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Category Archives: Revel
Good news from the Boardwalk; Leven leaves
Rid of the Atlantic Club Hotel, Showboat, Trump Plaza and Revel, cash flow at Atlantic City casinos shot upward 7%, or $147.5 million. Once that unhappy quartet is removed from the year-over-year comparison, the percentage increase falls to 3% but … Continue reading
Posted in Carl Icahn, Cirque du Soleil, Colony Capital, Harrah's, Macau, Massachusetts, MGM Mirage, Mohegan Sun, Regulation, Revel, Sheldon Adelson, Steve Wynn, The Strip, Tilman Fertitta, Trump Entertainment Resorts, Wall Street
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SLS struggles to find its niche; Cordish knows its one
Granted, Sam Nazarian had to do something with the Sahara, but so far when SLS Las Vegas makes the headlines it’s with another piece of bad news. F&B offerings have been cut back and the nightclub program is struggling. Rationalizes … Continue reading
Posted in Boyd Gaming, Cordish Co., Dining, Genting, George Maloof, Harrah's, Maryland, New York, Regulation, Revel, Sahara, Sam Nazarian, The Strip
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Revel: Brookfield bails, Straub back in; A few good men
Like its predecessors at Revel, management at Brookfield US Holdings found itself with an albatross around its neck: the cost-intensive Inlet District Energy Center. The standalone power plant cost the resort $1.25 million a month. Brookfield hoped to reduce those costs … Continue reading
Posted in Atlantic City, Foxwoods, Genting, Glenn Straub, Harrah's, International, Internet gambling, Massachusetts, MGM Mirage, New York, Pennsylvania, Revel, Sports, Taxes, Tribal, Wall Street
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Everybody’s doing it
Building conference centers in Atlantic City, it seems. Add Resorts Atlantic City to the brief list of casino trying to diversify their appeal by going for the meeting business. It won’t be as grand as the one as Harrah’s Resort … Continue reading
Posted in Atlantic City, CityCenter, Harrah's, Internet gambling, Mohegan Sun, Revel, Sports, The Strip, Tourism
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Working-class hero; Caesars courts Philippines
Having thrown its workforce to the wolves as part of its bankruptcy plan — one that may not ultimately save any jobs — Trump Entertainment Resorts has pissed off the wrong guy: state Senate President Stephen Sweeney (D). Chief creditor Carl … Continue reading
Posted in Boyd Gaming, Carl Icahn, Economy, Genting, International, Kazuo Okada, Louisiana, Melco Crown Entertainment, Pinnacle Entertainment, Politics, Racinos, Revel, Trump Entertainment Resorts
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Gross injustice; Let the sports betting begin!
If you work at Trump Taj Mahal, there’s good news and bad news. The good news is that the casino now stands a better chance of weathering a November financial crisis, preserving your job. The bad news is you just … Continue reading
Posted in Atlantic City, Carl Icahn, Economy, Glenn Straub, Revel, Sports, Tropicana Entertainment, Trump Entertainment Resorts
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A renaissance for Atlantic City?
If Gary Green set out to stir debate with his Casino Journal polemic on Atlantic City, he could hardly have succeeded better. For Green, the glass is considerably more than half-full and the Boardwalk is “healthy, viable and sound.” In … Continue reading
Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Economy, Glenn Straub, Harrah's, Maryland, MGM Mirage, Revel, Trump Entertainment Resorts, Wall Street
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Atlantic City: Which way is up?; Sheldon Adelson, prophet
Unburdened of four unprofitable casinos, if the revenue in Atlantic City is counted on a “same store” basis (i.e., leaving Revel, Showboat, the Atlantic Club and Trump Plaza out of the picture), the Boardwalk actually saw a 4% increase in … Continue reading
Life after Revel; Sheldon’s solid quarter
Faced with fewer and fewer casino choices in Atlantic City, players seem to be choosing to stay home. The seaside city saw gaming revenues plummet 17% last month. That’s also the same percentage by which coin-in and slot revenues slipped. … Continue reading
Ohio: Success and saturation; The many excuses of Glenn Straub
Now that all four casinos and seven racinos are open, Ohio posted a spectacular year/year increase of 36% in gambling revenue. However, success came at a price, in terms of an 8% decline in same-store revenue, indicative of a saturated … Continue reading
Posted in Atlantic City, Glenn Straub, Hard Rock International, Harrah's, MTR Gaming, Ohio, Penn National, Racinos, Revel, Wall Street
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Most happy fella; Grumbling on the Boardwalk
Although Sheldon Adelson was laying covetous eyes upon the Meadowlands last week — and reiterating his risible drivel about the mystical power of brick-and-mortar casinos to deter problem gambling — for the time being Las Vegas Sands is upping its bet … Continue reading
Posted in Atlantic City, Carl Icahn, Dining, Glenn Straub, Hard Rock Hotel, Marketing, Pennsylvania, Problem gambling, Revel, Sam Nazarian, Sheldon Adelson, Singapore, The Strip, Trump Entertainment Resorts
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Atlantic City: Dim hopes and massive debts
Brookfield Property Partners, new owners of Revel is planning to get back into the casino wars in Atlantic City. “Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost. We are excited about … Continue reading
Revel: Straub loses
Bids are in for Revel and the white elephant goes to … Brookfield Asset Management, owner of the Hard Rock Hotel in Las Vegas. (The fund is obviously fond of problem children.) Brookfield’s winning bid was $110 million, leaving stalking-horse … Continue reading
Quote of the Day
“It just gives you a dirty feeling, like you want to take a shower.” — Glenn Straub, on the interminable bankruptcy auction for Revel, now adjourned until Sept. 30.
Posted in Atlantic City, Glenn Straub, Revel
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Atlantic City: The good, the bad and the very ugly
Taking a glass-half-full view of Atlantic City, CEO of MGM Resorts International Jim Murren wanted back in. Why not, when it means having half of by far the dominant joint in town, Borgata? Now that MGM has been vetted and … Continue reading
Posted in Atlantic City, Boyd Gaming, Carl Icahn, Donald Trump, Glenn Straub, Harrah's, Internet gambling, Japan, Massachusetts, Mohegan Sun, Revel, Trump Entertainment Resorts
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Why is this man smiling?; The daffy world of Glenn Straub
“Restructure! Restructure! Restructure! That’s all he ever does because that’s all he can do!” That was a friend of mine, speaking in exasperation of Donald Trump. However, today the remark could be updated to refer to Gary Loveman. The CEO … Continue reading
Posted in Architecture, Atlantic City, Donald Trump, Glenn Straub, Harrah's, IGT, Maryland, Massachusetts, MGM Mirage, Revel, Transportation, Wall Street
1 Comment
Caesars inspires legislation; Decision time for Wynn
As New Jersey forces the issue of sports betting, two lawmakers are offering the major leagues the one thing they can’t resist: money. State Sen. James Whelan (D) and Asm. Vincent Mazzeo (D) are propounding a quarter-of-a-percent tax on all wagers. … Continue reading
Posted in Atlantic City, Election, Glenn Straub, Harrah's, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Politics, Revel, Sports, Steve Wynn
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Oh no, not him again!
Donald Trump is posturing as the potential rescuer of Trump Plaza and Trump Taj Mahal, provided he can get them dirt cheap. (Principal creditor Carl Icahn will have a thing or two to say about that.) In true Trump fashion, he … Continue reading
Revel draws more interest; Risky business
Glenn Straub having put $130 million in escrow just in case his $90 million, all-cash bid on Revel doesn’t do the trick, other bidders are tipping their hands. Money doesn’t mean much to California developer Richard Meruelo, who forfeited a … Continue reading
Posted in Atlantic City, Glenn Straub, Neil Bluhm, Ohio, Penn National, Pennsylvania, Regulation, Revel, Technology, Tilman Fertitta
1 Comment
Quote of the Day
“This is the first time in this case there seems to be a buzz going on.” — Bankruptcy Court Judge Gloria Burns, on an acrimonious hearing for Revel, marked by “threats of litigation if the auction was postponed, complaints that [buyer Glenn … Continue reading
Posted in Atlantic City, Glenn Straub, Revel
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