• Revel finally sold

    As if anything is ever final. No idea what it will become. But, something is scheduled to open this summer.


    Comments 3 Comments
    1. Three's Avatar
      Three -
      That article didn't answer any of the questions I would have.

      Is the casino going to reopen? is the main one and the only one I really care about.
    1. Bodarc's Avatar
      Bodarc -
      I'm thinking Dollywood
    1. Aslan's Avatar
      Aslan -
      Let's say that the $2.4 billion that it originally cost to build the Revel was over by $1.4 billion because of the 2008 crash, and the the property should have cost only $1 billion to build. The $82 million price tag is still one hugely discounted price. But even at that, has anyone thought to invest $82 million into AC for anything other than a casino in the past? As a purely recreational complex, what does it have to offer potential guests who must travel far to reach its amenities? Why AC? It's dirty beaches? No. It's location in the proximity of a more or less ghetto? No. It's terrible crime rate? No.

      What then would be the attraction without a gambling component? Nothing. Revel could not make it because it was way over its head in debt, but the new owners have no such problem. Sure they're going to open a casino. It's a matter of getting the right gaming company to move in and take the reins. The Revel is an Edsel. There has to be enough of a redesign to differentiate itself from that failed model. It needs to transform itself into a Thunderbird. If the new owners can pull that off, why shouldn't they be able to make a go of it, considering the giveaway price at which they purchased it?

      I have heard the APs talk up the boardwalk benefits of the beachside casinos. Sure, it's nice when you can walk from one property to another. But that didn't stop the Borgata from being the #1 casino in AC, with Harrah's right behind it. Neither of these properties are walk-in-from-the-street type properties. I visited Borgata more times than I care to remember during its heyday, but never once entered by the front door. It's a drive-in indoor parking casino, and it is a safer place for that single fact.

      The new Revel could become a drive-in casino, too, and maybe it already is-- I have never visited there. Because of the proximity to crime, I would make it an entirely drive-in casino. I would also make the parking $25, but free at the showing and scanning of a valid driver's license for anyone parking there. APs would hate this, but if the games were good enough they'd find a way around it. At this point, especially at the northern end of the boardwalk where Revel is located, crime is heaviest. IMO, it is best to forgo the benefits of boardwalk or beach access, unless it can be privatized. Besides, the casinos on the boardwalk are falling like flies. The way to beat crime in AC, I am convinced, is the drive-in Borgata style casino.

      A friend of mine dropped one of his cash bundles ($4,000) when he was playing in the Borgata High limit room. This happened when he reached in his pocket to retrieve one of two $4,000 packets to re-buy into the $100 table he was playing at. The fellow he was playing with had seen the mistake and retrieved the lost packet. When my friend saw the fellow counting off hundred dollar bills in full view of him he reached for his cash and realized it was gone. Words ensued, the fellow fled, and my friend called security. They had a tape of him exiting the parking lot, and knew his name and address since he was staying at the hotel. State Police caught up with him on the New Jersey Turnpike and within two hours the Borgata was returning $4,000 to my friend. This was a clear benefit of a drive-in indoor parking lot. The thief had no chance to get away with this crime. Even without his name and address, they had his license plate and tapes of him fleeing the scene on more than one camera.

      The reason I bring up crime is because the other failing AC casinos did not fail due to being over their heads in debt from building during the 2008 crash. They were in debt, but it was for other reasons, and I believe the crime that loomed outside each of their front doors and on the boardwalk outside each of their back doors was a big part of the problem.

      If Revel follows the model of the Borgata, and in addition, goes back to the good games boasted by Borgata in its heyday, I think they will have similar results. The Borgata has sh*tty games now, but still packs them in for its decorum, restaurants, nightclubs, shows, spa, and other amenities, including the relatively safer location near the marina. No one walks to the Bogata, yet it still packs them in. Revel can do the same.

      This would be my plan to resurrect the Revel. It already has most the amenities of the Borgata. There is no reason it cannot become the #1 casino in AC. I mean-- where's the competition? It's the newest. It's the grandest. It's the largest (I think). It just needs to be secure, offer Borgata-like comps, bring in some decent headliners, and above all, introduce the decent blackjack games that once made the Borgata the place to gamble in AC.

      I am sure this will get a lot of push back. It's just my take on things-- YMMV.

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