AC: Revel Close...Sale...Fail
November 28th, 2014 at 2:51:01 PM
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Quote: vendman1I assumed the 200mil included the cost of finishing the 1/3 of the hotel rooms which were never finished. Still it does seem like a lot for a brand new property.
Good point - forgot to factor that in.
I wonder what the actual net decrease in AC rooms would be, should Taj stay open, & completed Revel rooms be finished.
X # of new Revel rooms would offset some of the closed SB, ACH & Plaza rooms.
November 28th, 2014 at 6:34:24 PM
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Quote: aceofspadesI do not see how they could make the casino on the boardwalk level…there is no there, there. It is outdoor space mostly. I liked the upper level casino placement.
The casino being on the boardwalk level isn't the problem.
The problem is how much of a pain in the ass it is to go from hotel rooms to the casino floor.
In almost every casino in the US, as soon as you exit the hotel elevators there's slots/tables right in front of you. At revel it's a good 5 minute walk to get back to the area with tables.
November 28th, 2014 at 8:18:07 PM
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Quote: sc15The casino being on the boardwalk level isn't the problem.
The problem is how much of a pain in the ass it is to go from hotel rooms to the casino floor.
In almost every casino in the US, as soon as you exit the hotel elevators there's slots/tables right in front of you. At revel it's a good 5 minute walk to get back to the area with tables.
Hmmm it is indeed a problem as they would have to tear down parts of the building on the boardwalk level. Most of the boardwalk level is taken up by HQ DayClub
I have made that walk many many a time :)
November 28th, 2014 at 8:43:19 PM
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Quote: aceofspadesHmmm it is indeed a problem as they would have to tear down parts of the building on the boardwalk level. Most of the boardwalk level is taken up by HQ DayClub
I have made that walk many many a time :)
HQ DayClub, though it looked successful, was a tenant paying a limited amount of rent/royalties to RV.
That space may be many times more valuable to new owner as casino -per sq ft
November 28th, 2014 at 8:51:17 PM
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Quote: 7star4nowHQ DayClub, though it looked successful, was a tenant paying a limited amount of rent/royalties to RV.
That space may be many times more valuable to new owner as casino -per sq ft
Yes, Revel royally F@#$*d itself by leasing restaurants and nightclubs to tenants rather than owning themselves.
November 28th, 2014 at 9:11:41 PM
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Quote: aceofspadesYes, Revel royally F@#$*d itself by leasing restaurants and nightclubs to tenants rather than owning themselves.
So that's why they were so cheap on the comps.
Because they actually have to pay a 3rd party cash for any comps redeemed instead of having it cost the casino a fraction of the price because they own the restaurants/clubs.
Casinos love to do stuff like comp big players a $2000 table at a nightclub, because it costs them $200 in liquor to make that comp, and it makes the player feel like they got something big.
November 29th, 2014 at 12:09:51 AM
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Quote: aceofspadesYes, Revel royally F@#$*d itself by leasing restaurants and nightclubs to tenants rather than owning themselves.
No buffet and they didn't own the restaurants? It's
amazing that so many stupid people were involved
in such a big project. Starting with a 20 something
girl architect who hated casinos. Did she put the
elevators 200 yards from the casino hoping people
would get bored and go elsewhere? Somebody
had to tell her it was a really bad idea. In most
casinos in Vegas you have to walk THRU the casino
to get to the elevators. That's for a reason.
"It's not called gambling if the math is on your side."
November 29th, 2014 at 1:11:43 AM
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Quote: EvenBobNo buffet and they didn't own the restaurants? It's
amazing that so many stupid people were involved
in such a big project. Starting with a 20 something
girl architect who hated casinos. Did she put the
elevators 200 yards from the casino hoping people
would get bored and go elsewhere? Somebody
had to tell her it was a really bad idea. In most
casinos in Vegas you have to walk THRU the casino
to get to the elevators. That's for a reason.
Yeah.. the no buffet was another big f up.
Do they not know how many idiots lose $100s of dollars to get a "comp" to the buffet?
December 4th, 2014 at 2:07:13 PM
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Revel attorney: Brookfield agreement not terminated- press of AC
"Revel's 20-year energy contract with ACR required Revel to repay that debt with about 11.6 percent interest on average.
The contract saddled Revel with financing that continues to dog it in bankruptcy and is at the heart of the snag with Brookfield. Brookfield can drop the contract, but it's not clear that there's another energy supplier on-hand with the infrastructure needed to power the Revel complex. And without the energy to operate climate-control systems, fungus could quickly savage the shimmering glass resort. U.S. Bankruptcy Judge Gloria Burns heard expert testimony Thursday to determine how to reckon Revel's bill for energy services rendered during its bankruptcy. ACR says the bond debt, along with about $40 million in equity financing also used to build the plant, should be part of the calculus. The judge hadn't ruled by early Thursday afternoon.The energy contract at issue, she said, “is very unusual.”
"Revel's 20-year energy contract with ACR required Revel to repay that debt with about 11.6 percent interest on average.
The contract saddled Revel with financing that continues to dog it in bankruptcy and is at the heart of the snag with Brookfield. Brookfield can drop the contract, but it's not clear that there's another energy supplier on-hand with the infrastructure needed to power the Revel complex. And without the energy to operate climate-control systems, fungus could quickly savage the shimmering glass resort. U.S. Bankruptcy Judge Gloria Burns heard expert testimony Thursday to determine how to reckon Revel's bill for energy services rendered during its bankruptcy. ACR says the bond debt, along with about $40 million in equity financing also used to build the plant, should be part of the calculus. The judge hadn't ruled by early Thursday afternoon.The energy contract at issue, she said, “is very unusual.”
December 10th, 2014 at 7:38:23 AM
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Revel seeks to scrap casino deal with Canadian purchaser, and sell to runner-up from Florida
Maybe Straub's 1st priority, for the massive collection of geniuses he recruits to work in AC, will be to figure out how to pay the electric bill?
"Revel Entertainment filed an emergency motion with the U.S. Bankruptcy Court late Tuesday night seeking approval to terminate the agreement with Toronto-based Brookfield Asset Management and approve Polo North Country Club as the new buyer. On Wednesday, Judge Gloria Burns scheduled a hearing on the request for Friday morning"
http://www.brandonsun.com/business/breaking-news/revel-seeks-to-scrap-casino-deal-with-canadian-purchaser-and-sell-to-runner-up-from-florida-285359811.html?thx=y
Maybe Straub's 1st priority, for the massive collection of geniuses he recruits to work in AC, will be to figure out how to pay the electric bill?
"Revel Entertainment filed an emergency motion with the U.S. Bankruptcy Court late Tuesday night seeking approval to terminate the agreement with Toronto-based Brookfield Asset Management and approve Polo North Country Club as the new buyer. On Wednesday, Judge Gloria Burns scheduled a hearing on the request for Friday morning"
http://www.brandonsun.com/business/breaking-news/revel-seeks-to-scrap-casino-deal-with-canadian-purchaser-and-sell-to-runner-up-from-florida-285359811.html?thx=y
December 11th, 2014 at 5:37:01 AM
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Quote: 7star4nowRevel seeks to scrap casino deal with Canadian purchaser, and sell to runner-up from Florida
Maybe Straub's 1st priority, for the massive collection of geniuses he recruits to work in AC, will be to figure out how to pay the electric bill?
"Revel Entertainment filed an emergency motion with the U.S. Bankruptcy Court late Tuesday night seeking approval to terminate the agreement with Toronto-based Brookfield Asset Management and approve Polo North Country Club as the new buyer. On Wednesday, Judge Gloria Burns scheduled a hearing on the request for Friday morning"
http://www.brandonsun.com/business/breaking-news/revel-seeks-to-scrap-casino-deal-with-canadian-purchaser-and-sell-to-runner-up-from-florida-285359811.html?thx=y
As a business owner I wonder about these things with the REVEL sitting vacant for so long.
1. Who's on the hook for that ginormous light bill now? They are still using some power I'm sure
2. How many security guards are patrolling the place. It's huge.
3. Legal fees of this ongoing process
3. Other carrying costs..there must be many...I bet it's hundreds of thousands a month just to keep the place shuttered up.
I would think it would be worth it to try and get a deal done with whomever, quickly, just to be off the hook. The only people making money now are the lawyers.
December 12th, 2014 at 8:48:53 AM
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Bankruptcy judge voids sale of Revel
"A law firm representing the bondholders said in a filing Thursday evening that it had engaged "in substantive discussions with Brookfield and made reasonable but meaningful concessions that would have allowed the Revel to reopen its operations under Brookfield ownership."John Cunningham, Revel's lead bankruptcy attorney, took issue with that characterization at Friday's hearing.Cunningham said Revel met with bondholders in July to discuss a proposal on the utility plant debt that would have helped entice potential buyers."They wanted to engage in a game of chicken with any buyer we ultimately selected," Cunningham told the judge.
Read more at http://www.philly.com/philly/business/20141213_Judge_OKs_termination_of_Revel_casino_sale.html#LlxxpTqloJtlDOyH.99
also from Press of AC
"Straub and his representatives were not in Camden on Friday. Nor were Brookfield's, said Revel attorney John Cunningham. He said Brookfield "repudiated" the planned sale and failed to consummate the deal by a deadline in late November. "We believe we absolutely have the right to terminate this agreement," he said. "We're going to keep their deposit. It’s $11 million." Thomas Kreller, attorney for Wells Fargo, which is funding Revel's bankruptcy case, wanted the Straub sale hearing sooner than Jan. 5.Revel, which has to keep the power running to prevent fungus from savaging the Boardwalk property, is still hemorrhaging money."
"A law firm representing the bondholders said in a filing Thursday evening that it had engaged "in substantive discussions with Brookfield and made reasonable but meaningful concessions that would have allowed the Revel to reopen its operations under Brookfield ownership."John Cunningham, Revel's lead bankruptcy attorney, took issue with that characterization at Friday's hearing.Cunningham said Revel met with bondholders in July to discuss a proposal on the utility plant debt that would have helped entice potential buyers."They wanted to engage in a game of chicken with any buyer we ultimately selected," Cunningham told the judge.
Read more at http://www.philly.com/philly/business/20141213_Judge_OKs_termination_of_Revel_casino_sale.html#LlxxpTqloJtlDOyH.99
also from Press of AC
"Straub and his representatives were not in Camden on Friday. Nor were Brookfield's, said Revel attorney John Cunningham. He said Brookfield "repudiated" the planned sale and failed to consummate the deal by a deadline in late November. "We believe we absolutely have the right to terminate this agreement," he said. "We're going to keep their deposit. It’s $11 million." Thomas Kreller, attorney for Wells Fargo, which is funding Revel's bankruptcy case, wanted the Straub sale hearing sooner than Jan. 5.Revel, which has to keep the power running to prevent fungus from savaging the Boardwalk property, is still hemorrhaging money."
December 12th, 2014 at 9:18:13 AM
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Snakes snakes snakes stealing the 11 million. Forgot all about the power plant and was mad they backed out until reminded. Might be a setup from the very beginning with the two companies working together.
I am a robot.
January 4th, 2015 at 7:30:42 PM
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As Revel's energy provider presses for payment, tenants fear darkness
"While the tenants hope to resume operations as soon as possible, Revel’s “continuing dormancy and the potential shutoff of electrical power now poses a new and more serious threat to the ... tenants’ assets on site,” such as trade fixtures and equipment, the filing says.They want Burns to outline a plan for them to remove their property if the power goes; fungus could ravage the resort if Revel’s climate-control system turns off.ACR Energy Partners, effectively Revel’s sole power supplier, is asking the judge for permission to stop powering the building, claiming it can no longer afford to provide deeply-discounted energy services there."
http://www.pressofatlanticcity.com/business/as-revel-s-energy-provider-presses-for-payment-tenants-fear/article_51e4f97c-9488-11e4-a693-abddd5878750.html
"While the tenants hope to resume operations as soon as possible, Revel’s “continuing dormancy and the potential shutoff of electrical power now poses a new and more serious threat to the ... tenants’ assets on site,” such as trade fixtures and equipment, the filing says.They want Burns to outline a plan for them to remove their property if the power goes; fungus could ravage the resort if Revel’s climate-control system turns off.ACR Energy Partners, effectively Revel’s sole power supplier, is asking the judge for permission to stop powering the building, claiming it can no longer afford to provide deeply-discounted energy services there."
http://www.pressofatlanticcity.com/business/as-revel-s-energy-provider-presses-for-payment-tenants-fear/article_51e4f97c-9488-11e4-a693-abddd5878750.html
January 5th, 2015 at 11:09:40 AM
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Stick a fork in the boardwalk?- Straub has 30 days to close on Revel
Judge approves sale of Atlantic City's Revel to Florida developer
http://www.businessweek.com/news/2015-01-05/revel-wins-bankruptcy-court-approval-to-sell-casino-assets
Judge approves sale of Atlantic City's Revel to Florida developer
http://www.businessweek.com/news/2015-01-05/revel-wins-bankruptcy-court-approval-to-sell-casino-assets
January 5th, 2015 at 11:28:30 AM
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Straub is a nut. He wanted to make Revel a university and not just any university — a university for “geniuses.” So now we will have a University and Stockton College right next to each other. That's a lot of under 21er's at that end of the boardwalk. I couldn't stand my own kids at 21, other's kids now way! lol
If you think Harrah's pool crowd is bad, wait!
I think Straub might pull out of the deal due to the power situation and he also seems like a cry baby and wanted a discount on his original bid, which he didn't get from the court.
If you think Harrah's pool crowd is bad, wait!
I think Straub might pull out of the deal due to the power situation and he also seems like a cry baby and wanted a discount on his original bid, which he didn't get from the court.
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
January 5th, 2015 at 12:12:50 PM
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Quote: MrsHeartRNStraub is a nut. He wanted to make Revel a university and not just any university — a university for “geniuses.” So now we will have a University and Stockton College right next to each other. That's a lot of under 21er's at that end of the boardwalk. I couldn't stand my own kids at 21, other's kids now way! lol
If you think Harrah's pool crowd is bad, wait!
I think Straub might pull out of the deal due to the power situation and he also seems like a cry baby and wanted a discount on his original bid, which he didn't get from the court.
Judge OKs sale of Revel casino, but bidder rejects deal
The judge ruled that Straub's most recent bid is still binding, and that is the price he will have to pay for it. That led Straub's attorney, Stuart Moskovitz, to say he will seek a court order blocking the sale to his client.
http://www.lasvegassun.com/news/2015/jan/05/judge-oks-sale-revel-casino-bidder-rejects-deal/
January 8th, 2015 at 2:23:45 PM
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Quote: ACMamaDoes Revel have a deed restriction like Showboat does (no gambling)?
No - in fact -Straub accuses Revel lawyers of steering the auction towards Brookfield , owners of the Atlantis & Hard Rock LV, who wanted to invest $200 million in RV to remake it as a casino. They backed out when they discovered the electric bill was 1.5million in fixed cost before they plugged in one slot machine.
The private power generating plant itself is about to go belly-up, has a lien on Revel, & news reports claim that Revel is not set up to be readily powered thru the municipal electric grid. Expert testimony at the BK hearings claims Revel will quickly be overtaken by mold & fungus if left without power. RV Tenants (restaurants etc) are suing to remove their equipment & fixtures asap before the power goes out & humidity ruins their assets
Hopefully Straub has his geniuses figuring out these minor details.
Who knew there were so many unemployed geniuses ready to drop everything & live & work in AC with the economy doing better?
Glenn Straub must have Apple, Tesla, & Google HR directors up all night worrying when he will poach their top engineers. LOL
also- we found addtl info on the CET deed restrictions (somehere back on this long thread).
Supposedly, the property CAN be operated as a casino so long as the purchase price is in line with the property's enterprise value as a casino.
This was to prevent competitors , without the debt overhead of CET, from coming in , buying at fire sale prices, & beating CET brains out -using their own former casinos against them
January 9th, 2015 at 8:39:19 AM
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Quote: JackStraw8004Who's going to the Revel Water Park next Summer. Dealers who were use to making $40-50K a year will now be earning $10 an hour to push kids down a giant water slide.
Dealers at Revel were making $40-$50k? Even in an empty casino where tips didn't exist? I think $10/hr at a waterpark with no tips is approximately equal to $10/hr in a dead casino with no tips. I suppose standing around inside is better than standing around outside, though...
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
January 13th, 2015 at 7:04:57 PM
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Revel's Utility Co. Can't Block $95M Ch. 11 Sale
2 questions:
1.Why could the judge not do this for Brookfield- who had a prayer of keeping Revel open?
2. according to press reports & expert testimony, sans the power plant, Revel (not set up on the grid?) devolves in to a sea of mold & fungus?
"Law360, New York (January 13, 2015, 8:15 PM ET) -- A New Jersey bankruptcy judge on Tuesday refused to stay the $95.4 million sale of Atlantic City's Revel Casino Hotel to a Florida developer, ruling against the property's utility provider, which argued the sale would preclude the collection of nearly $120 million it's still owed.
U.S. Bankruptcy Judge Gloria T. Burns denied the stay against the wishes of ACR Energy Partners LLC, the cash-strapped owner of a power plant built expressly to provide electricity to the Revel. "
http://www.law360.com/articles/610955/revel-s-utility-co-can-t-block-95m-ch-11-sale
(cant see whole article)
2 questions:
1.Why could the judge not do this for Brookfield- who had a prayer of keeping Revel open?
2. according to press reports & expert testimony, sans the power plant, Revel (not set up on the grid?) devolves in to a sea of mold & fungus?
"Law360, New York (January 13, 2015, 8:15 PM ET) -- A New Jersey bankruptcy judge on Tuesday refused to stay the $95.4 million sale of Atlantic City's Revel Casino Hotel to a Florida developer, ruling against the property's utility provider, which argued the sale would preclude the collection of nearly $120 million it's still owed.
U.S. Bankruptcy Judge Gloria T. Burns denied the stay against the wishes of ACR Energy Partners LLC, the cash-strapped owner of a power plant built expressly to provide electricity to the Revel. "
http://www.law360.com/articles/610955/revel-s-utility-co-can-t-block-95m-ch-11-sale
(cant see whole article)
January 14th, 2015 at 2:09:56 PM
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Jan. 13: AC Mayor Revel will have a casino by summer:
“Yes, it’s going to have a casino,” with “the right casino operator coming in to operate it.” Restaurants, a hotel, and upper-floor condominiums are in the plan.
“I think for this summer you’ll see the casino, the hotel and restaurants open once again at Revel.”
http://thesandpaper.villagesoup.com/p/atlantic-city-mayor-outlines-hopeful-rebirth-of-dashed-economy/1291440
“Yes, it’s going to have a casino,” with “the right casino operator coming in to operate it.” Restaurants, a hotel, and upper-floor condominiums are in the plan.
“I think for this summer you’ll see the casino, the hotel and restaurants open once again at Revel.”
http://thesandpaper.villagesoup.com/p/atlantic-city-mayor-outlines-hopeful-rebirth-of-dashed-economy/1291440
January 14th, 2015 at 2:18:10 PM
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.....and 1,000's of polo ponies in a pasture on the Black Horse Pike. Maybe he'll buy the Atlantic City Racecourse.
January 14th, 2015 at 2:44:39 PM
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Quote: Intheknow.....and 1,000's of polo ponies in a pasture on the Black Horse Pike. Maybe he'll buy the Atlantic City Racecourse.
well,perhaps the Mayor needs to study the timeline for the re-birth of Miami before he waxes poetic about Straub -savoir of Miami ???
Did Glenn Straub costar with Don Johnson in an 80's Tv series & walk around sockless?
from Wikapedia-Miami Arena:
"The arena was sold in a public auction in 2004 to Glenn Straub, an investor from Palm Beach County, Florida, for $24 million less than the $52 million the city of Miami paid for its original construction. Miami Arena was sometimes called the "Pink Elephant", because it was a white elephant with pink colored walls....
On August 3, 2008, Straub announced in a television interview that the interior of the arena had been cleared out and that the building would be demolished by the end of the month. On September 21, 2008, the roof of the Miami Arena was imploded. While the exterior walls remained standing after the implosion, demolition continued until the falling of the west wall on October 21, 2008.Grand Central Park now occupies the site of where the arena once stood."
2014/09/12:
Bidder for Revel: If My Plan Doesn’t Work, We’ll Blow Up the Building
He told the Inquirer if what he did ended up not working, he'd implode the Revel.
"We're going to be doing six, seven more things there. If it makes money, that's good. Pat us on the back. If it doesn't make money, then we close her down just like Miami Arena and we blow it up," Straub said.
Read more at http://www.phillymag.com/news/2014/09/12/bidder-revel-doesnt-work-well-blow-building/#6jBwUotFVMYjLPM8.99
Oh to be a politician, with unlimited poetic licence & zero accountability.
January 14th, 2015 at 4:50:32 PM
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Whatever happened to the people trying to sue them over claims the "You can't lose!" campaign was misleading? All the news articles I can dig up just discuss it without resolution.
January 14th, 2015 at 4:55:23 PM
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2 possibilities I can think of:
1.out of court settlements
2.Revels lawyers strung them along long enough, & the plaintiffs are now # 13,201 in Revel's creditor line to get 1 cent on each $ they're owed.
1.out of court settlements
2.Revels lawyers strung them along long enough, & the plaintiffs are now # 13,201 in Revel's creditor line to get 1 cent on each $ they're owed.
January 14th, 2015 at 5:10:57 PM
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I was hoping it was 3. Searching with Bing on my phone sucks.
Also, 1% isn't that bad. I mean, the building went for 4% of construction costs and it looks like the power company is going to walk off with nothing. =D
Also, 1% isn't that bad. I mean, the building went for 4% of construction costs and it looks like the power company is going to walk off with nothing. =D
January 14th, 2015 at 5:54:52 PM
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Quote: 7star4nowJan. 13: AC Mayor Revel will have a casino by summer:
“Yes, it’s going to have a casino,” with “the right casino operator coming in to operate it.” Restaurants, a hotel, and upper-floor condominiums are in the plan.
“I think for this summer you’ll see the casino, the hotel and restaurants open once again at Revel.”
http://thesandpaper.villagesoup.com/p/atlantic-city-mayor-outlines-hopeful-rebirth-of-dashed-economy/1291440
I didn't know being mayor of AC came with a license to smoke crack. There is no way in hell a casino will be operating in the former Revel by summer. Book that.
January 14th, 2015 at 5:59:54 PM
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Quote: vendman1I didn't know being mayor of AC came with a license to smoke crack. There is no way in hell a casino will be operating in the former Revel by summer. Book that.
Maybe he's laying the groundwork for a landslide victory as Mayor of Washington DC?
January 14th, 2015 at 6:39:29 PM
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Quote: 7star4nowMaybe he's laying the groundwork for a landslide victory as Mayor of Washington DC?
Very good, I lol'd
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
January 14th, 2015 at 9:10:19 PM
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The current Mayor was head of the special improvements dept. of AC for 20 yrs or so before becoming mayor. How many special improvements have you seen the past 20 yrs in AC. Lot a talk little accomplished.
January 15th, 2015 at 5:26:12 AM
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The ridiculious lawsuit for "You Can't Lose" must have died on the vine.Revel is bankrupt so there nothing for the lawyer to gain.
January 15th, 2015 at 8:46:33 AM
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I think the current Mayor is doing a good job. He was faced with a major decrease in ratables due to the casino industry and though he had to raise taxes it could have been much worse without the state money he obtained and is working on an unprecedented cut in the workforce in city government. He was praised for his work in the special improvement district for running an efficient department whose main job was keeping the district clean. Attached is the link for the SID.
http://www.njcrda.com/ac-tourism-district/special-improvement-div/
http://www.njcrda.com/ac-tourism-district/special-improvement-div/
January 15th, 2015 at 9:20:23 AM
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The goal for the current Mayor is to cut budget by $40,000,000 dollars in 10 years. Current budget is $357,000,000 for a City of 40,000 inhabitants and 50 blocks. I could cut $40,000,000 in a week.
The numbers have been so out of whack for years the local politicians think it's normal.
$2,000,000,000 spent in the past four years in a 50 block city. That's $40,000,000 per block! I don't see it.
The current Mayor is better then the City has had in quite some time but he suffers from "AC brain" from years of drinking the local water.
When Casinos were first proposed the AC residents weren't going to have any property taxes, the Casinos were going to save the day! That didn't work out to well.
The numbers have been so out of whack for years the local politicians think it's normal.
$2,000,000,000 spent in the past four years in a 50 block city. That's $40,000,000 per block! I don't see it.
The current Mayor is better then the City has had in quite some time but he suffers from "AC brain" from years of drinking the local water.
When Casinos were first proposed the AC residents weren't going to have any property taxes, the Casinos were going to save the day! That didn't work out to well.
January 15th, 2015 at 10:07:59 AM
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Atlantic City like most "urbanized" areas is facing challenges. What differentiates A.C. from most urbanized areas is that it happens to be a tourist destination.
Most of America is segregated, not so much by race as in the past but by income. People of middle incomes and up typically don't live in or visit struggling communities by choice. These areas are viewed as unsafe or the inhabitants have much different values/morals. This is reinforced by the mass media reporting's of violent crime.
I truly wish Mayor Guardian all the best in the coming years, but he is basically telling the same story of redevelopment and rebirth as every Mayor in the last 40 years. Every Mayor of A.C. needs to think about re-election. His constituents are for the most part poor and under educated.
One only needs to remember the prior Mayors comments about the tourism district. Mayor Langford went so far as to call it apartheid. After two different tourist murders occurred in casino parking garages, he said the casinos should patrol their own garages,
http://articles.philly.com/2011-10-07/news/30253674_1_patrols-casino-garage-langford
This illustrates the pandering Mayor Langford was doing to the local voters. Many of these people see casinos as a us vs them struggle.
These very casinos many view as the enemy, paid well over 80% of the property taxes in A.C. in 2013.
A mayor who seems to be too close to the casinos, CRDA or other outside interests will not gain any votes amongst the locals. They are more interested in projects/developments that will benefit them, not tourists.
If A.C. is to experience a renaissance it is not very likely to be from the work of local politicians who rely on local voters. It must come from the state level. A level that is insulated from the rath of local voters. An entity that can make tough decisions that won't sit well with many local voters.
Most of America is segregated, not so much by race as in the past but by income. People of middle incomes and up typically don't live in or visit struggling communities by choice. These areas are viewed as unsafe or the inhabitants have much different values/morals. This is reinforced by the mass media reporting's of violent crime.
I truly wish Mayor Guardian all the best in the coming years, but he is basically telling the same story of redevelopment and rebirth as every Mayor in the last 40 years. Every Mayor of A.C. needs to think about re-election. His constituents are for the most part poor and under educated.
One only needs to remember the prior Mayors comments about the tourism district. Mayor Langford went so far as to call it apartheid. After two different tourist murders occurred in casino parking garages, he said the casinos should patrol their own garages,
http://articles.philly.com/2011-10-07/news/30253674_1_patrols-casino-garage-langford
This illustrates the pandering Mayor Langford was doing to the local voters. Many of these people see casinos as a us vs them struggle.
These very casinos many view as the enemy, paid well over 80% of the property taxes in A.C. in 2013.
A mayor who seems to be too close to the casinos, CRDA or other outside interests will not gain any votes amongst the locals. They are more interested in projects/developments that will benefit them, not tourists.
If A.C. is to experience a renaissance it is not very likely to be from the work of local politicians who rely on local voters. It must come from the state level. A level that is insulated from the rath of local voters. An entity that can make tough decisions that won't sit well with many local voters.
January 15th, 2015 at 10:16:33 AM
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It's difficult to just gauge the city population vs budget and say that $9,000 per resident is too much money. Certainly, the city spends a lot of money on sewers, roads, water and other infrastructure to support the tourism, which adds probably another 40,000 "residents" per year.
The casinos pay 70% of property taxes of the city. That leaves $107 milion over 40,000 inhabitants or about $2,700 per inhabitent, which is more in line with what you could expect. But casinos have been appealing their taxes as their ability to generate profit has been reduced due to market conditions.
The casinos pay 70% of property taxes of the city. That leaves $107 milion over 40,000 inhabitants or about $2,700 per inhabitent, which is more in line with what you could expect. But casinos have been appealing their taxes as their ability to generate profit has been reduced due to market conditions.
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You want the truth! You can't handle the truth!
January 15th, 2015 at 11:20:33 AM
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The new proposal by Lawmakers is to have casinos pay $150,000,000 per year. After two years that goes down to 120 mil for the next fifteen years! Is that 70% of $357,000,000?
As for the state of NJ taking over. Their heads are only halfway up their asses compared to locals.
As for the state of NJ taking over. Their heads are only halfway up their asses compared to locals.
January 15th, 2015 at 12:35:37 PM
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The casino's are paying so much in taxes because they are over accessed. As an example, according to court papers, Trump contends the 2010 assessment of $1.66 billion for the Taj Mahal should be $240 million. The city says it’s willing to set it at $1.27 billion. Assessed at 1.66 BILLION? IF I was paying taxes on a 2 million dollar home and it was only worth $750,000 I'd appeal too. We've had many reassessments on Long Island and many have won with the housing market decline.
Atlantic City has looked upon the casino's as their cash cow, well the casino's aren't doing so well. Just imagine that town without that casino tax base, I can't even.....
http://www.nj.com/news/index.ssf/2012/04/atlantic_city_suffers_big_loss.html
Atlantic City has looked upon the casino's as their cash cow, well the casino's aren't doing so well. Just imagine that town without that casino tax base, I can't even.....
http://www.nj.com/news/index.ssf/2012/04/atlantic_city_suffers_big_loss.html
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
January 15th, 2015 at 4:18:20 PM
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Mrs. HeartRN wrote: Atlantic City has looked upon the casino's as their cash cow, well the casino's aren't doing so well. Just imagine that town without that casino tax base, I can't even.....
I have seen AC without the casinos... I have been there many times..... It is a place called Camden
I have seen AC without the casinos... I have been there many times..... It is a place called Camden
January 15th, 2015 at 4:26:39 PM
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Quote: ScanMrs. HeartRN wrote: Atlantic City has looked upon the casino's as their cash cow, well the casino's aren't doing so well. Just imagine that town without that casino tax base, I can't even.....
I have seen AC without the casinos... I have been there many times..... It is a place called Camden
Word to the wise. If you are in AC and want to go to Genoa in philly. Make sure you change the state to PA or you will end up in Camden. That was one scary night for us. I kept following the directions since GPS are never wrong.
Expect the worst and you will never be disappointed.
I AM NOT PART OF GWAE RADIO SHOW
January 15th, 2015 at 4:50:27 PM
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.........and what's the tax on Casino revenue, win or what ever they call it in AC, something like 8%. Anywhere else in U.S.A is 40% or more.
I'm not against the Casino's negotiating lower taxes. I'm against the local government being so clueless.
I'm not against the Casino's negotiating lower taxes. I'm against the local government being so clueless.
January 16th, 2015 at 12:33:02 PM
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Emergency hearing Tuesday in appeal of Revel Casino sale
Read more at http://www.philly.com/philly/business/20150117_Hearing_Tuesday_in_appeal_of_Revel_sale.html#jl0PfygSVkug8fKh.99
Read more at http://www.philly.com/philly/business/20150117_Hearing_Tuesday_in_appeal_of_Revel_sale.html#jl0PfygSVkug8fKh.99
January 16th, 2015 at 1:20:54 PM
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Only in New Jersey.
January 20th, 2015 at 3:04:51 PM
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Revel power supplier fears forcible eviction,Straub threatens to walk & lose RV $10mil deposit ,
"Mold could wreak havoc on the Boardwalk property if there is no energy to run air-handlers there....Chief U.S. District Judge Jerome Simandle, who is handling appeals in the Revel case, said Tuesday that it would be a “calamity” for Revel if the power plant shuts. But he questioned whether that Doomsday scenario has a credible chance of happening. "ACR’s plant is the only readily available means of powering the closed resort.
http://www.pressofatlanticcity.com/news/breaking/tenants-fighting-revel-sale-in-court/article_b8f56e0c-a0eb-11e4-9198-cf9fee83bb59.html
"Mold could wreak havoc on the Boardwalk property if there is no energy to run air-handlers there....Chief U.S. District Judge Jerome Simandle, who is handling appeals in the Revel case, said Tuesday that it would be a “calamity” for Revel if the power plant shuts. But he questioned whether that Doomsday scenario has a credible chance of happening. "ACR’s plant is the only readily available means of powering the closed resort.
http://www.pressofatlanticcity.com/news/breaking/tenants-fighting-revel-sale-in-court/article_b8f56e0c-a0eb-11e4-9198-cf9fee83bb59.html
January 20th, 2015 at 4:17:57 PM
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It's as if everyone has everyone by the balls here in atlantic city and no one's winning. The lawyers are winning, that's a given.
January 20th, 2015 at 4:39:29 PM
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Quote: IntheknowIt's as if everyone has everyone by the balls here in atlantic city and no one's winning. The lawyers are winning, that's a given.
Legal revenue from casinos may soon exceed gaming revenue in AC.
January 20th, 2015 at 5:51:33 PM
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Judge set to decide tricky terms of Revel's sale-it gets even more complicated
Read more at http://www.philly.com/philly/business/20150121_Judge_set_to_decide_tricky_terms_of_Revel_s_sale.html#v4078Zu6yQS3Xh3o.99
Read more at http://www.philly.com/philly/business/20150121_Judge_set_to_decide_tricky_terms_of_Revel_s_sale.html#v4078Zu6yQS3Xh3o.99
January 21st, 2015 at 2:10:35 PM
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Judge gives Straub Revel free & clear of tenant leases- incl its power plant co
going to be interesting how he keeps the lights on & fungus out- neither he, nor the power co (blew up the Brookfield deal) appear to be negotiable
"A federal judge on Wednesday denied requests by Revel tenants to halt a sale of the property while they appeal the terms of the transaction.Feb. 7 is the deadline for Revel to finalize a $95.4 million sale to real estate developer Glenn Straub's company, Polo North Country Club....The tenants took issue with a component of a January court order that allows the property to be sold “free and clear of liens, claims, encumbrances and interests.”The ruling triggered a flurry of appeals by Revel's sole power supplier and other Revel tenants, including its restaurants and glitzy HQ nightclub.They say a "free and clear" sale allows Polo North to cancel their leases and boot them from the beachfront property, running roughshod over their rights and wiping out massive investments they made at the property."
http://www.pressofatlanticcity.com/news/breaking/judge-won-t-halt-revel-sale/article_4f2058ae-a1b6-11e4-85b4-1b0542ef8964.html
going to be interesting how he keeps the lights on & fungus out- neither he, nor the power co (blew up the Brookfield deal) appear to be negotiable
"A federal judge on Wednesday denied requests by Revel tenants to halt a sale of the property while they appeal the terms of the transaction.Feb. 7 is the deadline for Revel to finalize a $95.4 million sale to real estate developer Glenn Straub's company, Polo North Country Club....The tenants took issue with a component of a January court order that allows the property to be sold “free and clear of liens, claims, encumbrances and interests.”The ruling triggered a flurry of appeals by Revel's sole power supplier and other Revel tenants, including its restaurants and glitzy HQ nightclub.They say a "free and clear" sale allows Polo North to cancel their leases and boot them from the beachfront property, running roughshod over their rights and wiping out massive investments they made at the property."
http://www.pressofatlanticcity.com/news/breaking/judge-won-t-halt-revel-sale/article_4f2058ae-a1b6-11e4-85b4-1b0542ef8964.html
January 21st, 2015 at 2:27:13 PM
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Be on the lookout for REALLY long extension cords running from Revel to a street light ;-)
This is interesting. Something has to give somewhere.
This is interesting. Something has to give somewhere.
I give this post an hour. Tee Hee!
January 21st, 2015 at 2:41:12 PM
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Quote: ACMamaBe on the lookout for REALLY long extension cords running from Revel to a street light ;-)
This is interesting. Something has to give somewhere.
LOL -Maybe Straub gave a clue when he spoke of Geniuses working on Nuclear waste disposal @ Revel-
Could he be planning on Revel becoming AC's 1st "Nuclear powered Casino" (which would create the waste he's worrying about disposing of?)
January 21st, 2015 at 3:13:58 PM
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He owns a brand new beach front building (which he paid pennies on the dollar for) next door to a University. How can you lose?
AC is a cheap investment. Yet it has better beaches and the nicest boardwalk (length and maintenance wise) then any other South Jersey beach town.
AC is a cheap investment. Yet it has better beaches and the nicest boardwalk (length and maintenance wise) then any other South Jersey beach town.
