aceofspades
aceofspades
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December 27th, 2012 at 7:05:05 PM permalink
Quote: Bhappy

http://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?
s2dbaker
s2dbaker
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December 27th, 2012 at 7:10:52 PM permalink
Quote: The Article

Revel痴 investors will provide $150 million in additional financing

Those poor suckers. They may as well throw their cash at the bottomless pit called Caesars Entertainment. tsk tsk tsk.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
Bhappy
Bhappy
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December 27th, 2012 at 9:02:13 PM permalink
Quote: aceofspades

YIKES!!! So my19k didn't help them at all?



Of Course it helped. The original loan application was 150.019 million.
aceofspades
aceofspades
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December 27th, 2012 at 9:03:46 PM permalink
Quote: Bhappy

Of Course it helped. The original loan application was 150.019 million.



Lol almost fell out of my chair laughing
Bhappy
Bhappy
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December 27th, 2012 at 9:08:56 PM permalink
Quote: aceofspades

Lol almost fell out of my chair laughing



Good Luck this weekend.
dwainwr123
dwainwr123
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December 28th, 2012 at 3:55:37 AM permalink
Revel's decision to install more slot machines and low-cost eateries is wise. The casino's biggest problem is that they are deeply overpriced and are stingy with comps. This has dissuaded senior citizens and high rollers, who are the backbone of Atlantic City's gaming revenue, from coming there. On my last visit to Revel, they wanted $21 for a cheeseburger and fries, and $8 for 12-ounce can of Budweiser. I instead had a cheeseburger, fries, and a 20-ounce mug of imported beer down the boardwalk at the Irish Pub for a total of $10.

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.
Boz
Boz
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December 28th, 2012 at 4:20:02 AM permalink
They have already upset many of the players left in AC and will have a hard time getting them back. And we wonder why people have no faith in our banking system.
SOOPOO
SOOPOO
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December 28th, 2012 at 4:23:48 AM permalink
WHO would invest 150 million in that casino now? How high would the interest rate have to be to justify that risk? It makes no sense to me.....
DJTeddyBear
DJTeddyBear
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December 28th, 2012 at 5:00:40 AM permalink
Quote: SOOPOO

WHO would invest 150 million in that casino now?

Who? Perhaps someone that thinks they can do a better job once they take over after the foreclosure....
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
FleaStiff
FleaStiff
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December 28th, 2012 at 7:29:24 AM permalink
Quote: DJTeddyBear

Who? Perhaps someone that thinks they can do a better job once they take over after the foreclosure....

Well, ain't that just about everybody?
MrV
MrV
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December 28th, 2012 at 7:44:47 AM permalink
Quote: SOOPOO

WHO 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.
"What, me worry?"
Buzzard
Buzzard
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December 28th, 2012 at 7:47:58 AM permalink
Quote: MrV

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.



Do the words Crony Capitalism ring a bell ?
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
midwestgb
midwestgb
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December 28th, 2012 at 8:16:51 AM permalink
The 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.
aceofspades
aceofspades
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December 28th, 2012 at 8:27:49 AM permalink
Quote: midwestgb

The 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?
midwestgb
midwestgb
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December 28th, 2012 at 8:46:42 AM permalink
All right my man. Will let you know when I book passage... save me a life preserver though... ;-)
Buzzard
Buzzard
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December 28th, 2012 at 8:47:57 AM permalink
Quote: aceofspades

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?



Wasn't Governor Christy rearranging the deck chairs to keep the Titanic afloat ?
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
aceofspades
aceofspades
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December 28th, 2012 at 8:49:48 AM permalink
Quote: Buzzard

Wasn'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
Buzzard
Buzzard
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December 28th, 2012 at 8:57:59 AM permalink
I had a obese female 2nd level who hated my guts. I think maybe someone told her that when she came onto the shop floor, I always said Ballast Alarm,Ballast Alarm.
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
FleaStiff
FleaStiff
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December 28th, 2012 at 9:01:10 AM permalink
Quote: Buzzard

Wasn't Governor Christy rearranging the deck chairs to keep the Titanic afloat ?

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.

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.
Bhappy
Bhappy
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December 28th, 2012 at 10:37:42 AM permalink
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.
bigfoot66
bigfoot66
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December 28th, 2012 at 10:58:53 AM permalink
Quote: DJTeddyBear

Who? 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.
Vote for Nobody 2020!
Buzzard
Buzzard
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December 28th, 2012 at 12:20:22 PM permalink
" Had NJ doled out those state funds to Atlantic City then the situation might not be so bad. "

Truer words were never spoken !
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
vendman1
vendman1
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December 28th, 2012 at 1:38:54 PM permalink
Quote: aceofspades

Yes 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.
Buzzard
Buzzard
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December 28th, 2012 at 1:43:21 PM permalink
Just think what might have been had AC itself got even half of the tax revenues this many years. Instead a block away from the boardwalk it remains a ghetto in many ways. SAD !
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
TIMSPEED
TIMSPEED
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December 28th, 2012 at 1:51:21 PM permalink
Damn Ace! Go easy on Revel! Quit trying to bankrupt them...they're doing a fine job themselves ;p
Gambling calls to me...like this ~> http://www.youtube.com/watch?v=4Nap37mNSmQ
aceofspades
aceofspades
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December 28th, 2012 at 2:22:46 PM permalink
Quote: TIMSPEED

Damn 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
Mission146
Mission146
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December 28th, 2012 at 2:30:05 PM permalink
Don'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!
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
Bhappy
Bhappy
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December 28th, 2012 at 3:11:31 PM permalink
Quote: aceofspades

I am only looking to win back 10k from 30th to 2nd



woops.....so now the loan amount is 149.990 million....Good Luck though.
aceofspades
aceofspades
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December 28th, 2012 at 3:19:56 PM permalink
Quote: Mission146

Don'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
Mission146
Mission146
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December 28th, 2012 at 4:08:37 PM permalink
Quote: aceofspades

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



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!
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
Bhappy
Bhappy
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December 28th, 2012 at 4:27:39 PM permalink
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.
aceofspades
aceofspades
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December 28th, 2012 at 4:34:30 PM permalink
Quote: Mission146

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!




I am not a fan of slots - but, Revel does not offer Direct Bets you can use at the tables - only FSP
MrV
MrV
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December 28th, 2012 at 4:36:06 PM permalink
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
"What, me worry?"
Mission146
Mission146
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December 28th, 2012 at 5:20:41 PM permalink
Quote: Bhappy

At 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.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
Bhappy
Bhappy
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December 28th, 2012 at 6:10:59 PM permalink
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.
teddys
teddys
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December 29th, 2012 at 5:14:14 PM permalink
My buddy (East Brunswick, NJ) is camped out at the Revel for I think the sixth consecutive weekend entirely based on my play on his card back in July.

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
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
onenickelmiracle
onenickelmiracle
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July 4th, 2013 at 2:07:17 AM permalink
Quote: Mission146

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!


Check this out Mission, The Real Cost of FP
I am a robot.

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