All is not lost in AC???

On the evening news the last few days it was said that there were potentially six bidders for the Revel. The bids must be in today. No one is naming the bidders.

Again on the news, there were 48 vacant and cleared building parcels of various sizes just north of the Revel up for auction last week. One entity it was said bought them all.

And finally CET claims to have a serious buyer in-hand for the Showboat.

No news on Trump Plaza.

It will be interesting to try to identify these mysterious buyers.

Let the speculation begin!

 

Would love to get MGM in AC, but the NJ Casino Control Comissio has a problem with Stanley and Mimsy Ho.
Rumors the Hard Rock is after Revel.

 

Hey Now!
It would be great to have a 100% Boyd's store in AC...

 

MGM re-applied for a NJ gaming license because they want in on the internet gambling. MGM returning to NJ would be the best thing to happen to AC in a very long time. They know how to entertain people with a high-quality resort experience. AC does not have to be "lost". AC can have another resurgence if they get on board with becoming a true luxury resort destination like Vegas. If they can turn themselves into a true "Sin City" on the East Coast, there's no reason they can't come back again.

 

There were rumors that HR was after Ballys about 2 years ago also.

I hope if HR/mgm takes over Revel, it would do well but highly unlikely.

 

Why wouldnt HR just buy the hilton or trump plaza (even better location) and just remodel? It wouldve been on prime beachfront property with a bigger hotel with casino and more than 251 rooms?

Also the plaza has the AC convention hall next to it.

 

MGM still owns the land between Borgata and Harrah's. they had plans to build back in 2007. Would be nice to see this resurrected.

 

MGM has re-applied with the NJ state gaming board and it seems likely that they will get the license this time around.

 

I guess he should have thought of that before he put these properties into bankruptcy twice. I think he still owns 10% of Trump Entertainment Resorts.

I think if anyone could turn around Revel it would be MGM. But, I don't really understand the terms of this Revel Bankruptcy. I read an article in the Wall St. Journal and it was called a debtors bankruptcy. Does this mean the secured parties own the property and have called for this auction. There were two debtors (Wilmington Trust and another party), plus Wells Fargo is providing $125 million in financing to pay off $86 million of other debts, maybe this was unsecured trade debt? It will be interesting to see how this unfolds, someone could buy a brand new property that cost $2.4 billion to build for ten cents on the dollar.

 

I would think MGM would be very interested in that idea, plus, it would allow them to open online gambling in New Jerseyby having a physical location in NJ to house the servers. Then again, there are probably other casino operators who are thinking the same thing.

Personally, I wouldn't mind seeing Wynn get ahold of Revel, but I know that isn't going to happen.

 

It was my understanding that when the Revel project stalled half way thru because a lender backed out ,that the State Of NJ guaranteed the loan so the Revel could go ahead and be finished.
Does that mean that my fellow taxpayers and me are on the hook for a billion or so? Havent read anything about this at all.

 

The state of NJ provided about $250 million in tax breaks so construction could be completed with the understanding that the profits from the casino would make those tax breaks worthwhile. Instead, the casino has been an abject failure, so NJ taxpayers basically got screwed.

 

Thanks, thought we guaranteed a loan from someone like Morgan Stanley. The place never looked inviting to me from the boardwalk with that big stone wall out there. And after walking around the wall to get to the door you had to ride up a 100 or so ft.escalator. I think they had in mind being able to control access to keep the riff-raff out by having security at the top eyeballing people coming up the escalator. I have no idea how long the bankruptcy sale process will take along with renovations and approvals from the commision to open up,months,years ??

 

I pulled the following from an AP article in February 2011:

NJ Economic Development Authority approved a program to give back $261.4 million in taxes generated by the Revel to it's developers.

The tax reimbursement will allow the developers to complete $1.3 billion in financing to finish the project.

Under the deal approved by the EDA, the state will reimburse $261.4 million in business, sales and hotel taxes to the Revel over the next 20 years.

That, in turn, will help the new Revel owners finish securing a whole new round of financing to finish a casino that is expected to ultimately hold 1,900 rooms, two theaters, a convention center and a casino floor larger than three football fields.

Since the original developers went bankrupt, and this auction is the result of the second bankruptcy, is the State still liable for these reimbursements?

 

I've been to AC a few times and it was ok. I think one of the problems with AC is that it really is not a destination resort city for more than a day or so. If I'm going to go on a gaming vacation for more than a couple of days I'll always go to Vegas vs. AC. There is simply more to do in Vegas, it is a true destination where AC is just a place to gamble and enjoy the shore during the summer.

 

Here is another quote from the Philadelphia Inquirer:

Another wrinkle involves certain creditors with notes that are secured by potential payments from the $261.4 million in tax reimbursements that Revel could receive, if the company ever makes enough money to pay taxes.

In a bid to preserve its rights to that money, one of those creditors, Mudrick Capital Management L.P., of New York, filed an objection last month to the sale of Revel free and clear of liens and other claims.

In its 2013 bankruptcy, Revel slashed its debt to $270 million from $1.5 billion, and investors traded $923 million in debt for 100 percent of Revel's now likely worthless equity.

 

If the nightlife improved in AC, I bet that would help it. Otherwise I dont see the point in going to AC. for a few bucks more you can catch a flight to vegas and be 24/7.

 

As of this morning there are no "qualified" bids for the Revel. Later this morning an announcement. Revel will close September 10. http://www.philly.com/philly/business/20140813_Revel_Casino_announces_it_will_shut_down.html