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Another Atlantic City casino disaster: Revel bankrupt not once, but now, twice...

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Posted: #1
I know people here live all over the country and could care little about Atlantic City.

But one fact remains: Atlantic City was always number 2 to Vegas. It was significant. Everyone who lived in Jersey and NY went to AC before casinos started popping up all over the place....everyone!

So it has a GIANT gambling footprint in the US historically and has faded in significance in recent years.

When a casino falls there, watch out. It speaks to the casino gambling industry as a whole.


The Revel is declaring bankruptcy for a SECOND TIME.

The Revel is BRAND SPANKING new.

Let me give you a quick synopsis of the Revel.

Construction began right around the world financial crises.

It was such a bust, Morgan Stanley WALKED AWAY from a $1.2 BILLION dollar investment in this casino.

Eventually investors finished it. How much was the final price tag:

$2.4 BILLION!


Folks, I've been there and let me say this:

1) It's beautiful
2) It feels like a Vegas casino
3) It's revolutionary in that it actually has WINDOWS that give a panoramic view of the ocean.

Now the downside:

1) It doesn't even have a poker room.
2) While it feels and looks like a Vegas casino, it misses the fact that people in Jersey and NY go to AC for one reason, to gamble (unlike Vegas which has anything and everything to do).
3) The parking garage is horrendous which is a major deterrent to going.
4) It is in no man's land all the way at the end of the boardwalk strip.
5) The food prices are outrageous.
6) It has a horrendous design and although you can see the ocean, you'll have to walk a mile to get there.

All of this and the end result? I have no desire to go back really unless there is a concert.

It seems like many others feel the same way because that $2.4 BILLION dollar investment now needs $150 million dollars of redesign just to take it on.

And it may go at auction:

For $50 to $60 million...

Yes you heard that right...from $2.4 Billion to possibly $50 million.

If it doesn't, it closes its doors THIS AUGUST...

Keep an eye on this one...

If this casino falls, the domino effect will begin...

https://articles.philly.com/2014-06-23/business/50774689_1_revel-casino-hotel-atlantic-city-scheri
 
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Posted: #2
You also need to take 8 elevators to get from your room to the casino.  Borgata > everything else in AC.
 
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Posted: #3
I really wouldn't care if a tsunami leveled the whole town. Have lost a shitload of money in AC and the pit bosses and dealers are pricks.
 
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Posted: #4
Caesars says it will close Showboat in Atlantic City

https://www.lasvegassun.com/news/2014/jun/27/caesars-says-it-will-close-showboat-atlantic-city/ - good article

The company has not yet determined what will become of the Showboat property and land at the northern end of the Boardwalk, next to Revel.
 
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Posted: #5
Looks like AC is going down the shitter.
 
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Posted: #6


The only thing that can save AC is sports betting.

And all the NJ politicians know it. 
~~~~~ZOSO~~~~~
 
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Posted: #7
Quote Originally Posted by TheGoldenGoose:



The only thing that can save AC is sports betting.

And all the NJ politicians know it. 

You simply took the words out of my mouf. That is the only thing that could save it. It would boost it. We have boats here in FL. It's not too bad especially during football season. You're out on the ocean, there's grub, and football. 
 
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Posted: #8
Quote Originally Posted by TheGoldenGoose:



The only thing that can save AC is sports betting.

And all the NJ politicians know it. 


Yep...
 
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Posted: #9

scalbrine,

I worked in Vegas when AC opened. (I'm originally from Jersey). Not long after AC had opened we were surprised how many players from NY, Jersey, Philly, Ct, etc...were still coming to Vegas.

When asked about it the most common reply was "Once is enough." Many said the joints there had a commie feel to them.

Unfortunately, most river boat casinos are based on the "AC model". The pit bosses stay down in the lower deck on the computers and when a player asks for a marker they ask the floor person on the phone, "Who are they? Are they a regular?"

If they were in the pit they'd know.

 

 
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Posted: #10
now that Pennsylvaina has gone legal, esp Philadelphia and Allentown- Bethlehem-Easton, I am sure they are taking enough traffic away for Atlantic seriously damage them. I went o AC when they first openend and the place was definately "low rent" and as schwartzbewithu said, the pit bosses were a bunch of arrogant pricks.

FUKK EM!!! I hope they NEVER get legal sports betting and ALL their casinos GO BROKE!!!
 
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Posted: #11
That's how the owners make money, auction it off to themselves for cheaper debt. That's how the Fertatta brothers roll in Vegas. 

I will tell you this though if any of the casinos in Vegas were owned by a single person and not a company with deep pockets, most would be bankrupt. The amount of debt Ceasers and MGM have is enormous.
 
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Posted: #12

fook the sports betting in ac casinos they should make it happen all over USA ctreate a revenue stream and millions of new jobs

 

dum chit gooberment

 
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Posted: #13
Boo Hoo for A.C....

I turned 18 in 1979 and that was about the time that Resort (the first casino) opened. The town was a ghetto then and 35 years later it's still a ghetto with a bunch of casinos. 

A.C. is getting what it deserves for neglecting the city with the billions of $'s it generated over those 35 years without making it Las Vegas east. A.C. depended on it being the only game in town and it worked for a long time. Now PA, MD, CT, DC, all have gaming and no one needs to go to a slum to bet anymore. I went there in the mid-80s to the beach, being from MD, I was used to Ocean City, MD which the town and the beach are immaculate. I always used to kid my friends that A.C. doesn't even know it has a beach, it was an afterthought. 
 
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Posted: #14
Trump Casino in Atlantic City closing in Semptember.


https://www.foxnews.com/us/2014/07/12/owners-trump-plaza-casino-expect-closure-soon/




There is going to be a lot of unemployed casino workers in New Jersey.     


 
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Posted: #15
If A.C. looked like Las Vegas with an ocean do you think it would've imploded like it is currently?

I remember going there for a weekend and staying at a casino and never going outside the entire weekend. I can't remember clearly but the Taj Majal was in a connection with 2 other casinos (I think) that you never had to exit the building to visit a different casino.

It's such a shame that this town is going down for the count but I put this at the feet of the greedy politicians that looted the town of the tax revenue instead of putting it back into the town...

 
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Posted: #16
Quote Originally Posted by Greyhound:

Trump Casino in Atlantic City closing in Semptember.


https://www.foxnews.com/us/2014/07/12/owners-trump-plaza-casino-expect-closure-soon/




There is going to be a lot of unemployed casino workers in New Jersey.     



Ah, you just beat me to the punch. I just made a thread about it with a different link.
 
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Posted: #17
Quote Originally Posted by Killer_B:

If A.C. looked like Las Vegas with an ocean do you think it would've imploded like it is currently?

I remember going there for a weekend and staying at a casino and never going outside the entire weekend. I can't remember clearly but the Taj Majal was in a connection with 2 other casinos (I think) that you never had to exit the building to visit a different casino.

It's such a shame that this town is going down for the count but I put this at the feet of the greedy politicians that looted the town of the tax revenue instead of putting it back into the town...


There's no reason to go outside as you know!

In the winter the boardwalk winds feel like below freezing and in the summer, the beach is poorly maintained and unattractive. Hence, 90% of people stay inside the casinos at all times.

All that "DO/AC" advertising is a joke. No one does anything but gamble and eat and drink and they feature the boardwalk prominently in those things.
 
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Posted: #18
I've only remember being on the beach 1 time and the boardwalk maybe 2 times. They had potential and with some effort could've been made nice. I forgot about the real beach season is only 3-4 months but that could've been made the "season" to go there if they would've done something with it.

Vegas has nice weather year round (except for July & August). An advantage they had over A.C. Still it would've been a necessity to make A.C. as nice as possible, especially having to protect itself against every connected state to NJ now has gambling when for a long time, it was the only place to gamble in the east.
 
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Posted: #19

That's it.  It's over.  With zero hope to find a buyer, Revel starts winding down.  3,100 employees will be out of work when the doors close in September.

https://money.cnn.com/2014/08/12/news/companies/revel-atlantic-city-casino/index.html?hpt=hp_t2


~~~~~ZOSO~~~~~
 
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Posted: #20

The writing has been on the wall for 20 yrs. 15 yrs ago they should have started thinking of new ways to draw people to the area.

Instead they catered to grandmas who like to play nickel slots.

 

 

 
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Posted: #21
It was only number 2 because there were ONLY 2.
 
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Posted: #22
If they really wanted people to come they would not have smacked then with tolls on both sides and made a speedier way to get down there.

When I lived in Philly there was just not enough motivation to drag myself all the way over there to slum at those gross casinos with the tolls and traffic and speed traps etc..
 
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Posted: #23
Was doomed from the start by a stupid name.
 
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Posted: #24

i been there once also... Nothing beats the BORGATA.

Mur Mur nightclub on a saturday or Monday (Industry night)  is absolutely insane.  $25 cover is well worth it.  Almost every girl in the place is amazing

 
 
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Posted: #25

Quote Originally Posted by TheGoldenGoose:


That's it.  It's over.  With zero hope to find a buyer, Revel starts winding down.  3,100 employees will be out of work when the doors close in September.

https://money.cnn.com/2014/08/12/news/companies/revel-atlantic-city-casino/index.html?hpt=hp_t2


 

It's true. It's damn true.

Has me shocked a casino this grandiose can close in two years but given the state of gambling and the way gambling has changed on the East Coast, there is zero motivation to go and check out this casino, hence the closure.

I do agree Borgata is still worth a visit. The entire vibe is one that brings a good feeling to the gambler and it has a much more convenient location than the Revel.

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