Atlantic city 3 casinos closing his year

JumpmanPro97 said:
atlantic city better go the route that Vegas went in the 90's (family destination). Now all those kids that went to vegas with their families in the 90's are the raging drunks that are there every weekend at the pool parties and mega clubs.
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JJs07 said:
You go to any casino you have degenerates, etc.

The demise of AC is due to Sandy, other states getting gaming licenses, and over doing it as far as casino plans (Revel). The casinos that have good management in AC will stick around. Simple as that.
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Lol exactly my point. No casinos, no bums

If you check history AC was a prestigious beach resort town with a nice surrounding community, but it didn't last once the casinos came in

What does AC have that no other nearby casinos have? The beach, something thousands of people drive many hours to visit.

Without competition casinos in AC went to hell, now that there are plenty of options, it needs to refocus on what it comparatively has to offer, which is what it was originally known for, an upscale destination on the shore

That said converting it back is likely impossible.

I'm sure a few of the casinos will last but their heyday is long gone
 
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useref15 said:
 
green rhino123 said:
it is silly keeping up the charade as if people still want to go to new jersey

really just the way it is
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What's wrong with NJ? Well, besides our ridiculous taxes, congestion, and governor. There really aren't too many other places I'd rather be. Beach is 35 mins away. NYC is 35 mins away. Philly is a little over an hour away. Best pizza in the country. Decent public transportation system. Malls and stores everywhere.
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Was this supposed to be convincing? 
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damn i had no idea this was going down. I use to go to AC to gamble every now and then when I lived in NJ. I feel bad mostly for the people losing their jobs :smh:
 
Some developer and real estate mogul from Florida named Glenn Straub is in line to buy Revel for $90M cash. Not sure if he's trying to buy it to open the casino and hotel back up or if he wants to turn it into something else. But getting $90M for a place that cost $2.4B to build is a huge loss.
GetYaShinebox said:
Lol exactly my point. No casinos, no bums

If you check history AC was a prestigious beach resort town with a nice surrounding community, but it didn't last once the casinos came in

What does AC have that no other nearby casinos have? The beach, something thousands of people drive many hours to visit.

Without competition casinos in AC went to hell, now that there are plenty of options, it needs to refocus on what it comparatively has to offer, which is what it was originally known for, an upscale destination on the shore

That said converting it back is likely impossible.

I'm sure a few of the casinos will last but their heyday is long gone
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Like you said, AC casinos got complacent cause they didn't have any competition. But they also screwed themselves over by building too many casinos. Lets say the AC casino market makes $1B. With 2-4 casinos thats a good amount of money for each casino. But then they kept building more and more casinos and did nothing to bring in more customers. Now a $1B market with 9 casinos isn't good.

Right now the governor in NJ is trying to get sports betting legalized. That would be something that others in the area won't have. But you can bet that once again the NFL, MLB, and other sports will take it to court and fight it just like they did a few years ago when he tried to get it legalized. Idk how he's gonna get it to work cause in June the Supreme Court upheld the ban.
 
Atlantic City's Revel casino reaches $90 million sale deal


(Reuters) - Atlantic City's Revel casino-hotel, which closed earlier this month after filing for bankruptcy, reached a deal to sell itself to a Florida developer for $90 million in cash, a fraction of the billions of dollars it cost to build.

In court documents, Polo North Country Club Inc and its president, Glenn Straub, agreed to buy the hotel and deposited $10 million into escrow.

With 1,800 hotel rooms, theaters, nightclubs and 14 restaurants, Revel cost $2.4 billion to build when it opened in 2012.

But the city's first new casino since 2003 was besieged by setbacks even before it opened and filed its first of two bankruptcies in March 2013.

Its current bankruptcy began in June with a plan to hold a quick sale of the company to raise money to repay creditors.

But Revel was unable to find a qualified bidder until Wednesday.

Straub's bid will now be put to an auction, which may produce a better deal. The company proposed holding the auction on Sept. 24 at the New York offices of its law firm, White & Case.

Revel asked court permission to pay Straub a $3 million break-up fee for acting as a "stalking horse" or initial bidder. Revel said Straub's bid was not contingent on financing, due diligence or licensing approval provisions.

The company also asked that the sale be exempt from New Jersey transfer taxes, according to court documents.

Revel was part of a push by New Jersey's Governor Chris Christie to bring Las Vegas-style gambling resorts to Atlantic City. He provided a $261 million tax package to help finish the construction of the complex, which is the second-tallest building in the state.

However, by the time it eventually opened, neighboring states had approved slot machines and table games, cutting into Atlantic City's core market.

The Revel was the third Atlantic City casino to close this year, and Trump Plaza is slated to close next week. The Plaza's owner, Trump Entertainment Resorts, filed for bankruptcy on Tuesday and said it could close its other Atlantic City casino, the Trump Taj Mahal, in November.

Atlantic City started the year with 12 casinos.

(Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Hilary Russ in New York; Editing by Bernard Orr)
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Parx, Sands, Foxwoods, Mohegan Sun soaking up some of the Northeast casino business. Plus legalized online gambling.

I enjoy the women at Harrah's pool party. Poker tables do not treat me well there, better at Caesars.

Wild West in-between Caesars and Bally's is the best, cheapest pregame spot.

Last trip I was rolling out $100 roulette bets, had to stop.
 
Pretty sure most other casinos in the NE are located in places that don't completely depend on them economically

Atlantic City is VERY reliant on casinos, there's basically no other readily accessible source of income. So when the casino hit a rough patch, the people of AC get it even harder

And then there's the people and habits associated with casinos (gambling, drinking, drugs), all addictive and all detrimental to the areas growth

If the money that the casinos drew in was thoughtfully reinvested to improve the market as a whole, maybe the town could've flourished (or at least kept its head above water)

Instead AC is simply a destination for visitors to come in for the weekend and go bananas, and the locals sink into further depression. This creates a stigma about AC, about out dingy its gotten, how many casinos close up, enough that it's no longer a popular destination.

As much as I like a lot of the NJ shore towns, it would be great to have a bigger city with nice resorts and developed enough to have diverse shopping, restaurants, etc. but that's not at all what I'd consider AC
 
One of my friends just told me about the Revel closing down. Definitely thought they'd be bringing in more income than that for them to close.
 
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