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

Convert Revel to a destination hotel, and convert the casino into a giant day care for kids. Market to gambling families. Come stay at Revel, and we'll watch your kids while you play at other casinos.

Quote: sodawater

Once NJ finds a way to legalize sports gambling, have the AC casinos run it, and let anyone in the state with a cell phone bet on the NFL, there will be a bunch of excitement and investment in AC.

Sports betting is almost an afterthought out West. In the East, it is huge. And NJ would once again have the only legal game in town.

Until PA, NY, and CT do the same.

Quote: 7star4now

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.

"iconic" lol

Quote: sodawater

Once NJ finds a way to legalize sports gambling, have the AC casinos run it, and let anyone in the state with a cell phone bet on the NFL, there will be a bunch of excitement and investment in AC.

Sports betting is almost an afterthought out West. In the East, it is huge. And NJ would once again have the only legal game in town.

Sports betting won't help much and as long as Harry Reid is head of the Senate the answer to any other state than Nevada is "no" anyways.

The creditors will either restart the casino or, if they think they can make more money, turn it into timeshares/condos.

Quote: bobsims

Sports betting won't help much and as long as Harry Reid is head of the Senate the answer to any other state than Nevada is "no" anyways.

That shouldn't be a problem after this Novembers elections.

Quote: AcesAndEights

"iconic" lol

Yup. Could be a record. Becoming such a colossal symbol of failure thanks to overweening arrogance, ineptitude and shady ethics in a little more than one measly year.

The more you know about Revel the more confused you get.

Vendman1 made some good points about the initial opening blunders of management.

I will add some more

Initially required a minimum stay of TWO night, this in a town that is know for being an overnight stay location.

No buffet. Casino patrons love a good buffet. The other guys had them so they went there.

No cheap eats other than Taco Truck. All high end places. The day tripper wants a bargin meal

No Asian games area. That speaks for its self

No smoking. Although I personally loved no smoking many of the gamblers like to smoke

A belief by players either real or imagined that comps were tight.

An aloof attitude by the management. It turned people off.

No bus access. This is debatable if it is bad or not as the Marina casinos do not welcome buses.

NOW I THINK THE MANAGEMENT TEAM GETS IT BUT IT IS TOO LATE, that is unfortunate. I will miss it. I feel very bad for the employees.

If you have time listen it the opening CEO Kevin DeSantis on the AC connection podcast. It is from a few years ago. It is a interview by Roger Gros. Very interesting to hear now.

Quote: GWAE

I think this is the biggest problem and it won't be overcome. I was there last week and the boardwalk was absolutely packed and the beaches were as well. However, at night the slots were basically empty. The tables seemed to have some life but you could basically get any slot machine that you wanted.

I assume all of these people are like me. I went with comped or using points to get free rooms. I ate basically for free by using points and during the day I was on the beach and then the boardwalk in the evening. By the time I had time for gambling I was tired so I didn't do much. On top of that, I have a casino 4 miles from my house so I have no need to gamble at night. I was only there for the beach. I would bet most tourist that go there are doing the same.

Summer rooms aren't as easy as you think for many people. They are at a premium in Atlantic City during the summer compared to Vegas by far. Someone told me the rooms at Revel dark were dark because they were never finished.

For Revel, it should have been pretty simple assignment. Offer great gaming and outdo the competition, which Borgota was able to do and thrive.

It was a tough order; the other casinos who have done marketing and promotions for a 30 year head-start saw this coming and kept its customers from going there. Revel just had to know what the competition was and beat them. But CZR and MGM are hard to beat because their programs are nation-wide with benefits in multiple states.

Clearly, 4 - 5 of the boardwalk casinos are going to have to close, be torn down, and replaced with something that isn't low income housing. Maybe do something like put in an artificial channel in front of Atlantic Avenue, have entry at either end, tear down everything behind Pacific Avenue and make it high end condos and hotels.

Quote: 7star4now

I think Revel should be imploded.

HOW DARE YOU.

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.

Filthy restrooms:

For what was supposed to be a high end property, my last visit to Revel over July 4th weekend, was an example of one of the things that perplexed me about the layout of Revel.

My wife & I each encountered filthy conditions, & disgusting behavior as we entered the front restrooms at the top of the elevator entrance to the Casino.

I was on a line behind 1 dozen + inebriated 20 somethings who up came from the day club. When I got inside the mens room, guys were peeing & spitting in the sinks & there were liquids? covering the entire floor . It was the most "unclean" restroom I've ever encountered in AC.

My wife had similar experience, girls stumbling into stalls 2 at a time & the floor was covered with TP.

Now, I'm not one to say that when we were 21+ we did better. But the experience hit me 1st person how ridiculous the RV plan & design was.

The difference is when my 21 yr old friends & I wanted to get crazy, we weren't given access to stink up facilities, at the front entrance of a hi end place to be shared with potential VIP customers possibly getting their 1st impression of a 2.5 billion$ property.

Why did Descantis value 8 to a room, cooler dragging ,coors lite/ 30 pack drinking 20 somethings , the same as 30 yr gamblers with high ADT's & design it so these groups would share facilities?...

Revel Math?

BTW -ironically, the design of the restrooms themselves is great IMO

Quote: DeSanctis

And we've been criticized by some who have seen the place that, well, there's no -- you can't get to the casino from the hotel elevators. And we did that intentionally. It wasn't a mistake.

Lol.

That was such an obvious mistake, even in the glory days of 2012 when everyone was excited.

Quote: 7star4now

Filthy restrooms:

For what was supposed to be a high end property, my last visit to Revel over July 4th weekend, was an example of one of the things that perplexed me about the layout of Revel.

My wife & I each encountered filthy conditions, & disgusting behavior as we entered the front restrooms at the top of the elevator entrance to the Casino.

I was on a line behind 1 dozen + inebriated 20 somethings who up came from the day club. When I got inside the mens room, guys were peeing & spitting in the sinks & there were liquids? covering the entire floor . It was the most "unclean" restroom I've ever encountered in AC.

My wife had similar experience, girls stumbling into stalls 2 at a time & the floor was covered with TP.

Now, I'm not one to say that when we were 21+ we did better. But the experience hit me 1st person how ridiculous the RV plan & design was.

The difference is when my 21 yr old friends & I wanted to get crazy, we weren't given access to stink up facilities, at the front entrance of a hi end place to be shared with potential VIP customers possibly getting their 1st impression of a 2.5 billion$ property.

Why did Descantis value 8 to a room, cooler dragging ,coors lite/ 30 pack drinking 20 somethings , the same as 30 yr gamblers with high ADT's & design it so these groups would share facilities?...

Revel Math?

BTW -ironically, the design of the restrooms themselves is great IMO

I would have to say all the times I was at the Revel the bathrooms were clean. You always see attendants in them. Borgata without question has the cleanest bathrooms in AC. They must have learned from Steve Wynn in Las Vegas. You can eat off the floor in any part of the Wynn or Encore.

Quote: JackStraw8004

I would have to say all the times I was at the Revel the bathrooms were clean. You always see attendants in them. Borgata without question has the cleanest bathrooms in AC. They must have learned from Steve Wynn in Las Vegas. You can eat off the floor in any part of the Wynn or Encore.

I would agree, the Borgata has the cleanest bathrooms in AC. However, there's still a lot of room for improvement. The men's poker room bathroom on weekends is gross. There is no enforcement whatsoever of the smoking ban in there. People rarely flush the toilets after crapping. The air is a mixture of cigarette smoke and shit smells.

Obviously this has a lot to do with the high traffic plus the general poor hygiene habits of poker players. The Borgata's casino floor bathrooms are always spotless, even on Saturday nights. Maybe they should shift more workers to the poker room restroom. Or at least enforce the no smoking policy.

Quote: aceofspades

Revel moves close date to September 2nd

Ace, I know Revel closing must be tough on you. For your sake you must come to terms with her departure, I believe she never truly loved you anyway. I know this must be a tough pill to swallow so if you need to talk I'm here for you buddy. :)

Quote: rainman

Quote: aceofspades

Revel moves close date to September 2nd

Ace, I know Revel closing must be tough on you. For your sake you must come to terms with her departure, I believe she never truly loved you anyway. I know this must be a tough pill to swallow so if you need to talk I'm here for you buddy. :)

I have been boycotting Revel since 2 weeks ago when they told me I was "flagged in the system" as a player who disputes payouts

Quote: aceofspades

Revel moves close date to September 2nd

I'll be surprised it it lasts 2 more weeks.

24 hours ago there were still ongoing discussions behind the scenes with bidders so they say and now moving up the closing date. Looks like no one would take a bite at this. Well who would be dumb enough to?

So any of you folks going to go and pay your respects?

Quote: aceofspades

Quote: rainman

Quote: aceofspades

Revel moves close date to September 2nd

Ace, I know Revel closing must be tough on you. For your sake you must come to terms with her departure, I believe she never truly loved you anyway. I know this must be a tough pill to swallow so if you need to talk I'm here for you buddy. :)

I have been boycotting Revel since 2 weeks ago when they told me I was "flagged in the system" as a player who disputes payouts

Foxwoods and now Revel? LOL. Well at least Revel is going bye bye.

Quote: DMSCR

Quote: aceofspades

Quote: rainman

Quote: aceofspades

Revel moves close date to September 2nd

Ace, I know Revel closing must be tough on you. For your sake you must come to terms with her departure, I believe she never truly loved you anyway. I know this must be a tough pill to swallow so if you need to talk I'm here for you buddy. :)

I have been boycotting Revel since 2 weeks ago when they told me I was "flagged in the system" as a player who disputes payouts

Foxwoods and now Revel? LOL. Well at least Revel is going bye bye.

My boycott was the nail in the coffin LOL

Quote: aceofspades

Revel moves close date to September 2nd

lol my friend booked 1st week their.

" the biggest flaw with the revel's strategy": by UkStages

"look, the revel was marketed wrong (several times), that's a big problem. but the biggest flaw with the revel's strategy was underestimating the allure of existing rewards programs (primarily total rewards and my borgata rewards) and players' unwillingness to stray from the golden handcuffs those programs offered."

Read this thread to view the "smoking gun"


http://www.tripadvisor.com/ShowTopic-g29750-i78-k5303788-o30-My_Visit_To_The_Revel-Atlantic_City_New_Jersey.html

by UKstages""not everybody is as concerned with the "points system" as you seem to be."

Quote: DMSCR

...So any of you folks going to go and pay your respects?

I was in AC last night at the Borgata. The few times that I went to Revel I found it creepy and depressing. It looks interesting from the outside and from the "lobby", but the gambling experience sucks. I could care less that the place is closing, other than for the employees who are out of jobs. Call me when they find someone who can run a casino.

Quote: 7star4now

" the biggest flaw with the revel's strategy": by UkStages

"look, the revel was marketed wrong (several times), that's a big problem. but the biggest flaw with the revel's strategy was underestimating the allure of existing rewards programs (primarily total rewards and my borgata rewards) and players' unwillingness to stray from the golden handcuffs those programs offered."

Read this thread to view the "smoking gun"


http://www.tripadvisor.com/ShowTopic-g29750-i78-k5303788-o30-My_Visit_To_The_Revel-Atlantic_City_New_Jersey.html

by UKstages""not everybody is as concerned with the "points system" as you seem to be."

Wow, what do you say to that?? Cosmo in Vegas, with no links to other casinos just reported a 40% increase in gaming revenue because they started MARKETING their casino. Considering 90%+ of the players who visit Vegas are tied to MGM, CZR, Wynn or Venetian and their player programs, these players must be coming from somewhere. Yes I know AC and Vegas are different, but it shows someone can grow if they try to attract players. UK, Kevin and the rest of that crew never understood that and expected people to just come to them because they are new.

http://www.reviewjournal.com/business/casinos-gaming/cosmopolitan-las-vegas-trims-loss-sees-revenue-grow

Quote: 7star4now

In fairness, the non smoking thing was a "Game changer" for Revel - as Uk predicted?

Looks like UK or one of the other mods have closed all the topics discussing the Revel closure. Acting like it isn't happening doesn't help anyone.

FYI-if you are planning on visiting AC, & consulting TA on whether or or not your hotel will be open upon your arrival, all topics on that subject appear to be closed

Quote: 7star4now

In fairness, the non smoking thing was a "Game changer" for Revel - as Uk predicted?

Um, I predicted this even before they opened,
right here.

Quote: EvenBob

Um, I predicted this even before they opened,
right here.

1 out of 100 predictions NOT BAD Nostradamus

Quote: EvenBob

Um, I predicted this even before they opened,
right here.

Maybe President Romney can make a few calls, try to save the Revel. Doesn't he have connections in the finance industry?

Quote: AxelWolf

1 out of 100 predictions NOT BAD Nostradamus

Oh snap! hehehe

Quote: sodawater

Maybe President Romney can make a few calls, try to save the Revel. Doesn't he have connections in the finance industry?

That's a great idea. He campaigned on the slogan he saved the Winter Olympics in Salt Lake City. I never heard exactly how he did it? Doesn't matter, he's got money and connections and it's time some clear concise decisions be made about the property.

What are the options for Revel? Selling soon, letting the building sit for 5 years or dismantling the building for scrap. How long do you think it will take for a new owner to reopen? I have to imagine 2 years or it would have sold already. This being said based on redesigning it from the inside as some suggested need be done.

What about Showboat? Would Caesars ever sell? I don't think they would for any price.

OK, could those of you who really follow NJ clarify something for me, please? My understanding was that the state "invested" 260M in tax incentives in Revel. But other places they're claiming there was an investment of public funds. Some other commentary specifically includes state workers' pension fund, investing involuntarily.

Tax incentives are NOT cash. It just means that the revenoo'ers won't collect taxes in part or in full for some amount of years. Could come from resort tax, property tax, room tax, gambling income tax, dunno and really not sure I care which. But it's not an "investment"; it's an "incentive" to the business. Connecticut, Delaware, South Carolina, South Dakota, for example, are all states that have made laws which incentivize businesses to place corporate assets in them through such initiatives.

So, did the state actually put money INTO either AC or Revel specifically? Or did they simply incentivize, and possibly provide a collection pool by earmarking certain profits into something like the CRDA?

Thanks.

Quote: beachbumbabs

OK, could those of you who really follow NJ clarify something for me, please? My understanding was that the state "invested" 260M in tax incentives in Revel. But other places they're claiming there was an investment of public funds. Some other commentary specifically includes state workers' pension fund, investing involuntarily.

Tax incentives are NOT cash. It just means that the revenoo'ers won't collect taxes in part or in full for some amount of years. Could come from resort tax, property tax, room tax, gambling income tax, dunno and really not sure I care which. But it's not an "investment"; it's an "incentive" to the business. Connecticut, Delaware, South Carolina, South Dakota, for example, are all states that have made laws which incentivize businesses to place corporate assets in them through such initiatives.

So, did the state actually put money INTO either AC or Revel specifically? Or did they simply incentivize, and possibly provide a collection pool by earmarking certain profits into something like the CRDA?

Thanks.

Both. There was no direct investment, only tax credits as you list. And since they never made any profits, they didnt use most of the credits. However they did get credits on Sales Tax collected and no one is stating the exact amount that was collected and never paid.

Now one can argue if Revel was never built there would not have been Sales Tax to collect. However if you believe that at least some of the business Revel gained came from other AC Casinos, then the state lost money it would have collected.

I am not against what NJ did. Many cities and states take these type chances to create jobs, just in this case it was a long shot based on how the market was changing. Add in the idiots running Revel and it was a long shot for the state.

Quote: beachbumbabs

OK, could those of you who really follow NJ clarify something for me, please? My understanding was that the state "invested" 260M in tax incentives in Revel. But other places they're claiming there was an investment of public funds. Some other commentary specifically includes state workers' pension fund, investing involuntarily.

Tax incentives are NOT cash. It just means that the revenoo'ers won't collect taxes in part or in full for some amount of years. Could come from resort tax, property tax, room tax, gambling income tax, dunno and really not sure I care which. But it's not an "investment"; it's an "incentive" to the business. Connecticut, Delaware, South Carolina, South Dakota, for example, are all states that have made laws which incentivize businesses to place corporate assets in them through such initiatives.

So, did the state actually put money INTO either AC or Revel specifically? Or did they simply incentivize, and possibly provide a collection pool by earmarking certain profits into something like the CRDA?

Thanks.

from AP:
"The vote by the Economic Development Authority will give Revel Entertainment Group a $261.4 million state tax reimbursement over 20 years once the casino opens and begins generating tax revenue for the state.The state will have no ownership in the casino. However, it will receive a 20 percent cut of the profits that go to the casino’s equity partners in an arrangement known as “success reimbursement payments,” the EDA and Gov. Chris Christie’s office said.
“It is a reimbursement of taxes paid. It is not an up-front payment,” said Caren S. Franzini, the EDA’s chief executive officer.
In addition to the benefits to Revel, the tax reimbursement program will fund $125 million in upgrades to the Boardwalk and other parts of the city that surround the casino site.Among the improvements, Revel will rebuild the Boardwalk in front of the casino and replace the dilapidated Garden Pier. The company will also help to build roads and oceanfront parks and remove blighted buildings. It also plans to help the city find a new location for the Atlantic City Arts Center and Historic Society, now stuck on the Boardwalk side of the Garden Pier.Revel’s tax reimbursement of $261.4 million is based on 20 percent of the remaining $1.3 billion cost to finish the project. Reimbursements will come from the casino’s sales, hotel and corporate taxes.Franzini said safeguards will protect the state from any risks in the tax deal. Over the long haul, the state will reap an additional $3.2 billion in new taxes once Revel opens for business, she added."

Nothing abnormal here as far as I can see -assuming those in in govt who approved it had no math skills to see Revel had no chance- which is highly believable.

But, what could be far more interesting don the road is:

1. Who strong- armed private fund managers to pour 1.5 billion$ down an obvious rathole?

Could professionals have been that stupid on their own?

Certainly, but this was too obvious IMO

2.& What will be the final outcome of of this?

"Atlantic City's beleaguered Revel Casino & Hotel has lost millions from the start, but that hasn't stopped New Jersey's pension system from placing a $300 million bet with the largest owner of the oceanfront resort.

The state agency that oversees the multibillion-dollar employee pension funds voted late last year to invest $300 million with Chatham Asset Management, the hedge fund that owns 28 percent in the troubled casino property.

The investment deal is complex. Although the state plans to invest in Chatham, treasury officials say the transfer of funds won't happen until later this year — when Chatham said it hopes to shed itself from the faltering casino. But treasury officials told the State Investment Council that there is no firm timetable for when Chatham will be out of Revel.
http://www.courierpostonline.com/story/money/business/2014/03/15/state-takes-300-million-pension-gamble-on-revel-casino-owner/6472093/

Revel owners wanted the casino closed today but state prevailed to keep them open till 9/2. I wonder how much money they are losing each additional day they stay open?

http://www.miamiherald.com/2014/08/17/4295191/revel-wanted-to-shut-down-casino.html

Everyone's using up their free rooms and food comps and giving the casino ZERO action so all they're doing is bleeding money.

I heard on the news that Revel is losing approximately 1 million a day. And that's during the summer!

Doesn't anyone know the date the Revel be imploded. I heard they want to build a new luxury casino in it's place.

Quote: sodawater

Maybe President Romney can make a few calls, try to save the Revel. Doesn't he have connections in the finance industry?

Zing!

http://www.pressofatlanticcity.com/news/breaking/revel-hearing-lawyer-says-company-still-looking-to-sell-but/article_264980ee-26f6-11e4-a209-0019bb2963f4.html


Not sure how the state cannot allow a private business to close its doors when it met the Federal Requirement of Employee Notice.

Either way it is obvious that no one feels Revel is worth anything as it currently sits. They admitted the only bids were for its space and parts.

The Legacy of Kevin, UK and the "Gang that couldn't shoot straight" continues to grow.

Quote: JackStraw8004

Doesn't anyone know the date the Revel be imploded. I heard they want to build a new luxury casino in it's place.

Is it confirmed that it's going to be imploded? That makes me kind of sad. Revel was my least favorite casino to gamble in, but it was one of my favorite buildings and setups.

It's ashame somebody doesn't buy the building to use for anything (preferably a casino that is well run), because with such a huge and nice building it could be used for an excellent casino with a more modern and clean feel than many of AC's casinos.

The good news is the price of old WMS/IGT Slot machines from the wholesalers in Ohio should be dropping. Revel didnt have a large amount of older machines, but Showboat and Trump do.

Quote: Gandler

Is it confirmed that it's going to be imploded? That makes me kind of sad. Revel was my least favorite casino to gamble in, but it was one of my favorite buildings and setups.

It's ashame somebody doesn't buy the building to use for anything (preferably a casino that is well run), because with such a huge and nice building it could be used for an excellent casino with a more modern and clean feel than many of AC's casinos.

Not that they wont do this but i think it was a joke.

Quote: AxelWolf

Not that they wont do this but i think it was a joke.

I hope they don't. All that time, money, and drama building that huge structure that was only used a brief couple of years and was poorly run most of that time. Could have been so much greater.

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.

They now appear to be booking rooms on the site again thru 8/31

Quote: 7star4now

They now appear to be booking rooms on the site again thru 8/31

Thanks. However, late August just isn't going to work out for me. I was hoping they would go further into September.