Will TEN Ever Open? (Derail from Comps Thread)

TEN is going to open? Did someone other than Straub say so? I'm going to need to hear it from about fifteen reliable sources with about five notarized affidavits before I'm willing to actually believe it, at this point.

He said...blah, blah...hotel...June...this is like the eighth partial opening date announced!

Quote: Mission146

TEN is going to open? Did someone other than Straub say so? I'm going to need to hear it from about fifteen reliable sources with about five notarized affidavits before I'm willing to actually believe it, at this point.

He said...blah, blah...hotel...June...this is like the eighth partial opening date announced!

I think Straub is off his rocker and his only qualification to opening a casino is having the bankroll.

Something has to come to a head eventually though. That building is not cheap to maintain.

How crazy would it be if they tore it down? I think it would change hands a couple more times before it came to that, but damn I shake my head whenever I'm coming in on the expressway and see that massive empty tower in the skyline.

Quote: Mission146

TEN is going to open? Did someone other than Straub say so?

While it's extremely easy to accept at face value that Taj/Hard Rock WILL open, you gotta admire, or at least be amused by, Straub for continuing to promise threaten to open Revel/Ten.

That's what happens when you have too much money and nothing really to do with it!

I still think it would have been killer as an assisted living place.

Quote: Mission146

That's what happens when you have too much money and nothing really to do with it!

Well thank god he bought a failed casino rather than becoming president.

Quote: gamerfreak

Well thank god he bought a failed casino rather than becoming president.

isn't a failed casino or 3 the 1st step in becoming Pres?

Quote: 100xOdds

isn't a failed casino or 3 the 1st step in becoming Pres?

Revel 2.0 rope maze casino hasnt had the chance to fail yet. It needs to open first.

This story was in yesterdays USA Today. A very different take than what I have been reading.

https://www.usatoday.com/story/news/nation-now/2017/05/06/atlantic-city-left-dead-last-10-years-having-revival/312141001/

Yes, TEN will open some day.
The bettors and the bookies wil each insist that someday all those bets be resolved.

I don't really get his end game. I am sure his shenanigans have lead to reduced value in the property for potential investors and business partners and he seems content to dig himself into a deeper hole.

Quote: DiscreteMaths2

... I am sure his shenanigans have lead to reduced value in the property for potential investors ...

While that may be true, at least one shenanigan has lead to increased value. Getting control and ownership of the power plant was HUGE, and has raised the value of that property.

Here is my .02 on Revel/10
Straub bought Revel hoping to flip it.
He isn't a casino/hotel guy.
He bought the place 5 cents on the dollar hoping someone would come forward and offer him more and he could go back to Florida with a tidy profit.
He has done everything within his power to keep the place in the news with crazy ideas. Housing Syrian Refugees,high speed ferry service, Ropes course,genius Acadamy and numerous opening dates that have come and gone. The property while very beautiful just can't be a profitable casino in A.C. Elevators without buttons straight to the casino, long walk from check in and much empty and very expensive space.
As I said, he is not a casino guy. HardRock propably could have bought the place for far less then thier investment into the former Taj and had it up and running perhaps as much as a year sooner. Ask yourself why they didn't buy Revel? It is unworkable as a casino/hotel in A.C. I think by now Straub nows this.
He also figures that if he hires a couple thousand employees and re-opens, the place will lose more money then just sitting idle.

While on its face it appears to be encouraging news for A.C., all that glitters is not gold.
The College will not be paying into the property tax base and will ocupy premium real estate.
The apartments will have a substantial number that will be designated low-income. They have also received a lengthy tax abatement. Apartments are not going to help A.C. at this juncture. The population of the city is contracting as people leave in the wake of casino closings. These apartments will mostly draw renters from other parts of the city, leaving those apartments empty.

The best thing for AC would be for someone to douse the city with gasoline, drop a match and get out of the way.

Quote: mcallister3200

The best thing for AC would be for someone to douse the city with gasoline, drop a match and get out of the way.

It's not that bad, just too far away and too expensive on weekends for the room quality.

Quote: onenickelmiracle

It's not that bad, just too far away and too expensive on weekends for the room quality.

Distance can't be changed, though perception of it can be altered by speed, however, it is clear that although room quality can't be radically altered its a very simple matter to lower the price.

I'd think that Atlantic City casinos would start marketing their weekend discounts to Thursday and Friday room renters. Arrive Thursday and get real bargains for staying longer.

Thursday yes Friday not going to happen in A.C.
Casinos starting early on began a room comp war with each other. Even mid level gamblers expected and got comped rooms even on many weekends. If the casino doesn't comp a room, they will pick up their chips and go somewhere that will. That is the main reason weekend casino rooms can go for $300+ a night.
Why should they rent a room for a reasonable say $125 a night when they can comp it to someone who statistically loses over $400 a night in the casino?
I don't have the latest data but at one time a full 2/3rds of casino/hotel rooms in A.C. were.....comped!
http://www.hotel-online.com/News/PR2005_3rd/July05_CompRooms.html