{"id":13876,"date":"2014-06-19T13:06:51","date_gmt":"2014-06-19T21:06:51","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=13876"},"modified":"2014-06-19T13:06:51","modified_gmt":"2014-06-19T21:06:51","slug":"revel-to-close-barring-a-miracle-gaughan-memorialized","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/revel-to-close-barring-a-miracle-gaughan-memorialized\/","title":{"rendered":"Revel to close, barring a miracle; Gaughan memorialized"},"content":{"rendered":"

\"revel-get-it-all-back-600\"<\/a>That’s the message coming from top Revel Resort<\/strong> brass, who sent a letter to casino employees cautioning them that — unless the property can be sold by Aug. 18 — they all may be out of jobs<\/a>:\u00a0\u201cIf Revel is unable to complete such a sale promptly, Revel expects to close its entire facility.\u201d That would make Revel, next to Fontainebleau<\/strong>, the biggest megaflop in casino history.<\/p>\n

Revel’s owners, who obtained in a debt-for-equity swap, appear to be trying to shop it around for $300 million — at a time when Atlantic City<\/strong> casinos are going for a 20th of that. Hard Rock International<\/strong> and Caesars Entertainment<\/strong> have both hesitated to pull the trigger on a Revel purchase, and union Unite-Here<\/strong>, a longtime Revel adversary, pegs the value of the casino as low as $25 million and no higher than $73 million. (Its comparatively unused state would justify the upper end of the scale.) Hard Rock has definitively stated its interest — “if the price is right” — and desperation on the part of Revel might bring both parties to the table.<\/p>\n

A textbook lesson in how not to run a casino, Revel now faces the danger of being the biggest tombstone on the Boardwalk, a chilling warning for anybody who would buy or build in the Atlantic City market.<\/p>\n

* Bravo to the El Cortez<\/strong> and the Museum of Gaming History<\/strong> for creating an exhibit memorializing the legacy of the late Jackie Gaughan<\/strong>. All nine Gaughan-owned casinos are represented in the display.<\/div>\n
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* Facing the closure of its\u00a0Brayton Point<\/strong> power plant, the Massachusetts<\/strong> town of Somerset<\/strong> has decided to get into the chase for a Region C casino. And why not? Fall River<\/strong> and New Bedford<\/strong> are fumbling around, and Taunton<\/strong>‘s fortunes are tied to the Mashpee Wampanoags<\/strong>‘. So the city has hired the firm of Considine & Furey<\/strong>, which will be paid expenses and a contingency fee (25% in Year One, 10% in Years Two through Five) to bring them a casino.<\/div>\n
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\u201cWe don\u2019t want anyone to get all excited. This is just a first step,\u201d counseled Selectman Donald Setters<\/strong>. But the city has 100 acres, adjacent to Brayton Point and evidently ripe for casino development — less 20 acres set aside for alternative-energy development, probably a solar farm. But a casino would definitely be a bigger jolt to Somerset’s system.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

That’s the message coming from top Revel Resort brass, who sent a letter to casino employees cautioning them that — unless the property can be sold by Aug. 18 — they all may be out of jobs:\u00a0\u201cIf Revel is unable … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,51,14,59,165,7,140,112,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13876"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=13876"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13876\/revisions"}],"predecessor-version":[{"id":13877,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13876\/revisions\/13877"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=13876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=13876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=13876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}