$2.4B Revel casino bought for $110M
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Brookfield has owned the Hard Rock Hotel and Casino in Las Vegas since 2011, and has also run the Atlantis Paradise Island resort and casino in the Bahamas since 2012.
won't say whether it will keep the Revel name.
hm.. I think almost any experienced casino executive can run a profitable casino the size of Revel if it only costs $110M?
that opened a year and a half ago. So just
open the doors and hope for the best?
Why will people go there, what will draw
them in.
A 200k loss rebate.Quote: EvenBobWhat now? They won't renovate a casino
that opened a year and a half ago. So just
open the doors and hope for the best?
Why will people go there, what will draw
them in.
Quote: EvenBobWhat now? They won't renovate a casino
that opened a year and a half ago. So just
open the doors and hope for the best?
Why will people go there, what will draw
them in.
From TR's from others, I would think they'll make it more appealing in a standard AC way crossed with a cruise ship.
Short term:
More mid-range restaurants and casual dining.
A buffet.
A sizeable smoking permitted area of the casino.
More tournaments and day buses. Maybe even 3rd shift buses for overnight gamblers without a room.
More drawings and scratch-off/wheel-spin type promotions to bring people in.
More low to mid-limit games.
Fun things scheduled in/around the immediate building, almost like a cruise ship's entertainment and activities.
Special promotions for lovers/group parties/birthdays.
Special rates for PA and NY zip codes. Also some locals promotions.
Big push to bring in Asian traffic; perhaps those 14 floors that never opened will be specially designed to appeal to foreign sensibilities, kind of like an internal Nobu.
Re-open the spa, expand it if it was boutique.
Subsidize at least 1 flight/day out of Atlanta, Chicago, and Dallas.
Put in a junketing department and hit 2 dozen other metro areas 1x per month (overlapping) for 3 day trips.
Subsidize train tickets out of Philly.
Frequent concerts by second-tier bands and known headliners who are now playing small clubs.
Accredited child care with structured activities, including sleep-care.
Book a series of popular Broadway plays (the bus-and-truck versions or A-cast of touring shows).
Well-supervised teen hangout, with arcades, bowling, dance area, food; sign-in and sign-out for guests only.
Don't know what their pool is like.
Specialty cigar bar with gaming and good liquor.
Extensive shopping.
In-room gaming via CCTV with parental controls and wifi.
Long term:
Internal/connected water park/small rides.
Golf course.
Interior tennis/racketball/squash club.
Quote: EvenBobWhat now? They won't renovate a casino
that opened a year and a half ago. So just
open the doors and hope for the best?
Why will people go there, what will draw
them in.
You don't think they'll renovate? Why not? They got it so cheaply, they could certainly "fix" a couple things. Create direct access to the Boardwalk, reshape the floor, make it easier to move between the garage, lobby, hotel, and casino. Another $110MM in work would go a long way to making this a serviceable property.
Quote: 100xOddshttp://money.cnn.com/2014/10/01/news/companies/revel-casino-buyer/index.html
Brookfield has owned the Hard Rock Hotel and Casino in Las Vegas since 2011, and has also run the Atlantis Paradise Island resort and casino in the Bahamas since 2012.
won't say whether it will keep the Revel name.
hm.. I think almost any experienced casino executive can run a profitable casino the size of Revel if it only costs $110M?
You should read other threads instead of posting new ones all the time. We have been discussing this at length in the AC thread.
Quote: GWAEYou should read other threads instead of posting new ones all the time. We have been discussing this at length in the AC thread.
I don't see what the problem is. The AC thread is too long and general for someone to be searching all through its contents. Some subjects warrant a separate thread.
Are you saying nothing AC related can have a thread started but must appear in that singular location? Someone who has something to say about AC must read through the last dozen pages of the AC thread first?
I'm happy 100xodds posted this. I would not have known about it otherwise without sifting through the AC thread sometime in the future where I may have missed the info.
Quote: darkozI don't see what the problem is. The AC thread is too long and general for someone to be searching all through its contents. Some subjects warrant a separate thread.
Are you saying nothing AC related can have a thread started but must appear in that singular location? Someone who has something to say about AC must read through the last dozen pages of the AC thread first?
I'm happy 100xodds posted this. I would not have known about it otherwise without sifting through the AC thread sometime in the future where I may have missed the info.
I don't think its a big deal if the new thread is very specific and generates a lot of responses.
On the flip side, if there is news out of AC, go to the end or almost end of the AC thread to see the discussion on the latest news out of AC which this is.
Quote: darkozI don't see what the problem is. The AC thread is too long and general for someone to be searching all through its contents. Some subjects warrant a separate thread.
Are you saying nothing AC related can have a thread started but must appear in that singular location? Someone who has something to say about AC must read through the last dozen pages of the AC thread first?
I'm happy 100xodds posted this. I would not have known about it otherwise without sifting through the AC thread sometime in the future where I may have missed the info.
^What he said^
and thx!
Quote: darkozI don't see what the problem is. The AC thread is too long and general for someone to be searching all through its contents. Some subjects warrant a separate thread.
Are you saying nothing AC related can have a thread started but must appear in that singular location? Someone who has something to say about AC must read through the last dozen pages of the AC thread first?
I'm happy 100xodds posted this. I would not have known about it otherwise without sifting through the AC thread sometime in the future where I may have missed the info.
Not saying that it shouldn't have its own thread but if it is thread worthy then we should have 7stars posts made into a new thread. He has quite a few links about this entire situation.
Quote: GWAEIt may be worthy of its own thread, so if that is the case then the talks from the AC thread should be merged into this one.
I wish that were possible. It's not in my abilities. I can split threads, and move threads, but not merge them.
Quote: beachbumbabsI wish that were possible. It's not in my abilities. I can split threads, and move threads, but not merge them.
oh well then sorry for derailing the thread with that. I will add 7stars info into this thread.
Quote: 7star4nowReuters: Brookfield (Atlantis, Hard Rock LV owner) wins Revel Auction:
The company bid $110 million for the casino complex, topping a $90 million bid by the Florida real estate developer Glenn Straub, who did not submit a superior bid by 5 a.m. ET, the source said.
Read more: http://www.businessinsider.com/r-brookfield-wins-auction-for-bankrupt-revel-casino-2014-10#ixzz3Etig3qKI
Quote: 7star4nowRevel says casino sale could be final by month's end
Read more at http://www.philly.com/philly/business/20141003_Revel_says_casino_sale_could_be_final_by_month_s_end.html#rgB967pGXZ3tAkYL.99
Quote: 7star4nowRevel executives to split $700 grand; another $1 million left on table
An unspecified number of unnamed Revel casino executives could have split $1.75 million had the Revel auction bidding this week climbed as high as $200 million, according to details of a “Key Employee Incentive Plan” (KEIP) made public today.But since the winning bid, by Brookfield Asset Management of Toronto was a mere $110 million, that leaves the departing execs to split a more modest $700,000.
The tiers were based on “the aggregate amount of cash and credit bid consideration (excluding liabilities):
- $250K as long as the sale of the $2.4 billion, two-year property reached $75 million;
- another $250K for a bid of $90M+;
- another $200K for a bid of $105M+.
The unreached bonus levels were another $200K each for bids of $120M, $135M, $150M, and $175M, plus an extra $250K if the bid had reached $200M.
- See more at: http://blog.northjersey.com/meadowlandsmatters/9638/revel-executives-to-split-700-grand-another-1-million-left-on-table/#sthash.8krzr5Ek.dpuf
Quote: aceofspadesBrookfield win auction for Revel
hard rock owners win auction
I was mocked and jeered. It lasted a year and
a half. My prediction for the new Revel is the
same, won't last a year. It's AC, it's done, it's
over. Not enough business to go around to
support a behemoth property like this.
Quote: EvenBobI predicted Revel would close in less than a year,
I was mocked and jeered. It lasted a year and
a half. My prediction for the new Revel is the
same, won't last a year. It's AC, it's done, it's
over. Not enough business to go around to
support a behemoth property like this.
You'll be wrong this time too:-)
It is still early in the year and the weather is good so perhaps it is too soon, but I am guessing that a lot of gamblers from the closed casinos are hitting the open ones. The market is condensing. There aren't enough New Jersey gamblers to support 12 casinos, however, there may be enough to support 7-8, especially if the Taj closes in November.
Quote: rdw4potusYou'll be wrong this time too:-)
I'm depending on Ace to close this one, just
like he closed the original.
True, but the "new" Revel will appeal to Yuppies. Yuppies have no particular hatred of how the old Revel treated its customers and the management in Vegas "bought" alot of Yuppie Support by buying the Loyalty Cards of the Yuppie Beer, Burgers and Video Poker bars that are all over the town with those under 35 machine licenses.Quote: 100xOddshm.. I think almost any experienced casino executive can run a profitable casino the size of Revel if it only costs $110M?
By honoring the loyalty cards at the Hard Rock and holding larger Yuppie Events at the Hard Rock, the management indicated a target market that it would be likely to stick with in its new location as the Go To Place for young beer and burger types, The Applebee's Crowd with chips.
Quote: WASHOO2Reduce table minimums , offer better payouts at slots and VP to compensate for travel expenses. Lower table limits mean also competition tp casinos in the nearby other states.
not only to it, but advertise it.
AC currently doesn't have the port facilities or infrastructure to accomodate them.
I suppose the facilities could be constructed, but it's not likely that millions or even billions of dollars of improvements would meet any reasonable ROI criteria or projections.
That's not to say the government wouldn't spend the money to do it anyway.
It claims to be an international airport, but is ranked only 102nd among US airports in term of traffic; compare that to Las Vegas.
The failure of NJ pols to upgrade the airport and its facilities baffles me, but hey, they're NJ pols, so nothing should be surprising.
Quote: rdw4potusYou'll be wrong this time too:-)
Plus ca change.
Quote: MrVWhat about improving the AC airport so that it can comfortably handle the larger planes that can only land in Newark / New York or Philly now?
It claims to be an international airport, but is ranked only 102nd among US airports in term of traffic; compare that to Las Vegas.
The failure of NJ pols to upgrade the airport and its facilities baffles me, but hey, they're NJ pols, so nothing should be surprising.
100% correct there. The airport seems like a no brainer but they never addressed it, nor tried to get multiple airlines to fly in to it.
Quote: MrVWhat about improving the AC airport so that it can comfortably handle the larger planes that can only land in Newark / New York or Philly now?
It claims to be an international airport, but is ranked only 102nd among US airports in term of traffic; compare that to Las Vegas.
The failure of NJ pols to upgrade the airport and its facilities baffles me, but hey, they're NJ pols, so nothing should be surprising.
Atlantic City has a runway that handles nearly everything that flies, at 10,000 feet, and the instrumentation to work flights in under any weather conditions. The airport is severely underutilized, but could easily handle any commercial aircraft flown today. It's a very fine facility, in part because the FAA Technical Center is on the property, and it serves as a test bed for many of the most modern airport upgrades. I have worked with them extensively in the past. Among other things, they routinely land F16 fighter jets stationed there.
It's a question of commercial demand, not facilities.
The designation of International only means that US Customs service is available on site. There are many smaller airports which also provide customs.
Quote: darkozAs a regular AC goer, I see more and more crowded casinos since the closings this summer.
It is still early in the year and the weather is good so perhaps it is too soon, but I am guessing that a lot of gamblers from the closed casinos are hitting the open ones. The market is condensing. There aren't enough New Jersey gamblers to support 12 casinos, however, there may be enough to support 7-8, especially if the Taj closes in November.
This is what I've been saying it's about having the right number of casinos to fit the marketplace....the days of AC doing 6B a year in gaming are over. But they are still at around 3B..so half as much business...half as many casinos. We are almost there.
Quote: GWAEnot only to it, but advertise it.
Advertising in general has been handled so badly by AC. Harrods pool is one of the nicest on the east coast (well the most fun for adults in the winter) and hell a miniature golf course in the hotel....with virtually no advertising outside of the hotel. Revel I believe had great pools (I saw them on youtube) but saw nothing else advertised...
Hell in the last 6 month Revel put in a 24 hour coffee shop with reasonable prices something tottaly lacking in every other casino...but I only found out about by walking going over there...it had specials running all day....people know where the 1.99 steak and eggs are in Vegas (or whatever)...but nobody ever knows it in AC...
Almost every deal I ever heard about in AC always comes from talk at the poker table...almost never from an email, add or even billboard...just the advertising in AC has been a disgrace from the get go...
They don't even seem to be able to come off well in movies...Boardwalk empire seems to be the best advertising they have gotten in years and that shows in AC 90 years ago...
Fixed that for you.Quote: FleaStiffAuction fallout. Lawyers seek additional discounts fees.
