aceofspades
aceofspades
Joined: Apr 4, 2012
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August 8th, 2012 at 5:07:52 PM permalink
With my ears to the ground, my sources in AC tell me Hard Rock is set to by Bally's AC!!!

Has anyone heard this as well...?
rdw4potus
rdw4potus
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August 8th, 2012 at 5:17:29 PM permalink
Quote: aceofspades

With my ears to the ground, my sources in AC tell me Hard Rock is set to by Bally's AC!!!

Has anyone heard this as well...?



That's the perfect property for them overall. But the Claridge tower doesn't fit their style, and neither does the Wild Wild West.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
1BB
1BB
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August 8th, 2012 at 5:31:01 PM permalink
I heard that the Hard Rock wanted to build just south of the Atlantic Club.
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi
aceofspades
aceofspades
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August 8th, 2012 at 5:48:03 PM permalink
Quote: rdw4potus

That's the perfect property for them overall. But the Claridge tower doesn't fit their style, and neither does the Wild Wild West.




Wild West is basically boarded up and has some slot machines - not even sure if the Mountain Bar is still open. The Ridge is also useless. I believe the plan is to renovate the place. I always say that Bally's has the perfect location smack dab in the center of the Boardwalk!
rdw4potus
rdw4potus
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August 8th, 2012 at 5:54:51 PM permalink
Quote: aceofspades

The Ridge is also useless.



I agree that the Ridge casino is useless. But the hotel tower directly above it is both dated and structurally linked to the rest of the property. So it'd be really hard to raze the tower, and I'm not sure if it'd even be possible to renovate and get it up to Hardrock's standards.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
aceofspades
aceofspades
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August 8th, 2012 at 6:00:55 PM permalink
Quote: rdw4potus

I agree that the Ridge casino is useless. But the hotel tower directly above it is both dated and structurally linked to the rest of the property. So it'd be really hard to raze the tower, and I'm not sure if it'd even be possible to renovate and get it up to Hardrock's standards.





The Ridge casino is not even open - they only have a BJ tournament area located there - no slot machines or any tables open for real business. I think if hard Rock purchases it, they will have taken into account the totality of the property and what they would have to do with it.
SanchoPanza
SanchoPanza
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August 9th, 2012 at 4:56:45 PM permalink
Quote: 1BB

I heard that the Hard Rock wanted to build just south of the Atlantic Club.


That's one possibility, one that Bashaw has been tied to. Another site might be the gaping lot left by the Sands/Traymore property (not to mention the Madison). Thirdly, the renovation of the Claridge rooms has apparently been completed, and from what I've seen, not to bad effect, either.
rdw4potus
rdw4potus
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August 9th, 2012 at 5:10:29 PM permalink
Quote: SanchoPanza

Thirdly, the renovation of the Claridge rooms has apparently been completed, and from what I've seen, not to bad effect, either.



Do the elevators still feel like death-traps?
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
pacomartin
pacomartin
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August 9th, 2012 at 7:44:26 PM permalink
Quote: aceofspades

With my ears to the ground, my sources in AC tell me Hard Rock is set to by Bally's AC!!!

Has anyone heard this as well...?



By selling Bally's, Ceasar's could legally purchase Borgata (both MGM and Boyd's share). The NJ Gaming Commission is required by law to see that no single company controls more than 50% of the gaming in Atlantic City. MGM is also required by law to sell their half of Borgata.

I assume that 50% is the requirement at purchase. If they build up the business and it goes over 50% they may get a waiver or they might be required to sell the Showboat.

The Harrah's/Borgata properties are very close, and MGM was going to develop the land between the resorts. Now they are not legally allowed in New Jersey so I presume the land is for sale as well.
Tiltpoul
Tiltpoul
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August 10th, 2012 at 5:58:25 PM permalink
Quote: pacomartin

By selling Bally's, Ceasar's could legally purchase Borgata (both MGM and Boyd's share). The NJ Gaming Commission is required by law to see that no single company controls more than 50% of the gaming in Atlantic City. MGM is also required by law to sell their half of Borgata.

I assume that 50% is the requirement at purchase. If they build up the business and it goes over 50% they may get a waiver or they might be required to sell the Showboat.

The Harrah's/Borgata properties are very close, and MGM was going to develop the land between the resorts. Now they are not legally allowed in New Jersey so I presume the land is for sale as well.



While that strategy would be a huge boon for CET, I'm not sure that they have the capital to buy Borgata. It's the only property that can pull its weight (right now) and Boyd would ask for a HUGE buyout. Boyd isn't that strapped for cash anyways, and while they may not have the money to buy out MGM's vested share, I just don't see that being the viable solution.

To be honest, the news of Bally's AC being sold is somewhat alarming. While the casino/hotels do not fit in CET's current marketing strategy, it's so linked to Caesars and has a surplus of hotel rooms to boot. The location is prime; the property just needs a serious facelift. Of course, if CET hasn't done it yet, they have no intention to fix it.
"One out of every four people are [morons]"- Kyle, South Park

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