REVEL SOLD!!!
Tropicana purchased Revel moments ago for $230million!
Announcement coming next week.
Stay tuned.
Really? I don't think so.Quote: beachbumbabsWhat a steal of a deal.
Quote: beachbumbabsI think that if you can purchase a property that cost in excess of 1 billion to build, that's 30 years newer than your current hotel, for 230 million, AND you have the infrastructure and capital to expand to it, as Tropicana does, you can make a go of it for a better investment than building your own expansion. JMHO. I think they have a big enough client base, and a better property than 1/2 dozen others there, that they can take a larger market share at the others' expense, especially if they run people back and forth at their own expense.
Just my 2 cents but why not close the Trop and re-brand Revel as Tropicana - Trop AC is sort of dumpy.
And I believe Revel cost $2.4bil so they got it for less than 10% of cost (not of value lol)
Revel only has value as scrap, IMHO.Quote: beachbumbabsI think that if you can purchase a property that cost in excess of 1 billion to build, that's 30 years newer than your current hotel, for 230 million, AND you have the infrastructure and capital to expand to it, as Tropicana does, you can make a go of it for a better investment than building your own expansion. JMHO. I think they have a big enough client base, and a better property than 1/2 dozen others there, that they can take a larger market share at the others' expense, especially if they run people back and forth at their own expense.
agreed. Why would you want to attempt to expand anything in AC or Reno, they are markets in complete decay that I think would be unlikely to rebound even in an economic boom.Quote: teliotRevel only has value as scrap, IMHO.
Quote: aceofspadesBreaking News:
Tropicana purchased Revel moments ago for $230million!
Announcement coming next week.
Stay tuned.
Lol how do you know? Didn't you also say that Showboat was sold months ago? :P
Quote: teliotRevel only has value as scrap, IMHO.
This is ridiculous. Revel is arguably the nicest property on the East Coast. Now, it's been mismanaged to hell. But it's still a great building, a good location, and a gorgeous hotel.
They also need to work together to clean up the (correction: Island, known as Absecon) they're on; the blocks immediately behind the properties, with tie-in companies helping, like Zappos has helped downtown Vegas. The whole place should be a retro-gambling DisneyWorld-feeling destination. Instead, it's effing scary to go more than a block off-course if you're driving down there. It could be a series of parks, houses, small businesses, golf courses, retail, but instead it's creepville. Make it a place a person wants to stay a week, not just go overnight to play hard, take a nap, and get the hell out. They prettied up the viaduct entering the area and the main approaches to the marina and the boardwalk some, but get anywhere off those main roads, and you're checking the locks on your car doors and running stop signs just to get out of there. That has to change.
Quote: sodawaterLol how do you know? Didn't you also say that Showboat was sold months ago? :P
This is a much better source than the showboat source
Quote: WizardThis is a little off topic, but whatever became of the false advertising lawsuits regarding the "you can't lose" promotion?
Perhaps you can get a quote from the attorneys handling the case...you likely qualify as a journalist as you run this site and write books
baker sanders
Quote: aceofspadesPerhaps you can get a quote from the attorneys handling the case...you likely qualify as a journalist as you run this site and write books
Either journalists with web sites get no respect, or it is just me. I couldn't even get a journalist pass to get into G2E for free, and free passes to the general public are commonplace.
Quote: WizardEither journalists with web sites get no respect, or it is just me. I couldn't even get a journalist pass to get into G2E for free, and free passes to the general public are commonplace.
You are a respected blogger and author (as well as former host of GWAE)
Makes no sense for you to not get a journalist pass...
If they sell and the plaintiffs win then what will happen?Quote: WizardThis is a little off topic, but whatever became of the false advertising lawsuits regarding the "you can't lose" promotion?
I guess this all depends on the deal during the sell?
Normally what happens?
You cant have everything. If become to popular, you might forget about all the WOV'ers.Quote: WizardEither journalists with web sites get no respect, or it is just me. I couldn't even get a journalist pass to get into G2E for free, and free passes to the general public are commonplace.
I could be wrong, but the Revel sale sounds like a steal.
But then again Fitz Tunica got sold for $62M in March, which is also a steal, imo.
So this makes sense now Tropicana can use the Atlantic Club base to fill Revel. I think its a good deal overall and great if Atlantic City has an unexpected rebound.
Logistically being on both ends kind of hurts by feeding competitors in the middle with the best real estate and not being fed. It's not the most difficult part to overcome considering the hundreds of miles overcame to get patrons into the city.
Quote: teliotReally? I don't think so.
Neither do I. The time for the magic bullet has long passed. It's not a good sign when you walk in there on a Saturday night and the only thing you hear is your own echo.
Quote: tringlomaneTropicana also bought Lumiere Place in St. Louis (the worst grossing STL casino on the Missouri side) for $30 million more than the quoted Revel price ($260M). Lumiere Place grosses 5% to 10% more than Revel each month, but I think they were managed well by their previous owners. Lumiere grosses about $6M less a month than Hollywood STL and Hollywood paid $610M for the casino/hotel from Harrah's. That was a much more stupid purchase in terms of relative size/costs, imo.
I could be wrong, but the Revel sale sounds like a steal.
But then again Fitz Tunica got sold for $62M in March, which is also a steal, imo.
Well according this article http://www.myfoxny.com/story/20441796/revel-casino-gets-150m-more-in-financing-in-ac
they just received another 150 million in loans. If the market value was $100M before maybe the rest of it is to pay off the new loan.
If Ace is wrong on this I think he should get a 7 day suspension for trolling.
Quote: GWAE
If Ace is wrong on this I think he should get a 7 day suspension for trolling.
WOW!
I try to pass along some inside information to the board here in an effort to keep everyone in the loop and, if I am wrong, then I am a troll.
I hope you were not being serious.
True. Much of the criticism of the Revel on this board has focused on managerial issues. Some decisions seemed to have been made as if the managers didn't care about profitability or had not analyzed the market and were making decisions in a vacuum. Presumably this is a situation that is cured by "a new broom" and Tropicana is not only a new broom but an experienced one.Quote: beachbumbabsI think that if you can purchase a property that cost in excess of 1 billion to build, that's 30 years newer than your current hotel, for 230 million, AND you have the infrastructure and capital to expand to it, as Tropicana does, you can make a go of it for a better investment than building your own expansion.
One major issue has been the no smoking policy. This generated a great deal of intense discussion on this board and heated debate amongst smokers in general and the assumed high number of people who are both smokers and gamblers. The tropicana knows how to make financially correct decisions.
I recently posted an example of a dealer who goes from advocating a player say "no action" at craps and "buy insurance" at Blackjack to suddenly wearing a suit and pretending he knows everything about Advantage Players. It seems to me Revel management was somewhat like that. Inexperienced and ignorant. Tropicana got a bargain!
Quote: WizardThere is a lot of talk about Revel on this site, but why is it that nobody seems to mention that Chris Christie invested $260 million of public money into the project (source). I'm sure that Solyndra has been mentioned too many times to count. Shouldn't that knife cut both ways?
Modern conservatives have only two principles they never, ever break:
1) Pay lip service to limited government and the free market, but only lip service.
2) It's wrong only when the other party does it.
And this should finish completely derailing this thread ;)
Quote: aceofspadesWOW!
I try to pass along some inside information to the board here in an effort to keep everyone in the loop and, if I am wrong, then I am a troll.
I hope you were not being serious.
LOL of course not, maybe I should have put a lol or ;-) at the end. Sorry...
Quote: GWAELOL of course not, maybe I should have put a lol or ;-) at the end. Sorry...
Just making sure - sometimes people can turn on one another on the boards lol
Quote: aceofspadesJust making sure - sometimes people can turn on one another on the boards lol
I wish your OP would have said Atlantic Club buys Revel. I miss my weekend room offers and $60 free play as a red chip player.
Quote: WizardThere is a lot of talk about Revel on this site, but why is it that nobody seems to mention that Chris Christie invested $260 million of public money into the project (source). I'm sure that Solyndra has been mentioned too many times to count. Shouldn't that knife cut both ways?
That's not how Republicans operate. It's about identifying with a brand, not standing up for any form of intelligent thought. You could also point to how Christie just squandered Zuckerberg's $100 million donation for education on consultant fees without giving any of the money to something that would benefit the kids. But why would you want to do that when BENGHAZI!!!!!! KENYA!!!! CZARS!!!!
Quote: WizardThere is a lot of talk about Revel on this site, but why is it that nobody seems to mention that Chris Christie invested $260 million of public money into the project (source). I'm sure that Solyndra has been mentioned too many times to count. Shouldn't that knife cut both ways?
The knife should cut both ways. The "knife", in all cases, should not just be the political operatives from both sides--it should be a free and challenging press. They should challenge all politicians when things don't add up.
All the blather about "modern conservatives this" and "conservatives..." is just that--worthless blather from the other side. Some on the other side are willing to ignore anything their side does, too.
This conservative, and many others, along with many fair-minded liberals, wants transparency and openness that comes with a press that is willing to bulldog through the bullcrap and get to the truth of these matters.
One reason the press may not be as active in seeking out bad stuff on Christie is that he is one of their favorites. It shouldn't be that way, but it is. If one of the non-favored Republicans did something like this, it would be all over the news.
The truth of this matter is that each side has a fair share of hypocrites. They always have and always will. The power to keep that in check is the power the press wields...the power to ask questions on behalf of the citizens and to figure out where the bad stuff is happening. There is scandal on both sides. Root it ALL out!! The IRS, Benghazi, BridgeGate, Solyndra, etc.
I want to know about ALL of it. The press only tells us what they want us to hear.
Quote: bbbbccccQuote: WizardThere is a lot of talk about Revel on this site, but why is it that nobody seems to mention that Chris Christie invested $260 million of public money into the project (source). I'm sure that Solyndra has been mentioned too many times to count. Shouldn't that knife cut both ways?
That's not how Republicans operate. It's about identifying with a brand, not standing up for any form of intelligent thought. You could also point to how Christie just squandered Zuckerberg's $100 million donation for education on consultant fees without giving any of the money to something that would benefit the kids. But why would you want to do that when BENGHAZI!!!!!! KENYA!!!! CZARS!!!!
Typical worthless statement--just as many Liberals as Conservatives want to hide some things and help other things blow up. Anyone who thinks that their "side" is "clean" is out to lunch. They are both full of dirt. Some the dusty, not all that bad, kind...and some purely ugly, nasty, harmful dirt.
There is intelligent thought on both sides and discounting the other side is not intelligent thought. We're better than this!!!
Challenge the press to do the job that they should do--help find every last weasel.
Hard to hide something this big when people that play there know what is happening before the press.
Time will tell.
Quote: RonCChallenge the press to do the job that they should do--help find every last weasel.
Problem is, the press doesn't make as much money as it used to by selling papers. So less money to pay investigative reporters. Or just reporters in general. We get our news through free sites and free feeds, which is great in the short term, but in the long term... who pays for the journo who does the local politico beat and will find the dirt?
I'm taking the under. Especially about the buyer being Icahn.Quote: aceofspadesMy source says it's a done deal to be announced in the coming week
That was under Cory Booker, when he was mayor of Newark and before he became a U.S. senator.Quote: bbbbccccYou could also point to how Christie just squandered Zuckerberg's $100 million donation for education on consultant fees without giving any of the money to something that would benefit the kids.
Quote: aceofspadesWOW!
I try to pass along some inside information to the board here in an effort to keep everyone in the loop and, if I am wrong, then I am a troll.
I hope you were not being serious.
Me too. Really, only 7 days. That's why I hate judges. Lock up the nice felon and throw away the key. But a fellow counselor, oh my, we must be compassionate.
Quote: beachbumbabsPart of what AC has to do is re-invent gambling in AC as the best opportunities in the multi-state market. Where they're now tightening games and picking nits, they need to bring back the illusion of classic gambling with good odds, great stories, and differentiate themselves from the newer markets around them that have worse games. Like true Class III odds on slots vs. VLT's in NY. Bring back 3:2 all over town. Push hot VP odds and get rid of the re-programming they just did. Good craps odds. Back to basics, coupled with getting interstate licenses to allow internet gambling in more than NJ.
They also need to work together to clean up the (correction: Island, known as Absecon) they're on; the blocks immediately behind the properties, with tie-in companies helping, like Zappos has helped downtown Vegas. The whole place should be a retro-gambling DisneyWorld-feeling destination. Instead, it's effing scary to go more than a block off-course if you're driving down there. It could be a series of parks, houses, small businesses, golf courses, retail, but instead it's creepville. Make it a place a person wants to stay a week, not just go overnight to play hard, take a nap, and get the hell out. They prettied up the viaduct entering the area and the main approaches to the marina and the boardwalk some, but get anywhere off those main roads, and you're checking the locks on your car doors and running stop signs just to get out of there. That has to change.
This sounds great - if they made all of those changes, I might even make a trip to AC from the west coast, just to experience it! I used to think of AC as "Vegas East," but after reading this forum and hearing about it from my east coast friends, it's not even close right now. There are a bunch of casinos in close proximity, and that's pretty much the only similarity to Vegas.
Now, the problem is, all those renovations would take MONEY. A lot of it. And improving the game odds means that their gambling numbers would probably go down at first, and would only recover if they could actually get more action. Obviously that's what you hope for when you offer better odds, but there's always the chance that your additional action doesn't make up for the better odds, and your win goes down. And then you're even more screwed.
Anyway, I like your ideas, but I doubt they will happen, as it would take a lot of people willing to invest long-term in the area. And given the tiny slice of the gambling market share that AC is left with, I don't think they'll get those investors.
Quote: GWAEIf Ace is wrong on this I think he should get a 7 day suspension for trolling.
Why would that be? There is no rule against being wrong. Did EB ever get suspended for virtually guaranteeing a Romney victory for months before the election?
Quote: WizardWhy would that be? There is no rule against being wrong. Did EB ever get suspended for virtually guaranteeing a Romney victory for months before the election?
you missed my next post which confirmed it was a joke. I just forgot the lol or ;-) at the end.
However, I don't think anyone would disagree the EB should have been. ;-)
Fat chance of that after 30 years of making spectacularly dumb business deals (see Donald J. Trump) and squandering an absolute monopoly with elbow-in-your-face customer relations.Quote: AcesAndEightsNow, the problem is, all those renovations would take MONEY. A lot of it.
Apparently there is no statue of limitations here so we still have a chance.Quote: GWAEyou missed my next post which confirmed it was a joke. I just forgot the lol or ;-) at the end.
However, I don't think anyone would disagree the EB should have been. ;-)
Quote: AxelWolfApparently there is no statue of limitations here so we still have a chance.
The headline takes up the whole front page. The retraction is hidden in a paragraph under the obituaries. Or in this case people reply to the first post they see. they don't go looking for retractions or clarifications later.
hmm...not sure what that means. I was saying we still have a chance to see Bob get suspended for being wrong about the election and a few other thing on top of that.Quote: NareedThe headline takes up the whole front page. The retraction is hidden in a paragraph under the obituaries. Or in this case people reply to the first post they see. they don't go looking for retractions or clarifications later.
