Revel announces $150 million in additional financing
December 27th, 2012 at 7:05:05 PM
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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?
December 27th, 2012 at 7:10:52 PM
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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
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
December 27th, 2012 at 9:02:13 PM
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Quote: aceofspadesYIKES!!! So my19k didn't help them at all?
Of Course it helped. The original loan application was 150.019 million.
December 27th, 2012 at 9:03:46 PM
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Quote: BhappyOf Course it helped. The original loan application was 150.019 million.
Lol almost fell out of my chair laughing
December 27th, 2012 at 9:08:56 PM
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Quote: aceofspadesLol almost fell out of my chair laughing
Good Luck this weekend.
December 28th, 2012 at 3:55:37 AM
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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.
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.
December 28th, 2012 at 4:20:02 AM
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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.
December 28th, 2012 at 4:23:48 AM
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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.....
December 28th, 2012 at 5:00:40 AM
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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?
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