AC: Revel Close...Sale...Fail
Quote: EvenBobIt's right on the ocean, which plays hell
with big buildings. Big humidity problems,
mold everywhere if you don't do it right.
Sure, but temp control is less important with the hotel closed. Plus, Sept and Oct are pretty much weather neutral - no need to heat or cool, just move air. And airflow is easier with no guests & no need to have the room doors closed.
"An attorney for would-be Revel buyer Glenn Straub says an auction for the bankrupt property has yet to start, decrying the process as “tainted.”
“This is not the transparency everybody was promised,” said attorney Stuart Moskovitz. He said other bidders have gathered at the New York offices of Revel’s attorneys but that decision-makers for the shuttered beachfront business have been in closed-door discussions since about 9:15 AM considering other offers."
"Each bidder is sequestered in a different conference room,” he said."
"Moskovitz said the auction should have started promptly at 9 AM, as scheduled, and that the "caucusing" happening now should have been done yesterday. "There are serious concerns about what's taking place," he said. Because of the secrecy surrounding discussions Wednesday morning, there's no way for him to confirm that the bids being considered were submitted before a court-ordered 4 PM Tuesday "
http://www.pressofatlanticcity.com/news/breaking/decrying-tainted-process-attorney-says-bidders-waiting-for-revel-auction/article_e3d2faba-43fb-11e4-85ee-0fd921eede11.html
Revel spokeswoman Lisa Johnson says an auction for the bankrupt beachfront property may not end until after the upcoming Rosh Hashanah holiday. The holiday ends at nightfall on Friday.
http://www.pressofatlanticcity.com/news/breaking/decrying-tainted-process-attorney-says-bidders-waiting-for-revel-auction/article_e3d2faba-43fb-11e4-85ee-0fd921eede11.html
"his ideal student would be "free, white, and over 21."
LOL. KKKarvard University.
It now seems obvious he was just blowing smoke with all the crazy plans, which made everyone focus on the 3 mil breakup fee.
Turns out the breakup fee was only a small piece of the potential profit.
He may be flipping it to a casino operator who needs to obtain a NJ licence.
He can handle the carrying costs ($6million per month) while that process goes on, Revel's fiduciary interests cannot.
"In a bankruptcy auction, the property goes not necessarily to the highest bid, but to the "highest and best" bid."
"Typically, a bid is less desirable if it has conditions on it or depends on insecure financing.In the case of Revel, Straub's bid is particularly strong because its an all-cash offer and is not contingent on Straub receiving a license to operate a casino at the property."
"If they get a $200 million offer with a casino-licensing contingency, they would have to weigh how long the licensing process would take against the fact Revel is burning through $5 million to $6 million in cash a month - about half from property taxes - even after closing."
Read more at http://www.philly.com/philly/business/20140925_Report__Three_bidders_for_Revel_in_Wednesday_s_bankruptcy_auction.html#1rTj3qXXBV2yYfqb.99
Stuart Moskovitz, who represents the south Florida real estate developer who has offered $90 million cash for the property, said “absolutely nothing was done today.”
http://www.pressofatlanticcity.com/news/breaking/decrying-tainted-process-attorney-says-bidders-waiting-for-revel-auction/article_e3d2faba-43fb-11e4-85ee-0fd921eede11.html
Maybe it's just me, I don't hate the property itself, but I always find anything re Revel highly entertaining:
"Glenn Straub, the pugnacious, polo-obsessed “stalking horse” bidder on the bankrupt beachfront business, decried what happened in New York City on Wednesday. He said extending the auction through the weekend was a rule-breaking delaying tactic to boost billable hours for Revel’s legal team. “It just gives you a dirty feeling, like you want to…take a shower,” he said."
"During a break in that hearing, Straub said sheer boredom led him to bid on the Revel property. On Wednesday he said he does not “need that monstrosity of a building” to execute his larger plan for Atlantic City."
"Last week he told The Press of Atlantic City that he wants to build a second tower at the property and colonize it with “geniuses” working on pressing global problems, such as nuclear waste disposal. Wednesday’s discussion included talk of “high-speed catamarans” to ferry people to and from Manhattan; “super jumbo jets” to tourists from Arabia to Atlantic City; and a ski resort of elevator-equipped artificial mountains."
A University/ski resort that happens to have a beach & a casino- pure genius? Are his targeted " "Arabians" " allowed to gamble (or ski for that matter)?
http://www.pressofatlanticcity.com/news/breaking/decrying-tainted-process-attorney-says-bidders-waiting-for-revel-auction/article_e3d2faba-43fb-11e4-85ee-0fd921eede11.html
Quote: JackStraw8004You have to wonder. Their men's bathroom on the casino floor is straight out of the Imperial Palace complete with toke hustling bathroom attendant. The whole casino stinks from smoke. They haven't spent a dollar on remodeling. 90% of the their video poker and slot machines are old. To download free play or cash back the machines have an old key pad system like the one in use at the Taj. Often times you have to go from machine to machine because the key pad doesn't work. They never upgraded their system to the touch pad like the Borgata, Harrah's and Revel. I guess their Nightclubs are popular. They attract more of a Brooklyn and Jersey Shore crowd which gamble unlike the Revel when it was opened which attracted a Wall Street type clientele that never gamble. You need the hardcore slot and table degenerates which the Trop seems lure in droves.
amen
"Straub's said his attorney was filing papers to seek a court order staying the auction till Thursday and seeking a trustee to oversee the bidding, rather than Revel's attorneys at law firm White & Case. However, he said he did not expect the auction to be put on hold.
Straub feared Revel's legal team was colluding with other bidders, according to a court filing obtained from Straub's attorney Craig Galle, who said a paper copy of the filing was submitted to the court."
http://in.reuters.com/article/2014/09/29/revel-ac-bankruptcy-sale-idINL2N0RU2NU20140929
Until now, only 2 of 4 bidders I read about were "Dr Evil" (Straub) & Meruelo Group.
"Those familiar with the closed-door auction say there are at least three other credible bids in addition to Straub — one from a publicly traded real estate investment trust described as "financially strong," which has not indicated how it plans to use the property.
Another comes from a foreign-based group with an offshore track record, seeking to keep Revel going as a casino. The source, who asked not to be identified because of the sensitivity of the talks, would not disclose the names of bidders."
http://www.pennlive.com/midstate/index.ssf/2014/09/atlantic_citys_24b_revel_casin.html
Quote: 7star4now(Reuters) - At least two last-minute bids were received on Tuesday for Atlantic City's Revel casino, which closed this month, setting up an auction to challenge an agreed sale to a Florida developer.Bidding on the two-year-old casino, which cost $2.4 billion to build, will start at $94 million.
It is still possible that the bids received on Tuesday may not qualify if they fail to meet certain requirements, such as financing arrangements.
The bids came from a party involved with casino gaming outside New Jersey and a real estate developer, according to a person familiar with the bidding process.
http://whbl.com/news/articles/2014/sep/23/atlantic-citys-revel-casino-heads-to-sale-as-late-bids-emerge/
No one else has this story yet, but the reporter Tom Hals, appears to have connections in Delaware
"The bids came from a party involved with casino gaming outside New Jersey"
Delaware co. bids $94 million for Revel
Press of AC says Straub's lawyer claims "Brookfield US Holdings of Delaware" put down lower deposit than "we did "and "they did not produce cash like we did.”
Don't know if this entity is related to Brookfield that took over Atlantis (If it is, financing should not be a problem):
http://www.bloomberg.com/news/2012-04-27/kerzner-deal-hands-atlantis-bahamas-to-brookfield-palm-to-dubai.html
"Brookfield, which owns office properties including New York City’s World Financial Center towers, also took control of the Hard Rock Hotel & Casino in Las Vegas in a restructuring last year that converted its loan into equity."
"Brookfield US Holdings of Delaware" is connected to "Brookfield Asset Management "(BAM), which foreclosed on, & owns, Atlantis, Bahamas
"The Paper World of Brookfield Asset Management." ...."a wholly owned Brookfield subsidiary, Brookfield U.S. Holdings"
http://sirf-online.org/2013/03/11/a-rousing-relationship/
Can they run the place better and increase revenue? Sure..but enough to actually turn a profit....remains to be seen. It's still a beautiful facility but has huge amounts of wasted space...and a casino on the 8th floor, and a hotel lobby on the 11th floor, and a hundred other problems that aren't easily fixed. So I'm rooting for whomever ends up owning it... but it's an uphill fight.
Ironically if CET ever decided to sell Showboat to another casino operator(something they said they are not going to do). I think it could be turned around a la the Trump Marina/Golden Nugget rebirth. The TM was a bad casino. The Golden Nugget is much improved and turning a profit. The Showboat could be a workable AC casino in the hands of a competent operator, It was still making a profit(all be it a modest one), for CET when they closed it. It seems logistically much more economical than the Revel to operate.
Quote: JackStraw8004Are they going to make it Hard Rock AC. Don't really see how they are going to make it much different from the Revel. That formula didn't work. Throwing a couple of guitars in a display case on the wall is not going to bring guests back.
A key difference for AC vs. Revel 1.0 & 2.0 is that Brookfield has deep pockets.
Revel had to match Borgata revenue, from day one, to break even. (talk about a pipe dream)
These guys can afford to keep the doors open for a number of years while they try to figure things out , losing $ at a slower rate, & hope for a miracle.
$95 million is small potatoes risk - compared to their other ventures.
I have heard that the notoriously unfriendly player comp system Sol Kerzner installed at Atlantis loosened a bit since Brookfield took over.
IMO, Kevin D., who worked for Kerzner, may have inherited his disregard of players - such as the "claw back" of points to repay "comped" rooms- from him.
So you could have a parallel situation here, where , Brookfield comes to the rescue & removes from the stench of a pompous operator from a luxury casino.
I don't necessarily think that it will be a Hard Rock theme. They got the independantly owned Hard Rock in Vegas in foreclosure, & I believe it just happened to be licenced for the Hard Rock Theme when they got it.
Edit: Here's the actual recording; the first 10 minutes are intro stuff, then an hour with those two CEO's.
There is no evidence the Brookfield bidder has any rights , or desires, to licence the Hard Rock name from the Seminoles
2006- Seminole Tribe of Florida for $965 million bought Hard Rock business . Included in the deal were 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Hotel and Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels.
** The Hard Rock Hotel and Casino in Las Vegas was not part of the deal, as it was sold by Peter Morton to Morgans Hotel Group in May 2006.***
As part of the deal, MHG ** retained the rights to use the Hard Rock name for hotels and casinos in the Western United States and certain other territories**. Morgans operated the property and had a 12.8% equity partner in the venture along with DLJ Merchant Banking Partners until February 2011. At that time, ownership of the hotel was turned over to Brookfield,"
Quote: 7star4nowI think "Atlantis" Bahamas theme branding would bring many times more "wow" factor, around the world, vs hard rock.
Maybe some of those vast empty spaces could be turned into an indoor/outdoor variation of the Atlantis marine & water parks - which actually do draw hi end clientele & players worldwide.
True, but then they are also offering the Caribbean climate, and nice Caribbean sea. Not exactly the same as AC ambiance.
"The top bid for Atlantic City's shuttered Revel Casino Hotel - from Florida investor Glenn Straub - was $95 million as of 6 p.m., according to Straub's attorney.
"The other bidder has to determine if they will outbid us," said Stuart J. Moskovitz in an email from the New York offices of Revel's law firm.The second bidder is Brookfield Asset Managment, a Toronto investment firm that offered $94 million earlier Tuesday.
Until now, the auction of Revel has been anything but a run-of-the-mill affair. Tuesday morning, just as the sale was scheduled to get underway again, Revel lead bankruptcy lawyer, John K. Cunningham, revealed in a court filing that Brookfield Asset Management was among the bidders.That disclosure came in a declaration lawyers in his situation have to make about potential conflicts of interest. Cunningham's firm, White & Case L.P., represents Brookfield in a joint venture in India, the filing said.
The disclosure of Brookfield's involvement raises a question about whether Brookfield had submitted a qualified bid by the Sept. 23 deadline. If so, it's not clear why Cunningham did not make his disclosure until Tuesday.If Cunningham accepted the Brookfield bid after the deadline, there has to be good cause, according to an expert with experience in such auctions.Other aspects of the auction are also unusual.Typically at the beginning of an auction - in this case, last Wednesday - the person conducting the auction would have told all the bidders how many qualified bids had been received by the deadline before meeting privately with bidders to establish a common baseline for bids that have different payment provisions.According to Moskovitz, Cunningham did not do that and has refused to provide any of the detailed information requested by Straub."
Read more at http://www.philly.com/philly/business/20141001_Revel_casino_bidder_seeks_auction_delay.html#Gp2pRSW6xoJ0YGV7.99
http://www.lasvegassun.com/news/2010/mar/09/hard-rock-hotel-president-found-dead-apparent-suic/
"The top bid for Atlantic City's shuttered Revel Casino Hotel - from Toronto investment firm Brookstone Asset Management - was $98 million as of 9 p.m., according to an attorney for the second bidder, Florida infester Glenn Straub.
The bid by Brookfield, which owns two casinos, Hard Rock Hotel & Casino in Las Vegas and Atlantis Paradise Island in the Bahamas, topped an earlier bid of $95 million by Straub.
Straub, 67, set the baseline for Tuesday's auction with a $90 million cash offer in early September. If Brookfield wins the auction, Straub will be paid a $3 million breakup fee.
It appeared that the parties were set to go late into the night, if necessary. That's not unusual in this kind of auction."
My question- Could Straub hire 1 less "genius" & push the bid over $100 mil?
BTW -anybody know the annual "genius" rental rate?
Do "genius" es get "per Diem" & what would that equate to in AC?
Read more at http://www.philly.com/philly/business/20141001_Revel_casino_bidder_seeks_auction_delay.html#uxvJbWWOR0uyLpPm.99
http://www.lasvegassun.com/news/2014/sep/30/2nd-bidder-named-auction-failed-revel-casino/#livefyreComments
The company bid $110 million for the casino complex, topping a $90 million bid by the Florida real estate developer Glenn Straub, who did not submit a superior bid by 5 a.m. ET, the source said.
Read more: http://www.businessinsider.com/r-brookfield-wins-auction-for-bankrupt-revel-casino-2014-10#ixzz3Etig3qKI
My question is, Brookfield "owns" casinos but does not operate them- as far as I know.
Who will be the licensed operator & how long will that take?
I believe Kerzner mngmt is still the operator of Atlantis, even though they are no longer an owner & HRLV is operated by http://www.warnerhospitality.com/our-current-portfolio1.html
note -a ccording to Wiki-the acquisition of HRLV only allowed Brookfield the franchising of Hard Rock Casinos in Western States
As far as I can see, Only the Seminole group has rights to operate a Hard Rock casino in NJ, & they are not involved in this transaction.
“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Andrew Willis, a spokesman for Brookfield Asset Management, the parent company of the firm that won the auction, told the AP. “We are excited about owning the newest and highest quality asset in Atlantic City at such an attractive basis. This acquisition is consistent with Brookfield’s history of contrarian investing and always on a value basis.”
He added: “With our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multi-faceted assets. We anticipate material synergies between these three high-quality properties."
http://www.cardplayer.com/poker-news/17869-revel-bought-for-110m-will-re-open-as-casino
Quote: 7star4nowAP:Revel WILL Re-Open As Casino:
My question is, Brookfield "owns" casinos but does not operate them- as far as I know.
Who will be the licensed operator & how long will that take?
I believe Kerzner mngmt is still the operator of Atlantis, even though they are no longer an owner & HRLV is operated by http://www.warnerhospitality.com/our-current-portfolio1.html
note -a ccording to Wiki-the acquisition of HRLV only allowed Brookfield the franchising of Hard Rock Casinos in Western States
As far as I can see, Only the Seminole group has rights to operate a Hard Rock casino in NJ, & they are not involved in this transaction.
“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Andrew Willis, a spokesman for Brookfield Asset Management, the parent company of the firm that won the auction, told the AP. “We are excited about owning the newest and highest quality asset in Atlantic City at such an attractive basis. This acquisition is consistent with Brookfield’s history of contrarian investing and always on a value basis.”
He added: “With our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multi-faceted assets. We anticipate material synergies between these three high-quality properties."
http://www.cardplayer.com/poker-news/17869-revel-bought-for-110m-will-re-open-as-casino
Try telling that to the people over at the other forum who don't seem to understand this will NOT be a Hard Rock unless the Seminoles decide to license the name. Atlantis AC could be the name, or it could be named after the sound of $200 Million flushing down the toilet. I still believe they have many challenges making this place work.
Quote: BozTry telling that to the people over at the other forum who don't seem to understand this will NOT be a Hard Rock unless the Seminoles decide to license the name. Atlantis AC could be the name, or it could be named after the sound of $200 Million flushing down the toilet. I still believe they have many challenges making this place work.
Well, I think they made a great purchase, though I haven't been to Revel so I could be wrong. But the valuation on the property vs. what it would take to build a comparable facility makes it a steal, if you're a company who can run a large destination property (which these people can). Would not be a bit surprised to find the auction overseers manipulated the process to get it into good hands.
Long term, yeah, I think AC can and will re-grow with good asset and neighborhood renewal. New owners should have a large amount of equity at that price, where they can make investments of 3x-5x the purchase price to refine and repurpose the assets without going underwater on valuation. I'd love to be part of the team on that. Huge challenge, great potential, big upside if they can pull it off.
Best possible result for the Revel, I think, and especially for AC itself.
Quote: beachbumbabsWell, I think they made a great purchase, though I haven't been to Revel so I could be wrong. But the valuation on the property vs. what it would take to build a comparable facility makes it a steal, if you're a company who can run a large destination property (which these people can). Would not be a bit surprised to find the auction overseers manipulated the process to get it into good hands.
Long term, yeah, I think AC can and will re-grow with good asset and neighborhood renewal. New owners should have a large amount of equity at that price, where they can make investments of 3x-5x the purchase price to refine and repurpose the assets without going underwater on valuation. I'd love to be part of the team on that. Huge challenge, great potential, big upside if they can pull it off.
Best possible result for the Revel, I think, and especially for AC itself.
You may be right, but the AC issues are still there. The problems that caused the near 50% drop in revenue over the past 7 years are still such as the competition from other states. If the new Revel makes it, it will be at the expense of other AC casinos as there is little to no chance of market growth. The lost jobs are not coming back long term and I would expect to see more closures as the new Revel gains market share.
I am not saying other AC casinos deserve the business they have because they all need a wake up call when it comes to customer service. But I don't see this purchase being any kind of a game changer for AC. That ship sailed years ago and this purchase only changes the ownership structure of AC, not any kind of a turnaround in the volume.
Quote: BozTry telling that to the people over at the other forum who don't seem to understand this will NOT be a Hard Rock unless the Seminoles decide to license the name. Atlantis AC could be the name, or it could be named after the sound of $200 Million flushing down the toilet. I still believe they have many challenges making this place work.
The confusion for most may end soon (or increase, on that board, due to the misinformation & censorship by "experts").
Brookfield could soon lose Hard Rock Vegas, & any Hard Rock affiliation, in lieu of foreclosure.
Once again, anything involving Revel gets messy.
"But this being Revel, for which nothing has ever come easily in its 2 1/2-year history, the good news was tempered by concern about the would-be buyers' financial situation in Las Vegas, where it owns the Hard Rock casino. Brookfield told securities regulators in August that it was unable to make an interest payment due that month, and was trying to work things out with its lenders, who could demand immediate repayment of nearly $1 billion in debt."
http://www.myfoxphilly.com/story/26676505/revel-buyer-has-money-woes-at-its-las-vegas-casino
"BREF" Brookfield's HR subsidiary, said in its annual report filed with the SEC on May 9.,
"we risk losing some or all of our property to foreclosure." BREF in the annual report raised substantial doubt about its ability to continue as a going concern, citing years of losses and its June 2 deadline to pay the PIK interest. If the company fails to pay the PIK interest by the deadline, the lender could declare all of its debt due."
Making matters worse on April 24 was BREF's disclosure that its CFO, Marlo Vandemore, had resigned to pursue other opportunities.
In the annual report, disclosed a $105.5 million net loss for the year ending Dec. 31 and a $115.6 million net loss in 2012."
http://www.thestreet.com/story/12706589/1/hard-rock-is-low-on-chips-with-debt-payment-due.html
So hold everything... maybe Straub's appeal will hold up & Revel will actually be inhabited by white geniuses, over 21, skateboarding to work @ Revel -thru underground tunnels- to dispose of nuclear waste?
They (buyers, community leaders, NJ gov't, whoever) need to put in golfing, shopping, indoor water park, other attractions to make it more than an overnight destination. Maybe partner with Universal or someone like that (doubt Disney will allow the political backlash of supporting a casino complex) and renew the north end of the Boardwalk. Get serious about the Vintage theme or some other restoration, including much more timely Jitneys and other infrastructure.
Quote: beachbumbabsI'm making a big assumption about anybody who buys Revel; that they understand it must be a Destination Resort. They can't just compete on a local level. It has to be at least regional, if not the eastern 1/2 of the US. I think they get that, looking at Atlantis. Actually, I hope they get that. Otherwise, the winning bidder wasted their money.
They (buyers, community leaders, NJ gov't, whoever) need to put in golfing, shopping, indoor water park, other attractions to make it more than an overnight destination. Maybe partner with Universal or someone like that (doubt Disney will allow the political backlash of supporting a casino complex) and renew the north end of the Boardwalk. Get serious about the Vintage theme or some other restoration, including much more timely Jitneys and other infrastructure.
Babs, they would have to buy the entire boardwalk to do that. That might work.
Quote: MoscaBabs, they would have to buy the entire boardwalk to do that. That might work.
I see that being possible, given the climate there and the severe asset depreciation. Whether they can get their ducks in a row and do it, will take a charismatic leader and a lot of determination.
Atlantic City, which is a hole. No way
to fix that.
Quote: EvenBobThe biggest problem with Revel is it's in
Atlantic City, which is a hole. No way
to fix that.
On that Bob, we agree...and I like the place. But I know what it is.
Quote: 7star4nowAP:Revel WILL Re-Open As Casino:
My question is, Brookfield "owns" casinos but does not operate them- as far as I know.
Who will be the licensed operator & how long will that take?
I believe Kerzner mngmt is still the operator of Atlantis, even though they are no longer an owner & HRLV is operated by http://www.warnerhospitality.com/our-current-portfolio1.html
note -a ccording to Wiki-the acquisition of HRLV only allowed Brookfield the franchising of Hard Rock Casinos in Western States
As far as I can see, Only the Seminole group has rights to operate a Hard Rock casino in NJ, & they are not involved in this transaction.
Who will be the licensed operator & how long will that take?
How about Borgata?
Quote: 7star4nowWho will be the licensed operator & how long will that take?
How about Borgata?
Is that possible? At what point would the commission step in? They're not supposed to allow a >50% marketshare, right?
Quote: rdw4potusIs that possible? At what point would the commission step in? They're not supposed to allow a >50% marketshare, right?
IMO "the commission" would be thrilled & kiss Borgata's feet for saving the AC gaming franchise at this point.
What's their other options?
Glenn Straub, another wealthy "Art Bell" afficianado, or a KKK member?
Quote: 7star4now
Glenn Straub, another wealthy "Art Bell" afficianado, or a KKK member?
That's all the same thing, right?
Caesars could operate the casino at New Revel, especially if they let their other boardwalk properties go (either through sales or through a Ch7 filing). MGM could operate New Revel alone now that they're licensed in NJ again. Any number of operators are possible since they don't have to also be able to front the cash to purchase the property.
Revel does perhaps have potential to become a profitable entity but faces a few challenges. Among them are boardwalk location," every casino that has ever closed in A.C. was located on the boardwalk. Also the top two performers in A.C. Borgota and Harrah's are both in the marina district." So it would appear despite the long history and nostalgia of the boardwalk, many gamblers prefer a marina location.
More then one person has said. Revel is too large to fail." I am of the opinion that perhaps Revel is too large to succeed in a post 2007 A.C. Large means very high overhead costs that must come out of the bottom line of a property.
An unspecified number of unnamed Revel casino executives could have split $1.75 million had the Revel auction bidding this week climbed as high as $200 million, according to details of a “Key Employee Incentive Plan” (KEIP) made public today.But since the winning bid, by Brookfield Asset Management of Toronto was a mere $110 million, that leaves the departing execs to split a more modest $700,000.
The tiers were based on “the aggregate amount of cash and credit bid consideration (excluding liabilities):
- $250K as long as the sale of the $2.4 billion, two-year property reached $75 million;
- another $250K for a bid of $90M+;
- another $200K for a bid of $105M+.
The unreached bonus levels were another $200K each for bids of $120M, $135M, $150M, and $175M, plus an extra $250K if the bid had reached $200M.
- See more at: http://blog.northjersey.com/meadowlandsmatters/9638/revel-executives-to-split-700-grand-another-1-million-left-on-table/#sthash.8krzr5Ek.dpuf
I wonder if any of the creditors who are going to get next to zippo for their investment in Revel would like to have that $700k.
And this folks, is what is wrong in America today. There is no accountability. Once you make it to an exec position, even if you fail to perform, you get paid as if you had performed. Screw up bad enough, and they kick you out the door, but they pay you copious amounts of money to ease the pain of being fired. What a crock of crap.
Quote: RaleighCrapsPoor execs, only getting to split $700k.
I wonder if any of the creditors who are going to get next to zippo for their investment in Revel would like to have that $700k.
And this folks, is what is wrong in America today. There is no accountability. Once you make it to an exec position, even if you fail to perform, you get paid as if you had performed. Screw up bad enough, and they kick you out the door, but they pay you copious amounts of money to ease the pain of being fired. What a crock of crap.
Agreed and all the small vendors such as local contractors still owed money will see nothing, while Kevin, UK and crew just keep getting paid for their failures. Sad...and this is from someone who believes in Capitalism. When you fail, you should pick yourself up and try again, not get richer by failing.
Quote: BozAgreed and all the small vendors such as local contractors still owed money will see nothing, while Kevin, UK and crew just keep getting paid for their failures. Sad...and this is from someone who believes in Capitalism. When you fail, you should pick yourself up and try again, not get richer by failing.
Actually, you SHOULD get richer by failing. But not directly from the failure itself. By learning from the mistake.
This goes to the larger question of AC itself. AC's halcyon days were in the 1920's, right? With the boardwalk, amusement park, vendors, grand hotels, etc. Everything since then has been random wallpaper, not a complete renovation.
Time for a complete renovation. Knock it to the ground, most of it, and re-make it. One of the few places Eminent Domain makes Eminent Sense. JMHO.
Read more at http://www.philly.com/philly/business/20141003_Revel_says_casino_sale_could_be_final_by_month_s_end.html#rgB967pGXZ3tAkYL.99
"Revel bidder eyes other Atlantic City properties
(Reuters) - Glenn Straub, the Florida distressed real estate mogul, has his heart set on Atlantic City even if he loses his bid to buy the bankrupt Revel Casino Hotel.
Straub told Reuters he has offers out on two other buildings in the New Jersey resort town and is eyeing seven blocks of land surrounding the Revel site for a bigger development."
http://www.reuters.com/article/2014/10/03/us-new-jersey-atlanticcity-straub-idUSKCN0HS20C20141003
Oh no not the precious Peanut World. lol.Quote: 7star4nowHe's baaack: will zombie geniuses take over "Peanut World "?
"Revel bidder eyes other Atlantic City properties
(Reuters) - Glenn Straub, the Florida distressed real estate mogul, has his heart set on Atlantic City even if he loses his bid to buy the bankrupt Revel Casino Hotel.
Straub told Reuters he has offers out on two other buildings in the New Jersey resort town and is eyeing seven blocks of land surrounding the Revel site for a bigger development."
http://www.reuters.com/article/2014/10/03/us-new-jersey-atlanticcity-straub-idUSKCN0HS20C20141003
