Revel to Close By Sept. 10th

[yankees4ever31]

http://www.pressofatlanticcity.com/news ... 963f4.html
http://philadelphia.cbslocal.com/2014/0 ... mber/Looks like Revel is officially closing.  A buyer won't be found until after they shut down.Very sad indeed.  3100 jobs gone.-yankees4ever31

[DaBurglar]

Well  W.T.F.  did they expect?  They cancelled the "Auction" that was scheduled for August 7 (last week) when they found that there was a .......<wait for it> ...."lack of serious buyers"......!        lol   No kidding????    The auction was reschedule for August 14 (day after tomorrow, Thursday)....but clearly even if a buyer is found on Thursday with an actual offer that is even close to something they can accept instead of filing Bankruptcy, it will take too much time to process and get squared away in order to prevent AT LEAST A TEMPORARY stoppage in operations during the first half of September.NOTHING about this property and its operation has worked, not even its "failure" has been successful!  lol   I can see it now.....in textbooks in Business Schools, Financial Graduate and Hospitality Management Graduate programs all over the world, there will be a chapter devoted to the Revel as a case study in "HOW TO LOSE Billions and Billions of Dollars in the most spectacular fashion possible!"   (and look even more stupid trying one half-arsed measure after another designed to stop the bleeding and rectify an un-rectifiable situation!)I am sorry, I am just sad....really really sad for AC and all those poor people who are SUNK because of this abject stupidity on the part of a handful of arrogant, narcissistic, greedy sociopaths disguised as business and political "leaders".      It is just not fair....in so many different ways and in so many different applications....it just is not fair.I pray (seriously .... PRAY) God grants some solace and relief to people like the Cooks, maids, waitresses, clerks, dealers and all the other so called "little people" who make Revel run (and the Showboat, and Trump-Paloooza .... and all the other hotel casinos in AC) .... and I hope the overpaid execs and Board members, who no doubt have nice "golden parachutes and other severance/cessation packages", get called out publicly for the fiasco they contributed to.....But most of all, the delusional New Jersey Politicians (not just Chris Christie, but he is certainly at the forefront) who FORCED this property to be completed and OPENED with the promise of unprecedented (and, as we now know unrealistic, inadequate and unfair) tax breaks and credits and who-knows-what-else.....these people need to be called out PUBLICLY and made to answer for these decisions.   And quite clearly, they should be penalized (or punished) in some fashion commensurate with the HAVOC and devastation their decision caused!!!!!It was the opening of Revel which ultimately set off this recent chain of events causing the closing of the three other places, because the "cannibalization" of the existing AC business/market share from ALL THE OTHER STRUGGLING  properties was just enough to send the other properties into revenue levels that allowed management to "justify" shutting them down, but which was TOTALLY inadequate for REVEL itself to even SURVIVE, let alone prosper and be profitable!     All it did was HASTEN the death of AC.....

[chattycattty]

Atlantic City is hurting but is certainly not dead. As usual DB, you are distorting the facts for your own drama and for your own purposes. While any decent human being feels for the "little people" as you call them, it is only a pipedream to expect any penalties or punishments to be handed out to any of the politicians or others involved in these business failures.

AC is a victim of many thing some of which if they had been more proactive they could of avoided. Mostly they are a victim of casino saturation as their two biggest pools of clientele come from the New York and Philadelphia area. Those people now have other places closer to them where they can go to gamble. And there are more casinos being planned in the New York area as we speak.

If you had a larger airport and marketed Atlantic City properly you could make up for the loss of local clientele by bringing people in from all over the country as Vegas has done. Vegas would be a ghost town and would not be near the gambling mecca that it is without their airport. That's where the challenge lies as time goes forward. But Atlantic City is certainly not dead.

[Tedlark]

In one sentence God(?) is being asked go grant solace and relief to the little people and down the post he is claiming defeat by saying that AC is doomed. Let's not put the cart too far in front of the horse. Please remember a recent post reveling in the crowds....

[Eduardo]

I heard that AC was just about to make a comeback, but then DaBurglar went in there and won a bunch of money.

[DaBurglar]

Atlantic City is hurting but is certainly not dead. As usual DB, you are distorting the facts for your own drama and for your own purposes. While any decent human being feels for the "little people" as you call them, it is only a pipedream to expect any penalties or punishments to be handed out to any of the politicians or others involved in these business failures.

AC is a victim of many thing some of which if they had been more proactive they could of avoided. Mostly they are a victim of casino saturation as their two biggest pools of clientele come from the New York and Philadelphia area. Those people now have other places closer to them where they can go to gamble. And there are more casinos being planned in the New York area as we speak.

If you had a larger airport and marketed Atlantic City properly you could make up for the loss of local clientele by bringing people in from all over the country as Vegas has done. Vegas would be a ghost town and would not be near the gambling mecca that it is without their airport. That's where the challenge lies as time goes forward. But Atlantic City is certainly not dead.No, it's dead, and the facts say so, and have nothing to do with "My drama", whatever that is.....AC Revenue in 2006 was almost $7Billion.....By last year (2013) it has fallen to around $2.65 Billion....do you even comprehend the size and scope of this drop and these numbers?   They will be down to 8 casinos by the end of next month IF nothing else is done to save Revel, Trump and Showboat.....between these 3 properties you will be losing nearly 9,000 jobs in DIRECT employment.....PLUS we do not even know how many people INDIRECTLY will lose their jobs due to this catastrophe.....people who work at the suppliers, vendors and other companies that do business with the hotel/casinos that are shuttering.My friends who own an Ice cream stand on the boardwalk explained to me that when a hotel casino on the boardwalk shutters, it has direct downward impact on ALL the traffic on the boardwalk.....this is intuitive as well as obviously manifest by real world dynamics;  with the shuttering of these long running, famous hotel/casinos, it causes the OVERALL customer visitorship to Atlantic City to fall because many people "give up" on AC at least in the short term.   Its the example of "Momentum", except this is negative momentum.....losing such a large chunk of business all at once has huge immediate, plus residual lingering impact.....that's why so many south jersey politicians are going APE sh*t over this whole situation and trying to actually use Legislative Power to FORCE these companies to remain in business another 4 months to allow more time to find buyers.....AC as it was, or used to be, is indeed dead.....whether it can be revived with its remaining 8 casinos and re-establish some sort of NEW equilibrium remains to be seen.Everything else you said, about casino over-saturation, and a lack of an Airport that can handle a large influx of people.....and lack of a basic general marketing plan which includes advertising, is true but only reinforces my point about WHY and HOW AC does not HAVE to be in this extreme situation it is in.....all these circumstances could have been addressed and dealt with in a manner that would have AT THE VERY LEAST lessened the DECLINE and probably saved most (if not all ) of the Casinos BESIDES REVEL........and that was the whole point of my post, the impact, and EXTREME, uniquely HUGE scope of the REVEL disaster compared to everything else that is going on!    It is NOT a pipedream, as you put it, to want to hold accountable people like the Governor who went out of their way to PUSH the Revel through by granting unheard of concessions and tax breaks and other "incentives" to FORCE the place to open, when SO MANY other experts and people were warning against it.......and what is NOT at all in dispute is this:   Since it did open, Revel was nothing less than a total DISASTER, completely mismanaged and "broken" (as well as "broke").....it never had a chance, never even got off the ground, it just sucked what remaining life there was in the Boardwalk Casinos and toppled over......and, again, the SCOPE of this disaster, the way it happened and what it is GOING to cost the taxpayers of NJ in the future is why the people responsible should be held accountable.   I am not sure what the state constitution of New Jersey allows, but if IMPEACHMENT of the Governor is provided for in the law, then this is a case to do so......*Note that i specified "Boardwalk casinos" because, as was the case BEFORE Revel opened, the Borgata somehow manages to outperform everyone else and continues to do more than just simply "survive"......

[DaBurglar]

I heard that AC was just about to make a comeback, but then DaBurglar went in there and won a bunch of money. Well, that's true, but I never went any where near REVEL.....besides, if I had hit a royal or 4Awak at Revel, I would have gotten an IOU instead of a TITO voucher.

[chattycattty]

I think you are wrong on this one DB. The facts do not say AC is dead. Sure the revenues are down significantly but with four casino closing that presents an opportunity for the other eight remaining casinos for increased market share. And it is a pretty good bet by Spring of next year, someone will come in and rebrand and open Revel back up.

They have their work cut out for them b/c they have a lot of image rebuilding to do. But as I mentioned in my previous post they need to do something with their airport to make it easier for people from other parts of the country to get there or they need to do something to motivate their local clientele to drive the extra distance instead of going to one of the many competitors that now exist that are closer to them.

But in any case they are not dead.

[Tedlark]

I believe the number provided by DaBurglar for 2006 revenues may be inflated by over 1.5 billion. I saw yesterday that the number was closer to 5.7 billion. And I laughably doubt impeachment. More drama.

Edited to add: Tonight I checked the highest revenue number for Atlantic City gaming and it was 5.2 billion in 2006. Just, ahem, slightly(?) lower than the number DaBurglar posted.

[DaBurglar]

There will be SOME initial gain for the remaining 8 casinos, as obviously devotees of Atlantic city (like myself) will be forced to give their business to the remaining casinos left standing.......furthermore, whoever (or whatever) acquires Revel will be hardpressed to attract the needed level (and number) of NEW  customers to make the place even slightly profitable.However, I do believe in agreement with YOU that it is POSSIBLE, IF...and that is a big IF....they finally get their act together and do what is needed.   If they do not, then I stand by my prediction that AC as a whole is dead.   But what they need to do to remain alive, and eventually prosper even slightly, is multifold:--- AIrport --- Yes, as you stated, and has been stated by many others, some sort of major expansion and utilization of AC's airport needs to happen......the problem is this will cost a lot of money up front, which means the CITY and the Casinos needs to work together, which is a tall order, and has been one of the greatest obstacles to success in the past.....remember, it was STEVE WYNN himself who said that unless or until AC changes its climate of political corruption and cronyism, it will never realize its full potential....it also explains why, once Mr. Wynn Left AC in the early 1980s he never came back!!    ---Advertising---  Hand in HAnd with the Airport, there needs to be a major advertising campaign across the entire nation and North America, touting Atlantic City's many bright spots.   Having a new, robust Airport is obviously central to this strategy so that is why they go hand in hand.    But right now, AC has almost nothing in terms of a national advertising effort, and what little advertising it does do is limited to the same old regional efforts like billboards along New Jersy, New York and Philadelphis highways.   They at least need to expand to T.V. advertising in New England and down through the immediate southern and western regions in proximity to New Jersey itself.----Service & Conditions--- Donald Trump's recent criticism of the decrepit state that Atlantic City's properties have fallen into is a major factor why so many people who live withn 2-3 hours of driving distance to AC have decided to take their business elsewhere.   Only Borgata gets a pass in this category, as every other AC casino needs to upgrade its SERVICE levels amongst its employees, and most need to undergo MAJOR physical improvements and upgrades to fix the obvious physical blemishes and eyesores which besmirch the appearance of the city.   This is really a no-brainer and is something that needs to happen no matter what, and needs to happen now!    ---Incentives for Customers to return or try AC!----   After making service and facility improvements, the AC casinos need to ADVERTISE that they have done so (and include a simple yet sincere APOLOGY to all former customers for allowing things to slip followed by a exhortation to "GIVE US ANOTHER CHANCE!")   They should send out via mail or e-mail a simple invitation offering something like complimentary food, or $20 slot play, or something similar, which includes this "apology and invitation to give us a second chance"......or something similar.   Furthermore, they need to be prepared to offer other SIGNIFICANT free, or complimentary, incentives to get people to comeback or try AC for the first time.   Free rooms, free food and the like are the best, and obvious and easiest things to offer, followed by free gaming and slot play.....they NEED to get people to comeback and try them again, otherwise everything else is MOOT and will fail.    Whatever it takes to bring people back en masse must be attempted.For what its worth, it is my sincere HOPE that I am WRONG about AC being in its death sprial, and instead I hope that within the next 18-24 months, things undergo a clear and significant improvement!