Revel announces $150 million in additional financing
Quote: Bhappyhttp://www.pressofatlanticcity.com/alerts_breaking/revel-announces-million-in-additional-financing/article_e55dea38-5074-11e2-8ab0-0019bb2963f4.html
YIKES!!! So my19k didn't help them at all?
Those poor suckers. They may as well throw their cash at the bottomless pit called Caesars Entertainment. tsk tsk tsk.Quote: The ArticleRevel’s investors will provide $150 million in additional financing
Quote: aceofspadesYIKES!!! So my19k didn't help them at all?
Of Course it helped. The original loan application was 150.019 million.
Quote: BhappyOf Course it helped. The original loan application was 150.019 million.
Lol almost fell out of my chair laughing
Quote: aceofspadesLol almost fell out of my chair laughing
Good Luck this weekend.
However, these loans probably just delay Revel's impending bankruptcy. The fact remains that since Revel opened in April 2012, they have been losing roughly $12 million per month in operating expenses (doesn't include loan payments). Revel already had to use $12 million of the new loan to pay back property taxes, and they still owe $53 million to contractors. Revel now has loans totalling $1.45 billion which have to be paid off over the next 5 years. You don't need to a financial wizard to realize that a business that cannot even break even in terms of day-to-day operating expenses won't be able to pay these debts.
Who? Perhaps someone that thinks they can do a better job once they take over after the foreclosure....Quote: SOOPOOWHO would invest 150 million in that casino now?
Well, ain't that just about everybody?Quote: DJTeddyBearWho? Perhaps someone that thinks they can do a better job once they take over after the foreclosure....
Quote: SOOPOOWHO would invest 150 million in that casino now?
The State of New Jersey would.
http://www.nj.com/news/index.ssf/2012/09/hedge_funds_risky_ties_to_reve.html
Closer to $200M earlier this year, via a hedge fund it has public pension money invested in.
Quote: MrVThe State of New Jersey would.
http://www.nj.com/news/index.ssf/2012/09/hedge_funds_risky_ties_to_reve.html
Closer to $200M earlier this year, via a hedge fund it has public pension money invested in.
Do the words Crony Capitalism ring a bell ?
Almost makes me want to jump on a plane and see the place up close one time before it goes dark.
Quote: midwestgbThe completion of Revel and the State of New Jersey's efforts to prop up the place astound me. What a huge, risky bet they have made.
Almost makes me want to jump on a plane and see the place up close one time before it goes dark.
Go east young man! We will live it up at the Revel - after all, didn't the band keep playing as the Titanic went down?
Quote: aceofspadesGo east young man! We will live it up at the Revel - after all, didn't the band keep playing as the Titanic went down?
Wasn't Governor Christy rearranging the deck chairs to keep the Titanic afloat ?
Quote: BuzzardWasn't Governor Christy rearranging the deck chairs to keep the Titanic afloat ?
Yes but each time he walks from port to starboard the boat tilts
Those aboard the Titanic didn't have much choice. State and municipal funding is often filled with conflict. Mayors often love to tap library funds and use them for central business district library headquarters.Quote: BuzzardWasn't Governor Christy rearranging the deck chairs to keep the Titanic afloat ?
NJ for years has doled out various state tax funds that are reminiscent of South Vietnam's ever changing coup alliances. The pie changes and the portions change but the participants rarely change.
Using funds to prop up an anachronism is understandable. No one wants to admit the Golden Goose is already dead.
Had NJ doled out those state funds to Atlantic City then the situation might not be so bad. AC has blight. Revel is a good idea if it were a decent market. Revel's financing doesn't have to pass the same tests private investors have to pass. That might be the problem right there.
Invest in an anachronism, manage it like idiots .... then write new pressreleases. New World Economics.
Quote: FleaStiff
NJ for years has doled out various state tax funds t.
Just a minor correction.
NJ taxpayers have not invested a dime in Revel. The incentives were part of future tax credits - all states do that. So if Revel made money, NJ won't collect tax. They are not making money, and if the project was not finished they still wouldn't have collected tax money. However, that tax credit was useful in attracting private funds. Without it there would have been an ugly eyeshore of a steel skeleton on the north end of the boarwalk.
Quote: DJTeddyBearWho? Perhaps someone that thinks they can do a better job once they take over after the foreclosure....
This kind of loan would have a very low claim on the collateral of the building, they probably wouldn't get much out of a foreclosure.
Truer words were never spoken !
Quote: aceofspadesYes but each time he walks from port to starboard the boat tilts
LOL. just squirted milk out of my nose. Seriously though, who invests in this property? As others have pointed out, they can't pay their monthly operating expenses much less pay down debt. No possible way they stay in business long term. A Bankruptcy/restructuring of the debt is the only possible solution.
Quote: TIMSPEEDDamn Ace! Go easy on Revel! Quit trying to bankrupt them...they're doing a fine job themselves ;p
I am only looking to win back 10k from 30th to 2nd
Any slots Free Play? I don't believe that you can make 10K off of a single $100 base bet in Blackjack, but a $100 slot machine on the other hand...
I took a pull for $25 when I was way ahead at Horseshoe Cleveland, so I'm no longer a hypocrite for encouraging this behavior!
Quote: aceofspadesI am only looking to win back 10k from 30th to 2nd
woops.....so now the loan amount is 149.990 million....Good Luck though.
Quote: Mission146Don't get too fixed on that 10K mark, though.
Any slots Free Play? I don't believe that you can make 10K off of a single $100 base bet in Blackjack, but a $100 slot machine on the other hand...
I took a pull for $25 when I was way ahead at Horseshoe Cleveland, so I'm no longer a hypocrite for encouraging this behavior!
I used $400 in FSP two weeks ago in an effort to stave off the horrific blackjack variance'
I played a $10 slot machine - 3 credits
After 14 spins I had won :drum roll: $60
Quote: aceofspadesI used $400 in FSP two weeks ago in an effort to stave off the horrific blackjack variance'
I played a $10 slot machine - 3 credits
After 14 spins I had won :drum roll: $60
That certainly failed to meet the EV. If you want to maximize the potentiality of hitting EV, then you would want to camp out at probably a $0.25/$0.50/$1.00 single-line machine. If you actually enjoy the slots, this will also get you some decent playing time.
If you want to hope for Lady Variance to smile warmly upon you, and are generally unconcerned with losing completely on the Free Play, then $100 it is!
Quote: Mission146, then you would want to camp out at probably a $0.25/$0.50/$1.00 single-line machine. If you actually enjoy the slots, this will also get you some decent playing time.
At most places, free play doesn't count towards anything.
Quote: Mission146That certainly failed to meet the EV. If you want to maximize the potentiality of hitting EV, then you would want to camp out at probably a $0.25/$0.50/$1.00 single-line machine. If you actually enjoy the slots, this will also get you some decent playing time.
If you want to hope for Lady Variance to smile warmly upon you, and are generally unconcerned with losing completely on the Free Play, then $100 it is!
I am not a fan of slots - but, Revel does not offer Direct Bets you can use at the tables - only FSP
Quote: FleaStiff
NJ for years has doled out various state tax funds that are reminiscent of South Vietnam's ever changing coup alliances. The pie changes and the portions change but the participants rarely change...Had NJ doled out those state funds to Atlantic City then the situation might not be so bad. AC has blight
For those of a studious bent, I highly recommend my favorite gambling tome, "The Boardwalk Jungle" by Ovid Demaris.
It is a no-holds barred account of the corruption, criminality and venality involved when casinos came to NJ.
see ... Boardwalk Jungle
Quote: BhappyAt most places, free play doesn't count towards anything.
May I ask what you mean by this statement?
EDIT: I see what you mean. No, I wasn't referring to Credit for playing at the machine, that goes by Points which, as you correctly state, are not accumulated during Free Play. Furthermore, I believe that time-at-machine is completely irrelevant to points accrural anywhere, otherwise, someone could just camp out and play $0.01/denom 1/Line @ $0.01/Line and have massive time.
I meant that if he actually enjoys playing the slot machines, he would maximize the amount of time he gets to play the machine by betting lower anyway because his strategy is run through the play-through and quit.
Quote: Mission146
I meant that if he actually enjoys playing the slot machines, he would maximize the amount of time he gets to play the machine by betting lower anyway because his strategy is run through the play-through and quit.
I get it. I might have misunderstood your original statement.
What's more, he just got reupped for another month of offers with $75 in FSP each week!
Needless to say, he hasn't given me a dime of it... :)
I also got him $500 worth of Caesar's comps by swiping his card alongside mine while I was doing the Great Race promotions.
Friends ... LOL
Quote: Mission146That certainly failed to meet the EV. If you want to maximize the potentiality of hitting EV, then you would want to camp out at probably a $0.25/$0.50/$1.00 single-line machine. If you actually enjoy the slots, this will also get you some decent playing time.
If you want to hope for Lady Variance to smile warmly upon you, and are generally unconcerned with losing completely on the Free Play, then $100 it is!
Check this out Mission, The Real Cost of FP
