would, and nobody makes a better offer. What would be the downside of the bankruptcy court accepting it?

Somehow it just doesn't seem economically logical to close the building and the creditors get nothing.

Quote: vendman1

This is what I've been saying for a while. It's too big and nice a property to just close completely. Even in a really down casino environment like AC. I'll miss it, it's a beautiful hotel. The casino layout is weird but still very upscale and pleasant. The property is easily the nicest in AC...only the Borgata is even close. Someone is going to pick it up for a song.

Not sure why everyone thinks this. Even at FREE, it seems the design is causing expenses from an HVAC standpoint that cannot be made month after month. I am the first to blame how they ran it for most of the problems, but they were near capacity much of the summer, should have been making loads of money from the clubs and bars and were still losing tens of millions every month. Even moving the gaming revenues up to Borgata's level (which will not happen ever) would have them losing money based on expenses.

A look at their financial statements (attached) shows that there is a long hill to climb for any prospective buyers.

http://www.nj.gov/lps/ge/docs/Financials/QuarterlyFinRpt2014/Revel1stqtr2014.pdf


These reports and the previous years ones are why there are no qualified (whatever that means) bids for a casino/ hotel that everyone thinks looks beautiful on the outside, but has a cancer inside.

Revel already closed down an "E" in its boardwalk sign:

Good thing it wasn't just the "R" -- as might have cast more aspersion on any future sale.

Quote: Boz

Not sure why everyone thinks this. Even at FREE, it seems the design is causing expenses from an HVAC standpoint that cannot be made month after month.

Exactly. This is what happened to many royal
estates in England. The families owned them
outright, but couldn't afford to run them anymore.
Revel isn't even owned, it will just sit there
languishing until it's split into condo's and apartments
and malls somewhere down the road.

Quote: Boz

Not sure why everyone thinks this. Even at FREE, it seems the design is causing expenses from an HVAC standpoint that cannot be made month after month. I am the first to blame how they ran it for most of the problems, but they were near capacity much of the summer, should have been making loads of money from the clubs and bars and were still losing tens of millions every month. Even moving the gaming revenues up to Borgata's level (which will not happen ever) would have them losing money based on expenses.

A look at their financial statements (attached) shows that there is a long hill to climb for any prospective buyers.

http://www.nj.gov/lps/ge/docs/Financials/QuarterlyFinRpt2014/Revel1stqtr2014.pdf


These reports and the previous years ones are why there are no qualified (whatever that means) bids for a casino/ hotel that everyone thinks looks beautiful on the outside, but has a cancer inside.

Boz, thanks for digging up AC casinos' financial statements.

Based on those statements, Revel's doing really bad, i.e., its net income was NEGATIVE $42,268,000 as of 3/31/2014. Borgata's not doing so well financially. Its net income was NEGATIVE $10,664,000. If the King of AC is in a bad shape financial wise, then the rest of sh*tty casinos are in big trouble. More AC casinos will be sunk like Titanic within years.

http://www.nj.gov/lps/ge/docs/Financials/QuarterlyFinRpt2014/Borgata1stqtr2014.pdf


http://www.nj.gov/oag/ge/quarterlyfinancialrpt.html

Quote: Fortalezo

Based on those statements, Revel's doing really bad, i.e., its net income was NEGATIVE $42,268,000 as of 3/31/2014. Borgata's not doing so well financially. Its net income was NEGATIVE $10,664,000. f

Most Vegas casinos are not operating at a
profit either and have huge debt. Yet they
stay open month to month and there's no
talk of closing. There is so many ways they
can fiddle with the numbers that it's hard
to tell what's really going on.

Any clue how much Revel pays to itself, to those responsible for failure to the Revel brand company? Where would this be hidden?

I started going to Revel since the Gambler's Wanted campaign... which has yielded more promotions, free play, giveaways, and comped rooms than other A.C. casinos have offered for basically the same amount of play (and we're not talking about a huge amount either). Combine that with the fact that it's on the boardwalk and easily the nicest property in A.C.... and this is quite a shame.

I guess the poor first impressions they made on people (who never got over it or came back) combined with the high costs of just keeping the doors open were too much in the declining market.

Quote: ECoaster

I started going to Revel since the Gambler's Wanted campaign... which has yielded more promotions, free play, giveaways, and comped rooms than other A.C. casinos have offered for basically the same amount of play (and we're not talking about a huge amount either). Combine that with the fact that it's on the boardwalk and easily the nicest property in A.C.... and this is quite a shame.

I guess the poor first impressions they made on people (who never got over it or came back) combined with the high costs of just keeping the doors open were too much in the declining market.

It wasn't a poor first impression. It was poor first, second, third, fourth...nth impressions. Revel was consistently mismanaged, poorly staffed, and clueless. Yes, the building was nice. But even then, the design made no sense. There were vast empty areas that were a pain to walk through, to staff, to heat, cool, and light. The casino was 90 feet above the boardwalk! You couldn't get to it. The theater entrance was on the ground floor. You didn't need to go to the casino to go to a show! The hotel lobby was in the middle of nowhere. The parking garage was disconnected from the rest of the property. The rooms themselves were often dirty. Lights and appliances rarely worked.

Revel was just a complete mess from the beginning.

def +1

Revel is done for. Can't cry much about it. Just feel bad for all the people that is going to be unemployed by this. The folks tried but the wrong strategy (trying to be high end Vegas) for AC.

Just hopefully AC as a whole can find a way to redefine and rescue itself some how in some way. Maybe this is the microcosm and a warning for what's to come for the North East since every state is trying to build all these casino resorts trying to chase the fix amount of gambling dollars available.

I'm thinking of making a trip back east within the next 30 days. If I go, it would be nice to see the Revel before they shut the doors.

So I looked into booking a room there and from their web site you would think they were booked solid from now until forever.

If you make it out there please take lots and lots of pics.

Quote: Wizard

So I looked into booking a room there and from their web site you would think they were booked solid from now until forever.

I bet they are booked, everybody has heard
they're closing and is using their comps.

Quote: Wizard

I'm thinking of making a trip back east within the next 30 days. If I go, it would be nice to see the Revel before they shut the doors.

So I looked into booking a room there and from their web site you would think they were booked solid from now until forever.

That's because they have already closed huge swaths of floors on the hotel. They're not really "booked solid" by the number of rooms they have total -- just from the number of rooms they allocate to actually booking.

It's pretty funny because obviously they are allocating 0 rooms to booking after a certain point, likely Sept. 10.

Or else there are a lot of optimists booking rooms for the spring of 2015:

Quote: Wizard

I'm thinking of making a trip back east within the next 30 days. If I go, it would be nice to see the Revel before they shut the doors.

So I looked into booking a room there and from their web site you would think they were booked solid from now until forever.

If going on short notice, let me know your plans. I will be there next weekend (Aug 23-25). The following weekend is Labor Day and it will be packed. After that it is dead and rooms are cheap.

Quote: sodawater

Quote: Wizard

I'm thinking of making a trip back east within the next 30 days. If I go, it would be nice to see the Revel before they shut the doors.

So I looked into booking a room there and from their web site you would think they were booked solid from now until forever.

That's because they have already closed huge swaths of floors on the hotel. They're not really "booked solid" by the number of rooms they have total -- just from the number of rooms they allocate to actually booking.

It's pretty funny because obviously they are allocating 0 rooms to booking after a certain point, likely Sept. 10.

Or else there are a lot of optimists booking rooms for the spring of 2015:

I had a room in Showboat last week that was facing Revel. There were 14 floors in the middle of the hotel that were blacked out. You could tell no one was using those floors. I don't know if it has always been like that or if it was a new thing

Quote: Boz

If going on short notice, let me know your plans. I will be there next weekend (Aug 23-25). The following weekend is Labor Day and it will be packed. After that it is dead and rooms are cheap.

You got it.

Quote:

There were 14 floors in the middle of the hotel that were blacked out. You could tell no one was using those floors. I don't know if it has always been like that or if it was a new thing

I wonder if the elevator even stops on those floors without a key.

Revel is the nicest hotel on East Coast. Anytime I visit the place I am thinking of an old charm, it never feels crowded even on a busy nights and the staircase is breathtaking. I like the people who visit the casino too, they look intelegent and friendly. I would leave everything the way it is. Hate the noisy, drunk visitors. Revel is New Jersey.

Quote: Dicenor33

Revel is the nicest hotel on East Coast. Anytime I visit the place I am thinking of an old charm, it never feels crowded even on a busy nights and the staircase is breathtaking. I like the people who visit the casino too, they look intelegent and friendly. I would leave everything the way it is. Hate the noisy, drunk visitors. Revel is New Jersey.

It never feels crowded on busy nights because it never is crowded on busy nights. Revel was designed to accommodate many more customers than it wound up getting.

Quote: Dicenor33

Revel is the nicest hotel on East Coast. Anytime I visit the place I am thinking of an old charm, it never feels crowded even on a busy nights and the staircase is breathtaking. I like the people who visit the casino too, they look intelegent and friendly. I would leave everything the way it is. Hate the noisy, drunk visitors. Revel is New Jersey.

Really? I love the Revel for the hotel it is, but can think of many others in Miami, Fort Lauderdale and even Maine that have the same features. The W for one in FLL beats it on every level except for a casino.

I understand it is just your opinion, like it is mine.

Quote: Dicenor33

Revel is the nicest hotel on East Coast. Anytime I visit the place I am thinking of an old charm, it never feels crowded even on a busy nights and the staircase is breathtaking. I like the people who visit the casino too, they look intelegent and friendly. I would leave everything the way it is. Hate the noisy, drunk visitors. Revel is New Jersey.

Have you ever been there when all the beautiful people are leaving HQ around 3AM without a care in the world? Wow! It's a sea of mini skirts in a mad dash down the escalator and out to the waiting limos and taxis. I've often wondered where they all go. Many of the unsteady ones carry their stiletto heels rather than risking a fall.

Quote: 1BB

Have you ever been there when all the beautiful people are leaving HQ around 3AM without a care in the world? Wow! It's a sea of mini skirts in a mad dash down the escalator and out to the waiting limos and taxis. I've often wondered where they all go. Many of the unsteady ones carry their stiletto heels rather than risking a fall.

Cosmo, Wynn, MGM LV and Pure @ Caesars before it closed. The same view at all of them in Vegas. And Yes, I wonder the same thing, but the answer is to the guys room who paid for bottle service and worked it for 6 hours, praying the money spend on $600 bottles (2 minimum) wasn't better spent on the girl at the casino bar who wanted a comped VP drink and $150.

Quote: 7star4now

Perhaps it was confiscated for resale on EBAY ,by a "destination expert" from another board, to offset future lost pumping income?

Your too nice my friend. What you meant to say was UKstages, who has not been seen to comment in days, is holed up in a room with Kevin trying to figure out how to best spin this latest turn of events.

"Hey why don't we say no one appreciated how much potential this "resort" has without resorting to gaming income"

"Yea, that's it. We can say players club Tiers are not needed here"

"And how about buffets are 'mass feeders'"

"How about if we require $5500 through a slot for a free taco, that will show those one day slot players"

"And while at it, lets bar any buses from parking here"

"Oh wait, we tried that and it didn't work"

"OK lets just say no one deserves this hotel"

"And blame the posters on the TA forum"

"Sounds good to me!"

Or something like that.

In memory of Revel, let's start posting our favorite #RevelMoments.

Last year, I played tables three hours, $50 a hand, lost $640. I logged in from my phone to check how many comp dollars I earned: $3.

Thanks, Revel.

Quote: sodawater

In memory of Revel, let's start posting our favorite #RevelMoments.

Losing 10 hands in a row at 3 separate tables. #RevelMoments

Quote: sodawater

In memory of Revel, let's start posting our favorite #RevelMoments.
.

Without Ace's trip reports most of us would
have no Revel moments.

Quote: sodawater

In memory of Revel, let's start posting our favorite #RevelMoments.

September 2012. New member sign-up bonus for I think $50 free play and $50 dining credit. I find out at the desk you must first earn 10 slot dollars. I have no idea what that means, so I asked him how much play it took on the slot machines. He told me they're all different and you just have to play and find out. He wouldn't give me any estimate at all. So I asked how about video poker and he told me they didn't have video poker while barely able to not smile and not laugh. I went onto the casino floor 1 minute, looked around and told myself I hated that place. Ate with a friend on her Comps she had and I neveR came back again. The white Revel card is still a virgin. Six months on the internet later, I did find out they indeed had video poker. He said they didn't and what did I know differently than his lies. Hated the blood red carpeting too and just one more design flaw to add.

Quote: sodawater

In memory of Revel, let's start posting our favorite #RevelMoments.

Last year, I played tables three hours, $50 a hand, lost $640. I logged in from my phone to check how many comp dollars I earned: $3.

Thanks, Revel.

Found a flashing blackjack dealer, a nice Dominican girl from NYC. Cleaned up.

Quote: Boz

Your too nice my friend. What you meant to say was UKstages, who has not been seen to comment in days, is holed up in a room with Kevin trying to figure out how to best spin this latest turn of events.

"Hey why don't we say no one appreciated how much potential this "resort" has without resorting to gaming income"

"Yea, that's it. We can say players club Tiers are not needed here"

"And how about buffets are 'mass feeders'"

"How about if we require $5500 through a slot for a free taco, that will show those one day slot players"

"And while at it, lets bar any buses from parking here"

"Oh wait, we tried that and it didn't work"

"OK lets just say no one deserves this hotel"

"And blame the posters on the TA forum"

"Sounds good to me!"

Or something like that.

Truthfully, for as much grief & censorship as we encountered for predicting this day would come , I wish this day never came, & I had been wrong.

For the 1st time in 30+ years, I don't look forward to the next AC trip.

I don't see AC as having much excitement to me in the future.

More high Tier players squeezed into inferior accommodations & perks.

Yippie?

For the 1st time? UK & I agree, He said Revel is was a "game changer"

I agree, since RV, the game as far as future investment & excitement in AC, is toast.

Wells Fargo has been loaning the casino 125 million to stay open and also were running the auction. These articles are so worthless you never really learn anything just getting one piece of the puzzle. Three bidders were being reviewed but they don't say whom the bidders were or why they weren't qualified. It's enough to drive you nuts.

I had thought I read debt was able to be used to purchase the Revel.

Favorite moment at the Revel was watching when they had to shut down like 30 machines and change them(still they didn't do it right) after they realized were out smarted by a flurry of big jackpots even after they tried hard to close all the holes in the promo. I Never had to touch a machine and no one needed to return.

Quote: onenickelmiracle

September 2012. New member sign-up bonus for I think $50 free play and $50 dining credit. I find out at the desk you must first earn 10 slot dollars. I have no idea what that means, so I asked him how much play it took on the slot machines. He told me they're all different and you just have to play and find out. He wouldn't give me any estimate at all. So I asked how about video poker and he told me they didn't have video poker while barely able to not smile and not laugh. I went onto the casino floor 1 minute, looked around and told myself I hated that place. Ate with a friend on her Comps she had and I neveR came back again. The white Revel card is still a virgin. Six months on the internet later, I did find out they indeed had video poker. He said they didn't and what did I know differently than his lies. Hated the blood red carpeting too and just one more design flaw to add.

This story brought back unfond (not a word but cut me some slack it's early) memories. Lets review the Reward card program at REVEL. This is all since 2012.

1. Casino opens --There are no tiers every one is the same (yeah ok). Plain white card. No easy way to earn, track, or redeem comps. They issued free play for sign up but it was very hard and/or confusing to use. VERYYY snotty attitude by all involved. They seemed to resent even to have to issue players cards.

2. Shortly thereafter- "ummm ok we messed up there are going to be tiers. But we will use the same plain white card for everybody just with numbers 1,2,3,4. On the bottom designating your level. We have no idea how to earn a tier or how you would track it but "trust us" this is better. Oh Yeah we will also match tiers from other casinos. If the idiots working the card desk can figure out how that day. Or which is higher Diamond or Platinum.

3. Complete Revamp #2. There are going to be tiers now, with actual cards that look different,...something like Ocean, Pearl and Black...I can't even remember by the time I got mine issued they had switched again.

3. Complete Revamp #3. OK now we have 4 Tiers, Blue, Gold, Platinum, Black. This was part of the Gamblers Wanted era. Easier to use comps and points blah blah blah. This program actually seemed to work. If only they had used it 1st instead of 4th. They put out kiosks so you could check and use your comps easily. Wow what a concept.

The whole players card program there is a microcosm of how badly they were run from the very beginning. Totally tone deaf to the whole process. Sigh.

I think Revel should be imploded.

Even Gary Loveman, who operates some of the most unprofitable casinos in the world, effectively admits the overhead is even too steep for him to take over & unload on another set of clueless bondholders.

It seems to me that a business plan to convert closed AC properties to non-gaming hotel rooms & senior housing is more ludicrous than Revel's own original business plan. If peak summer gaming revenues could not offset the $1 million$ daily operational cost of keeping the building open (per Bloomberg), how could seniors on fixed incomes or winter hotel guest paying $29 a nite room rates support anything close to this overhead?

How much demand is there for thousands of non gaming rooms 9 mos of the year?

Will thousands of seniors suddenly flock to a crime challenged location?

I think the conversion of these properties is a silly feel good, temporary band aid with no rational economics.

Detroit finally figured out that the only way to mitigate urban blight was to bulldoze properties that had no useful economic purpose & clear vast areas of abandoned structures.

If not, AC will come to look like the South Bronx in the 70's, where the "broken window theory" was born.

Revel certainly has enuf windows for local mischief makers to turn into the worlds largest shooting range .

"What can be done with a giant, empty casino building?

What can be done now with the mega-structure that some have termed a glass elephant - its 1,400 hotel rooms, its lobby of 650 steel cables hanging from the ceiling with 19,000 dangling gold circles, its 5,000-seat arena, 7,800 parking spaces, and 7,500 plumbing fixtures? Just how will its 30,000 live trees and plants, 10 swimming pools, and 1.04 million square feet of facade glass - enough to cover 18 football fields - be dealt with?....

Can they just board all that up? How many sheets of plywood would that take?...

Officials were mum on what's next for the structure. Even usually loquacious Atlantic City Mayor Don Guardian - who, two-and-a-half weeks ago, called a news conference to say there were at least a half dozen potential buyers for Revel - issued a terse statement Tuesday.
"The milk has been spilled on this building. And despite how it has been touted, Revel is really a good example of everything that is actually bad about casinos," said Cape May architect Michael Calafati...

It's a hermetically sealed . . . big-box structure that sort of sits on the Boardwalk and doesn't necessarily interact with what is around it the way the former grand hotels of Atlantic City once did, like the Dennis Hotel or later the Claridge," Calafati said..."


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