Newest casino in Atlantic City to close.

[Anti Federalist]

Atlantic City’s Revel Casino To Close In September

http://philadelphia.cbslocal.com/2014/08/12/atlantic-citys-revel-casino-to-close-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.

 

[AuH20]

Property taxes were just raised 29 percent in AC in order to qualify for an emergency loan from the state of New Jersey.

 

[CaptUSA]

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.

 

[AuH20]

So that makes 4 casinos to close. Showboat, Trump Plaza, Atlantic Club and now Revel.

 

[Philhelm]

Not to mention that people are spending their disposable income (*snicker*) on booze and antidepressants.

 

[AuH20]

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

 

[Anti Federalist]

Property taxes were just raised 29 percent in AC in order to qualify for an emergency loan from the state of New Jersey.

Joy...

 

[69360]

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.

 

[specsaregood]

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...

 

[presence]

Casino's were cool when gas was $0.97/gallon

 

[AuH20]

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.

 

[Brian4Liberty]

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.

 

[juleswin]

Atlantic City’s Revel Casino To Close In September

http://philadelphia.cbslocal.com/2014/08/12/atlantic-citys-revel-casino-to-close-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.

 

[AuH20]

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.

 

[AuH20]

http://dealbook.nytimes.com/2014/08...-stanley-to-close/?_php=true&_type=blogs&_r=0

 

[69360]

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.

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.

 

[donnay]

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.

 

[Zippyjuan]

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).

 

[puppetmaster]

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.

 

[Brian4Liberty]

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.