Revel in Atlantic City folding poker room, says report

http://www.nj.com/south/index.ssf/2013/07/revel_in_atlantic_city_folding.html

<!-- headline - wide --><!-- Premium Blog --><!-- /Premium Blog -->[h=1]Revel in Atlantic City folding poker room, says report[/h]
<!-- /headline --> Mark Daniels | South Jersey Times By Mark Daniels | South Jersey TimesSouth Jersey Newspapers
on July 30, 2013 at 11:30 PM, updated July 31, 2013 at 12:01 AM


<!-- /Byline -->
<!-- /social_top --><!-- /social_mobile --><!-- series --><!-- /series --><!-- Aka Story Package --><!-- gallery-preview --><!-- /gallery-preview --><!-- Aka Secondary Package -->

<!-- /storypackage --><!-- Article --> View full sizeThe exterior of the Revel Casino-Hotel is shown in Atlantic City.Frances Micklow/The Star-Ledger

ATLANTIC CITY — Revel will be closing its poker room in August in a move to help bolster the fledgling resort's bottom line, according to a report by the Press of Atlantic City.
“After careful consideration and in an effort to further improve the overall operating performance of Revel Casino-Hotel, management has made the decision to close our poker room operations effective August 2013,” announced a statement on Tuesday .
The move is the latest in a series of ups and downs for the resort since its opening in April 2012.
On the heels of battling bankruptcy, the casino even recently worked to lure a greater share of gamblers in the city, including offering returns on slot losses.
The statement said the casino may offer poker again in the future, particularly as the online gaming landscape begins to take shape in New Jersey.



<!-- /Article --><!-- -->
<!-- -->
<!-- -->

<!-- -->
<!-- 'BannerShared' begin -->
<!-- 'BannerShared' end -->
<!-- -->
<!-- -->
<!-- -->




<!-- /social_bottom --><!-- Related Stories --><!-- /Related Stories -->

<!--/#article_container -->
<!-- /#article .wrapper -->
© 2013 NJ.com. All rights reserved.

Might be folding more than that.

http://www.northjersey.com/news/business/revel-casino-warns-it-will-close-without-buyer-1.1038414

They arent going anywhere
I have a black card there (the top tier card) and I spoke with people in the know
They arent closing, its just BS reporting- actually the rumor was started by one of the cocktail waitresses

The HQ nightclub and beach club ALONE pay for keeping that place up and running, that is how much business they get

Mlink said:

They arent going anywhere
I have a black card there (the top tier card) and I spoke with people in the know
They arent closing, its just BS reporting- actually the rumor was started by one of the cocktail waitresses

The HQ nightclub and beach club ALONE pay for keeping that place up and running, that is how much business they get

Click to expand...

There is Another Top tier Card above Black... it's is a secret Level that they don't Advertise, if you have a good relationship with your Host. He will tell you about it.
I'm don't have it, but I have a friend that does. Almost looks like a Pink champagne color.

As for the report on the Revel, which I am going to 4th of July weekend.

There's has been plenty of Talk, and True or not. I would be worried. The place is Great, but Too Big, with too many "Dead spots "
No Smoking rooms ( even though my Host will allow me to ) Not enough Good restaurants, not enough Great Shows ( other than when they first opened )
I have a Great Host there and he will do anything for me and a few of my friends, but sometimes that's not enough.

I'm a Craps player as most know, and I Smoke.. but No Crap tables in the Smoking section . or there might have been one, don't remember.
Which I'm ok with when playing Craps. I've stood there for a couple of hours without smoking.

I like the Borgata a little better even though they do No where near what My Host at the Revel does.

Owner of Revel Casino in Atlantic City Files for Bankruptcy Protection


The $2.4 billion Revel Casino Hotel, whose opening two years ago on the Atlantic City boardwalk was hailed as a revival of the city’s gambling industry, filed for protection from creditors in federal bankruptcy court on Thursday as the owner formally put the property on the auction block.

The casino’s owner, Revel Entertainment Group, also said it had obtained a $125 million loan to keep the resort open while it seeks a new owner. But it notified the casino’s 3,140 employees that Revel could close as soon as Aug. 18 if efforts to sell the property failed. Analysts say the property is now worth substantially less than $300 million.

Revel’s announcement is a blow to Gov. Chris Christie’s five-year plan to resuscitate New Jersey’s gambling industry. In 2011, the state invested $260 million in the long-stalled casino project so that construction could resume.

Revel’s chief executive, Scott Kreeger, issued a statement on Thursday saying, “We will work to reach an agreement with a new owner who will help ensure Revel’s long-term financial stability and who shares our commitment to providing Revel’s guests and players an exceptional experience in lodging, gaming, entertainment and recreation.”

The company said it filed for bankruptcy protection, which it did on Thursday for the second time in two years, “to address liquidity issues and facilitate a sale of substantially all of Revel’s assets.”

Revel Entertainment, which has lost more than $260 million since the casino opened, began exploring a sale or partnership a year ago. Negotiations with one suitor, Hard Rock International, collapsed in the spring.

“It’s not surprising,” said Alan Woinski, who publishes Gaming Industry Weekly Report. “You can’t keep losing money like they are.”

Revel, whose 57-story hotel is the tallest building in Atlantic City, was supposed to symbolize a new approach to gambling, with an emphasis on luxury, with windows that, unlike other casinos, faced the ocean. The casino itself was on the third floor.

But the resort never took off.

“It was supposed to be like City Center in Las Vegas, not dependent on gambling,” Mr. Woinski said. “But this is a day-tripper market. It’s empty during the week.”

Combined revenues for Atlantic City’s 12 casinos continued to slide. The Atlantic Club, also on the boardwalk, closed in January.

Competition also has sharpened as casinos and slot parlors have opened in Delaware, Maryland, New York and Pennsylvania. Last year, gambling revenues in New Jersey fell to $3 billion, down 41 percent since peaking in 2006 at $5.2 billion.

Revel itself has a star-crossed history. Morgan Stanley, the resort’s principal owner, halted construction in April 2010, walking away from a $1 billion investment. Work resumed under a new ownership group, which included Chatham Asset Management, a hedge fund, two years later with assistance from the state.

Big fan of the place and it is within driving range for a weekend visit, I hope it sticks around

The atmosphere alone puts many vegas casinos to shame.

Wasn't it pretty risky (and/or stupid) to invest 2.4 BILLION based on last several years action in AC?