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Thread: Newest casino in Atlantic City to close.

  1. #1

    Exclamation Newest casino in Atlantic City to close.

    Atlantic City’s Revel Casino To Close In September

    http://philadelphia.cbslocal.com/201...-in-september/

    ATLANTIC CITY, N.J. (AP) — Atlantic City’s newest casino is shutting its doors just over two years after opening amid high hopes of turning around the crumbling seaside resort’s gambling market.

    Revel Casino Hotel will shut down next month after failing to find a buyer in bankruptcy court, company officials announced Tuesday.

    <snip>

    Its original owners envisioned it as a luxury resort that just happened to have a casino, and eschewed many staples of casino culture, including a buffet and bus trips for day-trippers. But that strategy—as well as the only overall smoking ban in Atlantic City—turned off customers, and Revel filed for bankruptcy in 2013, a little over a year after opening.
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  3. #2
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    Property taxes were just raised 29 percent in AC in order to qualify for an emergency loan from the state of New Jersey.

  4. #3
    This is what I think of when I think of Atlantic City...



    Couldn't have anything to do with their clientele dying off... Never mind that PA has opened some casinos and online gambling is growing more popular. No need to make the trip into that cesspool any more.
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  5. #4
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    So that makes 4 casinos to close. Showboat, Trump Plaza, Atlantic Club and now Revel.

  6. #5
    Not to mention that people are spending their disposable income (*snicker*) on booze and antidepressants.
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  7. #6
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    Quote Originally Posted by Philhelm View Post
    Not to mention that people are spending their disposable income (*snicker*) on booze and antidepressants.
    When the middle class dies, so does the casino industry. Do you hear that Sheldon Acheson? LOL

  8. #7
    Quote Originally Posted by AuH20 View Post
    Property taxes were just raised 29 percent in AC in order to qualify for an emergency loan from the state of New Jersey.
    Joy...

  9. #8
    It was open so briefly I never even got a chance to check it out.

    I usually just go to Borgata to avoid all the lowlife at the boardwalk casinos, although I used to like Bally's.



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  11. #9
    This is what happens when the state plays games in the market place. Christie gave these guys hundreds of millions in tax credits to build a new casino in a location where existing longtime tax paying casinos were already in trouble -- what could go wrong...

  12. #10
    Casino's were cool when gas was $0.97/gallon

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  13. #11
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    Quote Originally Posted by specsaregood View Post
    This is what happens when the state plays games in the market place. Christie gave these guys hundreds of millions in tax credits to build a new casino in a location where existing tax paying casinos were already in trouble -- what could go wrong...
    after Morgan Stanley stopped construction. Wall Street is heavily involved in the casino industry, oddly enough. heh.

  14. #12
    Quote Originally Posted by AuH20 View Post
    When the middle class dies, so does the casino industry. Do you hear that Sheldon Acheson? LOL
    Sounds like an opportunity for more stimulus spending. Give everyone a EBT gambling card, good only for gambling.
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  15. #13
    Quote Originally Posted by Anti Federalist View Post
    Atlantic City’s Revel Casino To Close In September

    http://philadelphia.cbslocal.com/201...-in-september/

    ATLANTIC CITY, N.J. (AP) — Atlantic City’s newest casino is shutting its doors just over two years after opening amid high hopes of turning around the crumbling seaside resort’s gambling market.

    Revel Casino Hotel will shut down next month after failing to find a buyer in bankruptcy court, company officials announced Tuesday.

    <snip>

    Its original owners envisioned it as a luxury resort that just happened to have a casino, and eschewed many staples of casino culture, including a buffet and bus trips for day-trippers. But that strategy—as well as the only overall smoking ban in Atlantic City—turned off customers, and Revel filed for bankruptcy in 2013, a little over a year after opening.
    I didn't think there were that many smokers left for their absence to negatively impact an industry. I say its the lack of buffets, how the hell can you not have a buffet in a casino? That is in every "How to run a successful casino 101" class.

  16. #14
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    Quote Originally Posted by juleswin View Post
    I didn't think there were that many smokers left for their absence to negatively impact an industry. I say its the lack of buffets, how the hell can you not have a buffet in a casino? That is in every "How to run a successful casino 101" class.
    Also poor comps and lackluster gaming perks.

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  18. #16
    Quote Originally Posted by presence View Post
    Casino's were cool when gas was $0.97/gallon
    But now casinos are everywhere. PA casinos killed AC, nobody bothers to drive all the way to AC anymore when there are like 4 in the Philly metro area.

    We have 2 in Maine now.


    Quote Originally Posted by juleswin View Post
    I didn't think there were that many smokers left for their absence to negatively impact an industry. I say its the lack of buffets, how the hell can you not have a buffet in a casino? That is in every "How to run a successful casino 101" class.
    From my experience about half of casino players smoke. I don't, but smoke doesn't bother me.



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  20. #17
    Quote Originally Posted by juleswin View Post
    I didn't think there were that many smokers left for their absence to negatively impact an industry. I say its the lack of buffets, how the hell can you not have a buffet in a casino? That is in every "How to run a successful casino 101" class.

    That's just like Vegas. They had buffets all over the place and free alcoholic beverages so that people would spend more money on gambling so the house can take their money. It was the best scam going until they got greedy.
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  21. #18
    Quote Originally Posted by AuH20 View Post
    When the middle class dies, so does the casino industry. Do you hear that Sheldon Acheson? LOL
    Even Vegas has seen declines in their gambling revenues. Too much competition- from online gambling to the numerous "Indian Gaming Casinos" in many states. Atlantic City relied heavily on "day tripper" gamblers- people taking busses or driving into town to spend a few bucks at the casinos and doesn't offer much else. Vegas expanded into more "family" and social activities- parties, concerts, shows, sporting events, conventions, and the like- to keep people coming (and they may have a glut of hotel rooms now too).

  22. #19
    Quote Originally Posted by Zippyjuan View Post
    Even Vegas has seen declines in their gambling revenues. Too much competition- from online gambling to the numerous "Indian Gaming Casinos" in many states. Atlantic City relied heavily on "day tripper" gamblers- people taking busses or driving into town to spend a few bucks at the casinos and doesn't offer much else. Vegas expanded into more "family" and social activities- parties, concerts, shows, sporting events, conventions, and the like- to keep people coming (and they may have a glut of hotel rooms now too).
    We are doing fine in Vegas Now they need sports betting in AC to save it.
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  23. #20
    Quote Originally Posted by donnay View Post
    That's just like Vegas. They had buffets all over the place and free alcoholic beverages so that people would spend more money on gambling so the house can take their money. It was the best scam going until they got greedy.
    Yep, they destroyed their own business model. Inexpensive rooms, cheap food, free drinks and make the money on gambling. Now everything is expensive. Their business model now is to be nothing more than a nightclub for LA and weekend partiers willing to spend big.
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  24. #21
    Quote Originally Posted by 69360 View Post
    But now casinos are everywhere. PA casinos killed AC, nobody bothers to drive all the way to AC anymore when there are like 4 in the Philly metro area.

    We have 2 in Maine now.




    From my experience about half of casino players smoke. I don't, but smoke doesn't bother me.
    I think you might be on to something. Why would I drive 90 minutes, mostly in new jersey, when there's a casino 5 minutes from here? (I'm not a gambler, maybe there is some difference I don't understand.) Delaware and PA both have gambling now. Another factor is I used to only hear people heading to the shore, but over the last few years increasingly people are heading to Delaware/Maryland beaches instead; if this really is a trend, then that is another draw away from AC.

  25. #22
    Quote Originally Posted by puppetmaster View Post
    We are doing fine in Vegas Now they need sports betting in AC to save it.
    Anybody in NJ that wants to bet sports would have no problem doing so without driving to AC.

  26. #23
    Sales for entertainment, food, and bars exceed gambling in Las Vegas for years now, today it's all foreigners gamblin, Americans are too poor with all the taxes, fees, and regulations.
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  27. #24

    3,000 Emp To Lose Jobs As AC's Newest Casino Shuts Down

    http://wealthydebates.com/3000-emplo...-casino-shuts/

    (Charles V. Bagli) Atlantic City’s ailing casino industry is losing its biggest player. Revel Casino Hotel, the newest and largest casino in town, will shut down in September, putting more than 3,000 employees out of work, the owner announced on Tuesday after failing to find a buyer for the hulking blue-glass tower on the boardwalk.

    A $2.4 billion hotel and casino, Revel opened two and a half years ago but never turned a profit, so its closing was not unexpected. It will join two other boardwalk casinos that are also scheduled to close soon, the Showboat on Aug. 31 and Trump Plaza on Sept. 16. A fourth, the Atlantic Club, closed in January.

    The loss of three casinos in the next few weeks would leave Atlantic City with eight casinos, and an industry that has been battered by competition from smaller casinos that have opened in Pennsylvania since 2006.

    Ronnie Downing, a kitchen steward at Revel who learned on Tuesday morning that he would soon be out of a job, said it was a “gloomy” time for Atlantic City.

    Still, he expressed optimism that the city would reinvent itself with a smaller gambling industry, as city and state officials are hoping, as a resort, a shopping mecca, a convention city and a setting for concerts.

    “The future looks dark, but I don’t think it’ll be that way for long,” Mr. Downing said. “Atlantic City always finds a way to change and come back.”

    Revel AC, the owner of the casino-resort, issued a statement on Tuesday saying the company planned to “cease operations no later than Sept. 10, 2014, subject to receipt of regulatory approvals.” The statement added that the company continued to hold out hope for a sale.

    An Air Force veteran, Mr. Downing was 18 in 1976 when he voted in his first election, which included a state referendum to legalize casinos as a way to revive the city in which he grew up. He worked at Resorts, the city’s first casino, for 18 years before it was taken over by lenders in 2009.

    ...
    (Continues on Link)

    Someone is going to have to come up with some creative "Seasonal Adjustments" to absorb those 3000 people and stop the Unemployment Rate from going up. But we already know their Official Unemployment Stats are one giant $#@!ing lie. Most people are not aware that the way Unemployemnt is calculated was changed years ago. When we use the old methods of calculating Unemployment, that precious Rate comes in between 20% and 30%. Thats a far cry from 6%. And apparently "Unemployed" does not have anything to do with "not having a job".
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  29. #25
    Hell man these folks doing the figuring count government "employment" as employed.....

  30. #26
    if your municipality depends on casino revenues, it is a cancer

  31. #27
    Atlantic City did this to it's self.

    The PA casino's are nicer and cleaner but I don't gamble.

  32. #28
    Quote Originally Posted by Root View Post
    Atlantic City did this to it's self.

    The PA casino's are nicer and cleaner but I don't gamble.
    Cleaner and nicer because they are newer. Give them 20 years.

  33. #29
    I stayed at a Las Vegas casino hotel once.

    Going to breakfast I saw one of the most heartbreakingly, pathetic scenes ever.

    People with dead eyes, no hope in their souls, depositing coin after coin in those one armed bandits. These people looked more like inhuman machines than the slot machines. You could tell they'd been there all night.

    Then constantly hearing the continuous "beeps, blips, bloops, and beeps," and lights of those cursed machines about drove me insane. Even gas stations have that constant noise.

    I imagine hell as a casino. Dead eyed people and a constant assault of gaudiness and unfulfilled dreams on the eyes, ears, and heart.

    Although the free beer if you pretended to gambled made it somewhat bearable.
    Last edited by RJB; 08-13-2014 at 01:12 PM.



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