Scan
Scan
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Wizardofnothing
Wizardofnothing
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August 31st, 2015 at 7:36:50 AM permalink
Thanks for the link
No longer hiring, don’t ask because I won’t hire you either
JackStraw8004
JackStraw8004
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August 31st, 2015 at 8:16:46 AM permalink
I just read it. Straub will never get the Revel open. He is right about one thing. If he tears it down he will more than make his money back. The steel girders are worth a fortune along with the plumbing fixtures. This is what Icahn wanted to do with the unfinished Fontainebleau casino in Las Vegas. He bought it and wanted to sell the steel to the Chinese. The casino stands unfinished in Las Vegas where the El Rancho stood. The cost to build was $2.9 billion. It's like the Revel of Atlantic City except it was never finished. If you look at it from the outside the tower was topped off and construction ended during the financial crash. Almost 3900 rooms and 68 stories high. It was going to be an amazing property rivaling any of the top properties on the Strip.
beachbumbabs
beachbumbabs
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August 31st, 2015 at 2:38:28 PM permalink
Quote: Scan

http://www.newyorker.com/magazine/2015/09/07/the-death-and-life-of-atlantic-city



That's an amazing article. Lots there I didn't know, both past and present. Thanks!
If the House lost every hand, they wouldn't deal the game.
JohnnyQ
JohnnyQ
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August 31st, 2015 at 6:43:16 PM permalink
I read the first half. Interesting quotes from the article:

"Among those whom Hauke and his staff said they’d seen were Steve Wynn, who had sold the Golden Nugget in 1987 and vowed never to come back; various hedge-funders from New York; and a group of Chinese men—the Export-Import Bank of China was at one point in talks to buy a piece—who took over Hauke’s tables and held meetings for hours, without ordering anything."

"Within weeks, news broke that a little-known Florida developer named Glenn Straub, the owner of Palm Beach Polo Golf and Country Club, had offered ninety million dollars to buy Revel. .....Few in town took this seriously, but, as far as the bankruptcy was concerned, he’d established a baseline. Everything has a clearing price. The bad news was that Straub’s offer was less than four cents on the dollar—a chilling signal of how far Atlantic City had fallen and may yet fall. The good news was that the building—and you might even say the town—was worth anything at all."
There's emptiness behind their eyes There's dust in all their hearts They just want to steal us all and take us all apart
MrV
MrV
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August 31st, 2015 at 8:25:05 PM permalink
Decent article, but a bit of a white wash.

The author should have done his homework about the involvement of organized crime in bringing casinos to town.

Ah, how I miss Scarfo.

As I've posted before, those interested in AC really should read Ovid Demaris' book "The Boardwalk Jungle."
"What, me worry?"
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