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Category Archives: Revel
Cycle of futility; Hard luck in Indian Country
As the casino industry braces itself for Global Gaming Expo, this could hardly be a worse moment to be hawking slot machines. Not only is it undergoing a painful contraction but new markets (like Boston and Washington, D.C.) are a … Continue reading
Posted in Atlantic City, Bally Technologies, California, Economy, G2E, Harrah's, IGT, Maryland, Massachusetts, Mississippi, Revel, Scientific Games, Station Casinos, Tribal, Trump Entertainment Resorts
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When a loss is a gain
Come this time next month, we could easily be reporting year/year gains in Atlantic City. Last month, as Revel and Showboat were winding down operations, the Boardwalk was only 1% off last year’s pace. Internet gambling played a role in … Continue reading
He came to buy Atlantic City
Just when you thought Atlantic City had shed several casinos, they’re coming right back. Would-be Revel buyer Glenn Straub would include casino gambling in his larger strategy for the property but make it incidental to other “hobbies.” “Who in the hell … Continue reading
Atlantic City: MGM returns, Revel sold
There was a happy ending for MGM Resorts International in its long soap opera with New Jersey gaming regulation. The New Jersey Casino Control Commission voted unanimously to relicense the company, reuniting it with Borgata — and with 86 million … Continue reading
New hope for Showboat, gloom for Atlantic City
While Revel and Trump Plaza go begging — and Trump Taj Mahal reportedly plans to close in November — suitors are lining up to woo Caesars Entertainment for the Showboat Atlantic City. Already Atlantic Properties Group has pitched the idea … Continue reading
Posted in Atlantic City, Boulder Strip, Donald Trump, Harrah's, history, Japan, MGM Mirage, Revel, Tribal, Trump Entertainment Resorts
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Oh no, not again!
Trump Taj Mahal is heading back to a familiar bookmark: Chapter 11 bankruptcy. The casino is in violation of certain loan covenants and talks with creditors have proven unfruitful. The one creditor who really matters is Carl Icahn and he’s … Continue reading
Revel: A quiet death
“Gaming in Atlantic City isn’t dead, but it has to go on a crash diet to survive.” That’s the coroner’s verdict of the Newark Star-Ledger, in which former Atlantic Club worker Bill Terrigino adds his voice to the chorus that … Continue reading
Showboat, 1987-2014; Paris, 1999-????
In the end, the Showboat Atlantic City had a good run of it, lasting almost three decades on the Boardwalk. It succumbed, in part, to wounds inflicted by owner Caesars Entertainment, which cut into its customer base by building Harrah’s … Continue reading
Quote of the Day
“As it pertains to Revel, management [of Boyd Gaming] believes that any buyer would have to spend significant time and money to make the asset viable going forward.” — J.P. Morgan analyst Joseph Greff, making it clear who won’t be … Continue reading
Posted in Atlantic City, Boyd Gaming, Revel
1 Comment
Caesars has a live one, Revel not
Even though it’s still on pace to close Aug. 31, Showboat‘s last chapter may have yet to be written. Caesars Entertainment spokesman Gary Thompson told reporters that multiple expressions of interest in the property have been received. He added that … Continue reading
Posted in Atlantic City, Dining, Economy, Harrah's, Maryland, Pennsylvania, Revel
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Bad ideas never die; The Fugees; Left holding the bag
Politicians are ever-fond of the notion of using casinos as surrogate police, tasking them with collecting delinquent child-support payments. Louisiana has actually been doing this since 2011 and hit the jackpot: $2 million-plus to date. So where do deadbeat dads … Continue reading
Posted in Atlantic City, Cantor Gaming, Delaware, Harrah's, Louisiana, Neil Bluhm, Penn National, Pennsylvania, Regulation, Revel, Sports, Taxes
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Revel’s 21 grand goof
Revel‘s high-speed shutdown is descending into farce. Its armored-car contractor, GardaWorld, managed to lose $21,000 of long green. How? They — no kidding — left a cash bag on top of the truck. Security footage shows the cash still precariously … Continue reading
Life after Revel?
Once safely closed — and rid of those pesky employees — Revel could find itself a valuable commodity again. Salaries really are at the crux of the issue. Current ownership is losing $2 million a week and that “black hole” … Continue reading
Posted in Atlantic City, Economy, Macau, Racinos, Regulation, Revel, Sheldon Adelson, Singapore, Sports, Taxes
1 Comment
Exit Revel, eight days early
Labor Day has taken on a cruel, new meaning in Atlantic City, where it will mark the closure of Revel‘s hotel. (The casino will stay open until dawn on Sept. 2.) This takes away eight days of employment that soon-to-be-jobless … Continue reading
Posted in Atlantic City, Cordish Co., Delaware, Economy, Harrah's, Maryland, Racinos, Revel, Steve Wynn, The Strip
1 Comment
Atlantic City: Worse to come
If you thought this year’s shrinkage of the Atlantic City casino market from 12 casinos to eight was bad, brace yourself. A Deutsche Bank report predicts more contraction to come. Resorts Atlantic City and Trump Taj Mahal have been marked … Continue reading
Revel reprieved, sort of
Ownership of Revel may have given up on the casino itself, scheduled to close Sept. 10. However, they’re still trying to sell the property, indefinitely adjourning yet another bankruptcy auction in order to entertain “ongoing negotiations [with] certain potential bidders … Continue reading
Posted in Atlantic City, Economy, Politics, Revel, Taxes
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Dispatch from the Boardwalk
As Revel informs the bankruptcy court that it’s dickering with “potential” bidders, a new set of gaming numbers rolls in with the tide. Subtracting the Atlantic Club Hotel from the comparisons, Atlantic City is down 7% year/year. Online gaming revenue, … Continue reading
Revel calls it quits
Enough bids were received for Revel to postpone a bankruptcy auction until Thursday. But yesterday the resort’s board met and decided to cease operations. Whoever wins the auction will inherit Revel’s carcass — not its 3,187 employees, who find themselves … Continue reading
Posted in Atlantic City, Harrah's, Regulation, Revel
3 Comments
Caesars’ unmagical empire
Caesars Entertainment ” hasn’t posted a profit since late 2009″ and it kept that perfect streak alive today, more than doubling its 2Q13 loss of $212 million. The company lost $466 million — and I don’t think we can blame it … Continue reading
Posted in Atlantic City, Harrah's, Internet gambling, Iowa, Maryland, Pennsylvania, Regulation, Reno, Revel, The Strip, Tribal, Wall Street
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Packer returns
James Packer is back. Undoubtedly encouraged by the recent groundswell of development on the Las Vegas Strip, he’s bought the New Frontier site for a casino development that will be underwritten by the Oaktree Capital Management hedge fund. Construction is to … Continue reading
Posted in Atlantic City, Australia, Cosmopolitan, Fontainebleau, Harrah's, International, James Packer, Japan, Macau, Revel, Steve Wynn, Taxes, The Strip, Trump Entertainment Resorts, Wall Street
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