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Revel Casino gone bust

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gray gables

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Spent my bachelor party there, shame to see it did not do well. Nice place, high class, great views all over (the ocean and the women). It was trying for a hip Las Vegas feel in NJ. Makes the other dumps look dated and trashy. The steakhouse American Cut was unbelieveable.

But let's face it, people that go to AC aren't generally high class. They would rather eat buffet, smoke cigs, and drag around their O2 tank behind them playing the slots. Revel caters to a high class customer, in a bottom of the barrel town. Losing business plan.

 

J, M & St. Joe - imagine a room full of 80+ year old Parrotheads croaking out one of JB's songs at the top of their whispers. Where did I last see my stuffed parrot and the pirate t-shirts with bird droppings dribbled down the back? :shock:

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The AC casinos are between a rock and a hard place. For a long time they were the only place for the East Coast gamblers to go and they raked it in year after year. But now there are so many other casino venues in other near by states to choose from. But they still built more casinos in the face of this even though the current places were not drawing the people they needed to make a profit. Throw in what has been a soft economy the last 5 years and it is a recipe for disaster.

 

Meanwhile a place like Monmouth Race track which has been on the decline for years in attendance could really benefit by putting in slots. But Gov Christie has a hard on for AC gambling and the powers to be there want no slots in the NJ racetracks even though other states that have put them in have thrived. NJ Politics at it's best. So we have a good chance of losing Monmouth Race track also in the coming years.:mad:

If you use eclairs in your example, he will get it right away. MikeMc

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have been there a few times-the hotel is very nice-rooms have amazing views but the service is lacking and the layout was not well thought out

 

the gov of nj clearly failed business 101-the reason the private sector pulled out of the project eating a big loss was it was very apparent this project was way too costly and destined to fail-NJ had no business putting tax dollars in this project

 

there are two things that can help this place out

the first will help out all of AC and to the NJ govs credit he is working on this-that is a sportsbook-this is the one thing that can salvage AC-

the second is Revel is an ocean front property and needs to be marketed as such-take advantage of the location-make the beach easily accessible (right now it is not) improve the security on the boardwalk and have events on the water-they should proceed with the ocean front bar as well

 

the smoking did not kill the place -the poor marketing and poor service did along with a poor plan from day one

 

It is almost beyond conception that this place cost a few billion and in one year is now worth 420 million

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plans to bring these new stores and attractions in(my favorite the bass pro shops)

 

 

when would this be ?

"Gradatim Ferociter / Carpe Diem / No Guts, No Glory

 

"I hate taxes, and Communism, and inflation. Now, get to work, and remember that the person who makes decisions around here is ME." Ronald Reagan

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The AC casinos are between a rock and a hard place. For a long time they were the only place for the East Coast gamblers to go and they raked it in year after year. But now there are so many other casino venues in other near by states to choose from. But they still built more casinos in the face of this even though the current places were not drawing the people they needed to make a profit. Throw in what has been a soft economy the last 5 years and it is a recipe for disaster.

 

Meanwhile a place like Monmouth Race track which has been on the decline for years in attendance could really benefit by putting in slots. But Gov Christie has a hard on for AC gambling and the powers to be there want no slots in the NJ racetracks even though other states that have put them in have thrived. NJ Politics at it's best. So we have a good chance of losing Monmouth Race track also in the coming years.:mad:

 

 

if you follow the politics - Christie wants to see gaming in each of the states horse tracks (particularly Monmouth and Meadowlands). But he can't make that happen through executive order - it has to be legislated

 

NJ is a unique state which is really two states in one - the North and the South

 

Senator Sweeney and the south jersey power broker George Norcross make it very clear to all south jersey pols - gaming in the state of NJ will remain in one place and one place only - AC. And when Norcross talks, all south Jersey pols listen and follow

 

Monmouth was preparing to have sports gaming when they open this season - then the NBA, MLB, NFL, NHL and NCAA got together and filed an injunction in district court to stop it. The judge put a hold on sports betting until the legal challenge can be addressed. It's a big issue cause the NJ pols were given a years grace period back when DC passed federal legislation barring sports gaming anywhere in the USA except for Nevada. All 49 states were given the same one year grace period to say NAY or they would be banned from it for good. Oregon, Montana, and Delaware spoke up and that makes 4 places that can have it.

 

During the 2011 NFL season, the three DE sports books generated $4.4 million in revenue for the state

"Gradatim Ferociter / Carpe Diem / No Guts, No Glory

 

"I hate taxes, and Communism, and inflation. Now, get to work, and remember that the person who makes decisions around here is ME." Ronald Reagan

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have been there a few times-the hotel is very nice-rooms have amazing views but the service is lacking and the layout was not well thought out

 

the gov of nj clearly failed business 101-the reason the private sector pulled out of the project eating a big loss was it was very apparent this project was way too costly and destined to fail-NJ had no business putting tax dollars in this project

 

there are two things that can help this place out

the first will help out all of AC and to the NJ govs credit he is working on this-that is a sportsbook-this is the one thing that can salvage AC-

the second is Revel is an ocean front property and needs to be marketed as such-take advantage of the location-make the beach easily accessible (right now it is not) improve the security on the boardwalk and have events on the water-they should proceed with the ocean front bar as well

 

the smoking did not kill the place -the poor marketing and poor service did along with a poor plan from day one

 

It is almost beyond conception that this place cost a few billion and in one year is now worth 420 million

 

It needs to attract the gamblers.

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if you follow the politics - Christie wants to see gaming in each of the states horse tracks (particularly Monmouth and Meadowlands). But he can't make that happen through executive order - it has to be legislated

 

NJ is a unique state which is really two states in one - the North and the South

 

Senator Sweeney and the south jersey power broker George Norcross make it very clear to all south jersey pols - gaming in the state of NJ will remain in one place and one place only - AC. And when Norcross talks, all south Jersey pols listen and follow

 

Monmouth was preparing to have sports gaming when they open this season - then the NBA, MLB, NFL, NHL and NCAA got together and filed an injunction in district court to stop it. The judge put a hold on sports betting until the legal challenge can be addressed. It's a big issue cause the NJ pols were given a years grace period back when DC passed federal legislation barring sports gaming anywhere in the USA except for Nevada. All 49 states were given the same one year grace period to say NAY or they would be banned from it for good. Oregon, Montana, and Delaware spoke up and that makes 4 places that can have it.

 

During the 2011 NFL season, the three DE sports books generated $4.4 million in revenue for the state

 

My bad..I was under the impression that the Gov was siding with the casinos in blocking slots at the race tracks.

If you use eclairs in your example, he will get it right away. MikeMc

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  • 2 weeks later...


http://www.pressofatlanticcity.com/news/top_three/bass-pro-shops-construction-to-begin-in-the-fall-at/article_6add5eea-a1f7-11e2-8203-0019bb2963f4.html



 



 



Bass Pro Shops, the fourth and final planned phase of Tanger Outlets The Walk, plans to start construction by Oct. 1, officials said Wednesday.



The sporting goods store known for its elaborate displays announced plans last year for a new store on a four-acre parcel located on Atlantic Avenue behind Trump Plaza Hotel and Casino. Officials heralded the development as another game-changer for the city, as the store is known to attract customers from a wide geographic area who will spend hours shopping.



During a meeting with The Press of Atlantic City’s editorial board Wednesday, Casino Reinvestment Development Authority Executive Director John Palmieri said he recently asked to meet with Bass Pro CEO Johnny Morris to clarify the company’s intentions for building in Atlantic City. He acknowledged that there have been “ups and downs” in negotiations.



“(Morris) said, 'We’re there, we’re coming, we’re ready to build,’” Palmieri said of the meeting at the company’s offices in Springfield, Mo.



The CRDA has approved $12.3 million in financing for the store, a little more than two-thirds of the project’s $18 million price tag. An additional $11 million over 11 years is expected as a tax abatement plan for the 70,000-square-foot facility.



Developer David Cordish opened The Walk in 2003 on property owned by the CRDA and later sold nearly all of the company’s interests to Tanger Factory Outlet Centers. Cordish Co. maintained the development rights for the fourth phase of the project.



On Wednesday, Palmieri said Bass Pro Shops and Cordish have a lease agreement in place, with Bass Pro agreeing to build the facility. A land disposition agreement between the CRDA and Cordish has yet to be signed but is expected before the end of the month, Palmieri said.



That agreement is expected to address things such as the future of the property in the event that Bass Pro terminates its lease, obligations to find a replacement tenant in that circumstance and other land-use issues.



Bass Pro spokesman Larry Whiteley did not respond to requests for comment Wednesday. Ashley Miller, a spokeswoman for the Baltimore-based Cordish Co., also did not return calls.



When the project was first announced in August 2012, Bass Pro officials said construction could start as soon as this spring. Palmieri stressed that plans are still on track while there has been aggressive bargaining between Cordish and the CRDA over the final agreement.



“I can say clearly that David Cordish and (the CRDA) have reached agreement on all the key terms,” Palmieri said. “I would tell you if I thought there were any outstanding issues right now with David Cordish.”



Bass Pro Shops operates 58 retail stores in 26 states and Canada. Many have large-scale wildlife displays, large aquariums, archery ranges and antique equipment. What exactly will be inside the Atlantic City location hasn’t been released, but the company has said it will have an extensive boat showroom.



The CRDA has agreed to allow Bass Pro to use as much as one acre of the four-acre lot it owns at Mississippi and Fairmount avenues as the boat sales yard for the store. Within the next few months, the CRDA plans to seek development proposals for the remainder of the lot currently leased to the South Jersey Transportation Authority as a parking lot.


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when would this be ?

The start building BPS on October 1.

Revel was a stupid idea from day one, why build. New casino for 2.4 billion when they could have bought 5 existing casinos for under 100 million, knocked them down and refurbed 1 of them and saved all that money while in the mean time getting rid of the competition. By the way they are not mostly penny slots, they are trying to cater to a higher end gambler and penny slots won't cut it.

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The start building BPS on October 1.

Revel was a stupid idea from day one, why build. New casino for 2.4 billion when they could have bought 5 existing casinos for under 100 million, knocked them down and refurbed 1 of them and saved all that money while in the mean time getting rid of the competition. By the way they are not mostly penny slots, they are trying to cater to a higher end gambler and penny slots won't cut it.

Built it for 2.4 billion....now it's worth 500 million

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