Revel in "Dire" financial condition

http://www.pressofatlanticcity.com/news/breaking/state-senate-president-warns-of-revel-s-dire-status/article_a5a2aa0c-3b14-11e2-95bf-0019bb2963f4.html

So who ends up with this place and what was the bet on smoking?

I still say current management was so bad, this was not a fair test of a smoking versus non-smoking casino.

Quote: Boz

I still say current management was so bad, this was not a fair test of a smoking versus non-smoking casino.

Clearly!

Maybe Revel 2.0 will have some more restrooms.

Interesting article, including this:

"Revel is listed among the city’s tax delinquents in a Dec. 11 tax sale notice published Friday in The Press of Atlantic City".

Wow...I think it was obvious to anyone who was paying attention that this place was doomed. But this soon. Shocking. As mentioned in the article linked above they just got a $100 million credit line to help them through 2013. If they've burned through all that cash already that's verrryyyy bad.

In terms of the tax delinquency..that's because every casino in AC is massively overvalued on the tax rolls. They routinely refuse to pay their property taxes and then appeal for a lower assessment. I know all the CET properties went through this recently as well. The article indicates they are working with the city to resolve that aspect. Which they can probably do. The bigger issue is what happened to the $100 mil, that was supposed to get them through 2013. Last I checked it's still 2012.

In another Revel related thread on this forum a couple of weeks back, someone suggested they are intentionally running the place into the ground in an attempt to get to bankruptcy court, and then write down their enormous construction debt. This seems like a more and more likely scenario all the time.

Quote: Boz

I still say current management was so bad, this was not a fair test of a smoking versus non-smoking casino.

Other environmental problems abound, too, conceivably leading to extra expenses like Kevlar vests:
"A 30-year-old Atlantic City man suffered multiple gunshot wounds early Saturday morning in the Westside section of the city, police said. Atlantic City Police responded to a report at about 2:43 a.m. of between four and five shots fired in the 300 block North Dr. Martin Luther King Jr. Boulevard." acpress

I've been getting offers from the Revel that there is no way I'll be able to use. My buddy in Central Jersey who went with me there last trip and gave me his card to play on has been getting 2 free nights a week including weekends, with some freeplay. Needless to say, he's been enjoying himself (thanks to me!)

Something smells bad in this story... I cannot rule out the pockets of certain mgmt people being indirectly lined.
The use of the word "evaporate" IS rather scary.

They opened up for gawking tourists not gamblers. Now in the final stretch they are suddenly demonstrating deals for gamblers when its really too late and then everyone can do their write downs and recapitalizations and new contracts for management without too much finger pointing.