• Revel warns it may close

    Doesn't look good for Revel with closing in as little as two months. It's value is estimated as little as a couple percent of its cost.

    http://www.philly.com/philly/busines...cfd6c27e7.html

    Comments 10 Comments
    1. Three's Avatar
      Three -
      No surprise. Everything they did to make themselves different from the other AC casinos turned off high rollers. They made little to no attempt to court high rollers but instead tried to attract young people that spent little time in the casino. No doubt some of what they did showed a profit but you can't let your casino languish with all the employees necessary to run it. I always did very well there but every time the frustration of dealing with the casino made me wish I went elsewhere. I would have done well at another place. They have no VIP checkin the last time I stayed there thinking that would make everyone feel important. It made everyone equally upset and made the VIPs stay elsewhere on future trips. Their restaurants had all this odd fancy food but no more common selections for the more conventional diner. It is a beautiful facility. It is too bad nobody had a clue about managing a casino/hotel. It could have grabbed the lions share of the market in AC and maybe started to get people to come back to AC if it were run right. Now it has to overcome the stigma it has worked so hard to earn among the most desired customers.
    1. AP360's Avatar
      AP360 -
      What??? My 5 figure contribution didn't help?
    1. Blitzkrieg's Avatar
      Blitzkrieg -
      It seems as if there are several factors that have lead up to the demise of Revel, but I put this failure firmly on the shoulders of management and ownership. According to the article Revel is 8th in revenue won from gamblers out of the towns 11 casinos and they have never been profitable... bottom of the barrel wouldn't ya say? Even though it looks like a ritzy joint.
    1. Slacker13's Avatar
      Slacker13 -
      If they would have followed Borgata's business model they probably would be doing fine. Borgata is killing it in AC. It is an isolated property that has no beach and no other amenities other than what is at their property. The Revel has a decent beachfront location with good opportunity. Massive miscalculation from the get-go and that miscalculation persisted. Now I guess we will see if they can sell the boondoggle in a rapidly decaying casino market. Not looking too good.
    1. Norm's Avatar
      Norm -
      A casino or two must shut down. I'd rather see Revel bought at an extreme discount and run with better management than such a property mothballed. There are other properties that can be shuttered.
    1. Three's Avatar
      Three -
      CET was considering buying it. They are ready to close one of their casinos. Probably the Showboat next to the Revel. I can't imagine them buying the Revel to close such a beautiful property. Didn't they already do this to the Atlantic at the other end of AC.
    1. AP360's Avatar
      AP360 -
      Rumor is/was CET intends to close SB and purchase the Revel. From what I understand, they can't legally own over a certain percentage in one region and therefore they must close one. They picked the SB.

      These are only rumors thus far, and SB has yet to have mailed out the mandated 60-day WARN letters to inform their employees of the shuttering of the joint.
    1. Three's Avatar
      Three -
      Quote Originally Posted by AP360 View Post
      These are only rumors thus far, and SB has yet to have mailed out the mandated 60-day WARN letters to inform their employees of the shuttering of the joint.
      It will likely happen after the summer season if it is going to happen. I have heard it from CET suits but don't know if they have a better source than others to base the information on. I think they bought the Atlantic (I think, the old Hilton) to close the casino. Owning 4 already didn't stop the purchase (if I have my info right) it just meant they couldn't operate it as a casino while they had 4 other casinos in operation. I am not sure they would close the Showboat but would close the Showboat casino. Beachfront property can be a good business and sometimes they are turning away players they would like to accommodate because they don't have enough rooms at the 4 properties for the demand.
    1. AP360's Avatar
      AP360 -
      Remember the Hilton was a joint purchase by CET and Trop.
    1. Three's Avatar
      Three -
      Trop bought the slot machines and gaming tables and CET bought the property.

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