Hard Rock buy Showboat AC
I think this sets it up perfectly for CET to purchase Revel
Quote: aceofspadesThat's the inside word!!! No press release yet but I am told it is a done deal!
Which tells me they are out on Revel....which means Caesars buys Revel??? Sorry Ace, I usually believe your AC sources but this makes zero sense for HR if Caesars gets Revel. This is the worst deal for these people since Manhattan. What is Loveman.....an Indian Giver.
Note, I am all for Daniel Snyder changing the name of his NFL team, so I am clean on these comments.
Quote: BozWhich tells me they are out on Revel....which means Caesars buys Revel??? Sorry Ace, I usually believe your AC sources but this makes zero sense for HR if Caesars gets Revel. This is the worst deal for these people since Manhattan. What is Loveman.....an Indian Giver.
Note, I am all for Daniel Snyder changing the name of his NFL team, so I am clean on these comments.
I never claimed CET would buy Revel - that was my speculation after hearing that Hard Rock bought Showboat
Quote: aceofspadesI never claimed CET would buy Revel - that was my speculation after hearing that Hard Rock bought Showboat
Understand, but who else is left as a qualified buyer. I always thought it was down to these 2. Take one away and you are left with....Loveman and crew
I think that their smoking rooms are actually smoking.Quote: sodawaterhope hard rock has some money saved up for extensive renovations
If they bought Showboat, Loveman would just be tricking them into allowing them to get Revel. I don't see both properties being a fit besides their close proximity to each other though, but this is as it currently sits without any kind of remodel.
Who would they want to sell the property to? The highest bidder - simple? What about a very good offer with the possibility of making a success of the Revel? Do they even care what happens to the hotel after they have sold? Should they?
Here we have to look at what CET can bring to the table and what Hard Rock can. CET will have a huge database which they can use to bring business to the hotel where Hard Rock may not have that ability, especially on the East Coast.
Hard Rock is also a very specific type of organisation, a rock group that is branded in a very specific way, whereas CET may be a little more open to being creative?
I don't care either way, just trying to look at it not purely from a buyers perspective but also trying to understand what the sellers may do?
http://www.tripadvisor.com/LocationPhotoDirectLink-g33348-i54829874-Central_City_Colorado.html
And announced a rock and roll legend would appear at the grand opening. But in never happened.
Ace, wanna bet on this being a done deal ? Just asking.
Quote: TomspurLet's look at this from Revel's perspective. After all they are the sellers. Perhaps they have a say in who they actually sell the property to?
Who would they want to sell the property to? The highest bidder - simple? What about a very good offer with the possibility of making a success of the Revel? Do they even care what happens to the hotel after they have sold? Should they?
The sellers probably only care about which offer allows them to cash out for more money. As the quality of the property goes, I hate to say it, but I think they're better off under Caesars. I don't generally think of Hard Rock as being masters of operating a good casino floor, and I think of them more as creating a party/club atmosphere, and isn't that the emphasis on clubs over casino the philosophy that got Revel in trouble in the first place?
I'll throw this prediction out there: if Caesars does buy Revel, they'll rebrand it as a Horseshoe. It's the one major brand missing from AC, and the Horseshoe casinos tend to have better quality table games than other Caesars properties....so rebrand it as a Horseshoe and offer decent table rules...with all those Total Rewards members, it has to do better than Revel does now.
Quote: silversonic2006The sellers probably only care about which offer allows them to cash out for more money. As the quality of the property goes, I hate to say it, but I think they're better off under Caesars. I don't generally think of Hard Rock as being masters of operating a good casino floor, and I think of them more as creating a party/club atmosphere, and isn't that the emphasis on clubs over casino the philosophy that got Revel in trouble in the first place?
I'll throw this prediction out there: if Caesars does buy Revel, they'll rebrand it as a Horseshoe. It's the one major brand missing from AC, and the Horseshoe casinos tend to have better quality table games than other Caesars properties....so rebrand it as a Horseshoe and offer decent table rules...with all those Total Rewards members, it has to do better than Revel does now.
I just don't see Horseshoe as a very "affluent" or "prestigeous" brand, in fact I see it as a 2nd tier brand at best. (I may be wrong in my assumtion here as I don't know much about the horseshoe brand), however if it was a high end brand it would have long been a part of the Vegas landscape, or for as long as Caesars has owned the Horseshoe brand.
I think if CET really is going to go out and buy Revel, they need to make the property a game changer, a brand that can be added on to the CET branding scheme, one that will add more value to the CET family and not one that is "just another CET branded property". As far as I'm concerned the Revel is one of the nicest properties in AC (I should know, I lived next to the hunk of junk for a year while it was built!!!). They should use that in their favor and try to uplift their brand.
Unfortunately I feel like it will be putting lipstick on a pig......AC is done for and will need more closures and a complete facelift in order to survive!
1. Caesars. What's a little more debt, right? It'd almost have to be Horseshoe branded, wouldn't it?
2. MGM. Licensing issues aside, it already looks and feels like an MGM strip property. I think it reminds me most of Aria, but I assume it'd be MGM branded
3. Genting. Could pay cash, but probably too close to Resorts World at the Aquaduct.
4. Pinnacle. They do kind of need a flagship property. But funding and licensing and location are issues.
5. Penn National. Might have the funding, probably could get licensing. Revel would play well as a Hollywood. But they'd have some market counterfeiting to deal with. I do think they could manage with a play at MD/WV/PA and spend points at AC message, but that leaves the AC property as less than a money maker.
6. Sands. Bethlehem is reportedly for sale. Their focus is not on US business. Hard to see them entering AC. But funding and licensing would be easy
7. Wynn. Money yes, desire & ability no.
8. Best Margaritaville Ever.
9. Best IoC ever?
10. Other. Mark Zuckerberg has always wanted to own a casino in NJ, right? He has the cash in his sock drawer, right? Maybe he could get some tips from the Maloofs...
I totally agree a Caesars owned Revel needs to be a game changer. Borgata and Revel are impressive. Caesars AC is not. When I've played the tables at Caesars LV, at least in the original pit, I get a sense of old-school upscale, a "this is where the REAL old school big money comes to play" that the AC property doesn't have. Revel has a lot of features going for it, and if Caesars buys Revel and uses them to its advantage, it could really be a nice place.
That said, whomever buys Revel needs to redo the whole casino floor. That place is impossible to figure out...I was looking for mini-baccarat and found one $50 table. As I was on the escalator down, I saw a whole pit of baccarat tables I never saw walking the casino floor.
Quote: TomspurWhat about a very good offer with the possibility of making a success of the Revel? Do they even care what happens to the hotel after they have sold? Should they?
They don't seem to care about what happens to the hotel NOW or BEFORE, why should they suddenly be concerned after it is sold?
Quote: Mission146They don't seem to care about what happens to the hotel NOW or BEFORE, why should they suddenly be concerned after it is sold?
Its not that they didn't care, they simply had a bad grasp of reality where the day to day operations of a casino is concerned. Kevin Desanctis thought he could do it all, he thought he was going to re-invent the business. That was his first failure right there.
He dearly loved the project, he simply was not the right person to run the joint.
My comment was more based on his and many other peoples blood, sweat and tears they pourd into the place. After all, they would not want the place to be turned into a large roach motel.....
Quote: Tomspur
Its not that they didn't care, they simply had a bad grasp of reality where the day to day operations of a casino is concerned. Kevin Desanctis thought he could do it all, he thought he was going to re-invent the business. That was his first failure right there.
He dearly loved the project, he simply was not the right person to run the joint.
Ick.
Your defense against him not caring is that he was merely hopelessly arrogant. I think my accusation that he (and group) didn't care casted them in a more favorable light.
Quote: Mission146Ick.
Your defense against him not caring is that he was merely hopelessly arrogant. I think my accusation that he (and group) didn't care casted them in a more favorable light.
I didn't say arrogant, I implied incompetence. I certainly did not mean to defend that person, I merely tried to defend my original post.
For me he is better served to try and alleviate some other prospective investors of their money, hopefully NOT in my beloved casino industry!
Quote: beachbumbabsI still think CET will buy Revel and rebrand it as Harrah's AC, and the current Harrah's will become a Horseshoe.
Haha. Is this a joke? The existing Harrahs AC is a successful property. Why would you want to take away that brand and confuse people for years? "Meet me at Harrahs" and people would wind up at different places.
I believe Caesars will buy Revel, but they'll probably just keep the Revel name.
Remember, the "official" name of the Atlantic City beach near Revel is now "Revel Beach" because Revel employees astroturfed a city council meeting. The Revel name has value. It just needs a new owner and new management.
Quote: sodawaterHaha. Is this a joke? The existing Harrahs AC is a successful property. Why would you want to take away that brand and confuse people for years? "Meet me at Harrahs" and people would wind up at different places.
I believe Caesars will buy Revel, but they'll probably just keep the Revel name.
Remember, the "official" name of the Atlantic City beach near Revel is now "Revel Beach" because Revel employees astroturfed a city council meeting. The Revel name has value. It just needs a new owner and new management.
I am not sure they would keep the Revel name…too much baggage with that name…
Quote: sodawaterHaha. Is this a joke? The existing Harrahs AC is a successful property. Why would you want to take away that brand and confuse people for years? "Meet me at Harrahs" and people would wind up at different places.
I believe Caesars will buy Revel, but they'll probably just keep the Revel name.
Remember, the "official" name of the Atlantic City beach near Revel is now "Revel Beach" because Revel employees astroturfed a city council meeting. The Revel name has value. It just needs a new owner and new management.
Nope. Not a joke. I don't see them keeping "Revel" when they have so much tied up in promoting their own corporate branding (many millions). And they recently made a corporate-wide decision to make Harrah's their premier branding outside of LV and are renaming other properties to go along with that. If they buy Revel, they will rebrand it, and I bet it will be as a Harrah's.
Quote: kewljIf memory serves me correctly, a few years ago, when the Revel Project was stalled and seeking new financing, Didn't Gov Christie, work a tax amnesty deal where Revel didn't have to pay any taxes for a long-term period of like 20 years? Is that type of arrangement transferable to new owners?
I was going to ask exactly the same question........I would assume it would have to? In that case it does become a lot more attractive.
Good question I used to know pat but am fuzzy on now. I think they have to fail completely then it will transfer. It's worth over 200 million for 20 years and it will not be abandoned. I'm wondering how revenue can be manipulated between casinos to make it all scot free, but I'm sure they'll find a way.Quote: kewljIf memory serves me correctly, a few years ago, when the Revel Project was stalled and seeking new financing, Didn't Gov Christie, work a tax amnesty deal where Revel didn't have to pay any taxes for a long-term period of like 20 years? Is that type of arrangement transferable to new owners?
I don't understand the astroturf and beach reference. Just to add, Revel isn't just a name, it's a brand they pay their own shell corporation Kevin still runs. I'd bet the brand includes all the necessary things from the furniture to the deathescalator to the alien ball, and might be hard and costly to part with.Quote: sodawaterHaha. Is this a joke? The existing Harrahs AC is a successful property. Why would you want to take away that brand and confuse people for years? "Meet me at Harrahs" and people would wind up at different places.
I believe Caesars will buy Revel, but they'll probably just keep the Revel name.
Remember, the "official" name of the Atlantic City beach near Revel is now "Revel Beach" because Revel employees astroturfed a city council meeting. The Revel name has value. It just needs a new owner and new management.
The old-school big money at Caesars Palace would not stand for even a minute for the treatment meted out at Caesars AC.Quote: silversonic2006Borgata and Revel are impressive. Caesars AC is not. When I've played the tables at Caesars LV, at least in the original pit, I get a sense of old-school upscale, a "this is where the REAL old school big money comes to play" that the AC property doesn't have.
Quote: onenickelmiracleI don't understand the astroturf and beach reference. Just to add, Revel isn't just a name, it's a brand they pay their own shell corporation Kevin still runs. I'd bet the brand includes all the necessary things from the furniture to the deathescalator to the alien ball, and might be hard and costly to part with.
I don't get the astro-turf thing either. The beachfront in front of (behind?) Revel at the north end of the boardwalk is literally branded as Revel Beach. That's not actually owned by the hotel/casino, so there'd be an extra step to re-brand it.
Quote: hook3670Doubt it would happen, but Cordish owns the most successful casino in the Mid Atlantic market by far, Maryland Live! and is a finalist for the final Philly license and a Mass license. If either of those fall through he might take a stab. After all I believe he has tried before to establish an AC Live, but not as a casino.
There's another PA license available? Where would they site that casino?
Various groups, including one group headed by The Flyers Chairman have been interested in the South Philly Sports complex area and in my mind, realistically this location makes the most sense. Foot traffic from nearby homes and businesses, Public transportation in the subway already serves the area so folks can get to the different sporting events, It is almost the intersection of two major highways in the area, I-95 running north/south and easy access from Delaware and Maryland, the schuylkill expressway linking the western burbs, and just at the base of the Walt Whitman bridge connecting to New Jersey.
I haven't kept up with the different proposals since I departed Philly 4 years ago, but the prime location in South Philly was an area right next to the current sports stadiums, where the old Spectrum (flyers/76ers) used to be. BUT, last I heard that area was now under development to be an entertainment project consisting of shopping, movie theater, restaurants, ect.
Quote: kewlj
I haven't kept up with the different proposals since I departed Philly 4 years ago, but the prime location in South Philly was an area right next to the current sports stadiums, where the old Spectrum (flyers/76ers) used to be. BUT, last I heard that area was now under development to be an entertainment project consisting of shopping, movie theater, restaurants, ect.
This sounds a lot like Lumiere Place in Saint Louis, but with real actual public transit access. I'd be excited about that. Much more so than a casino in the bad lands. That truly is an area that makes chester - and a casino across the street from a prison in chester, no less - seem upscale.
