REVEL SOLD!!!

Quote: Wizard

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?

Wait! Didn't Romney win? (oh yeah...that's right)

There was no need to suspend EB, as he crawled into a hole and disappeared for 6 months afterwards. Sort of a self suspension...lol And apparently he liked it so much he's decided to do it again. :)

EB enjoys sftranduate or whatever its called. He pm'ed me on my bad run lately. He really seems to enjoy others misfortunes.

PS. You're more then welcome to a rebuttal evenbob.

Hey Ace - anything new on this one? As a Tropicana frequenter I was hoping this one was true.

For lack of trying to be funny and carrying this over from the other thread tropicana didn't buy revel they bought atlantic cub ace wasn't lying just remembered wrong

Quote: strictlyAP

For lack of trying to be funny and carrying this over from the other thread tropicana didn't buy revel they bought atlantic cub ace wasn't lying just remembered wrong

My source still says it's a go
That being said -- when it comes to done deals in the casino world, anything can happen

Was only trying to be funny I love ya ace

Quote: strictlyAP

For lack of trying to be funny and carrying this over from the other thread tropicana didn't buy revel they bought atlantic cub

Icahn bought just the slots and other equipment. CZR bought the building and land and has already flipped it to another loser, based on what has happened with the old Claridge, after failing to secure a deed banning gambling at the site:

"The shuttered Atlantic Club Casino Hotel has been sold just four months after it was closed down and stripped for parts in a bankruptcy deal involving two larger rivals. The new buyer is TJM Properties Inc., a Florida development firm that is adding the Atlantic Club to a real estate portfolio that already includes another Atlantic City landmark, the old Claridge Casino Hotel. . . .
“TJM is not planning a casino,” Amos said. . . .

When PokerStars fell out of the picture, Caesars Entertainment Corp. and fellow casino company Tropicana Entertainment Inc. paid a combined $23.4 million to acquire the Atlantic Club in a bankruptcy sale in December. . . . As the building’s most recent owner, Caesars Entertainment reportedly was seeking a deed restriction prohibiting the Atlantic Club from ever being used as a casino again. State Sen. Jim Whelan, D-Atlantic, complained in February that the deed restriction simply was Caesars’ way of preventing new competition for its Bally’s, Caesars, Harrah’s Resort and Showboat casinos in Atlantic City. . . .

Caesars Entertainment similarly imposed a deed restriction when it sold the old Claridge Casino Hotel to TJM Properties in February for $12.5 million. TJM reopened the Claridge over the Memorial Day weekend as a standalone, 500-room luxury hotel. . . .

TJM is a privately held real estate firm controlled by Terence J. McCarthy, of St. Petersburg, Fla. In addition to the Claridge, the company owns 10 hotels in the Tampa Bay, Fla., area. The company has also managed or developed homes, commercial buildings and senior-living communities throughout the southeastern United States. acpress

The twin hot rumors this week are that the 'Boat is going to be closed and that the Rock is buying Revel.

Wizard I am a fan of yours, but I have to caution you on using Wikipedia as a."source".
Christie did not give Revel a dime in public Money. That is a commonly reported misconception. He made a deal to entice Revel to finish the half finished project (which Dems and Reps wanted). The deal was a $260 million tax break on initial profits. The deal was done, construction workers had jobs, casino employees have jobs and Revel is a gorgeous albeit initially grossly mismanaged property. Since there were no profits there was no public money involved.

BTW I am not a big fan of Christie. But I admit he know how to get things done. Probably would be a great President.

Quote: Scan

Wizard I am a fan of yours, but I have to caution you on using Wikipedia as a."source".
Christie did not give Revel a dime in public Money. That is a commonly reported misconception. He made a deal to entice Revel to finish the half finished project (which Dems and Reps wanted). The deal was a $260 million tax break on initial profits. The deal was done, construction workers had jobs, casino employees have jobs and Revel is a gorgeous albeit initially grossly mismanaged property. Since there were no profits there was no public money involved.

BTW I am not a big fan of Christie. But I admit he know how to get things done. Probably would be a great President.

giving 260 million up front then charging the normal tax is the same thing as giving $0.00 up front and giving 260 million back in taxes

Quote: GWAE

giving 260 million up front then charging the normal tax is the same thing as giving $0.00 up front and giving 260 million back in taxes

They're only the same thing if the property makes 260 million in profit.

Three and a half years after the original commitment was made, it sure looks as if Revel is reneging left, right and center on its series of promises:

"These investments follow the EDA Board’s February 2011 award of an Economic Redevelopment and Growth grant (ERG) of $261,364,000 to Revel Atlantic City.

In addition to paying $5 million in annual revenue district payments to CRDA, Revel is also committed to expend the ERG payments for new development projects and recreational amenities in the Southwest Inlet, in accordance with the City’s Inlet Revitalization Plan. Proceeds of the ERG payments will be timed after the revenue payments and after the public infrastructure for these sites is complete with the $50 million in proposed loan." Economic Development Authority

Add to that, Christie's five-year plan to revitalize to the, ahem, so-called tourist district, has exactly 18 months to reach completion. Or at least some sign of any success.

Anybody for the over/under? Of course, odds would have to be set.