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Caesars considering bid for Revel

Discussion in 'Non-Vegas Hotels & Casinos' started by jerseyguy, Jan 30, 2014.

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  1. jerseyguy

    jerseyguy VIP Whale

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    According to article in AC Press today .Bids due in two weeks,Hard Rock also considering. Cost 2.4 billion,wonder how much debt is still out there to affect the price? Gambling finance guy says it's a great move for Caesars because most of their properties. are aging.
     
  2. lithium78

    lithium78 High-Roller

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    I was just about to post about that. Honestly, I think it would be great. If Caesars could buy the Revel and move the House of Blues there, I would be a very happy gambler. I love going to shows at the House of Blues, but staying at the Showboat isn't nearly as nice of an experience. The rooms are really, really dated and the casino has seen better days.
     
  3. Garmy

    Garmy Low-Roller

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    I thought the Jersey Casino Control Commission limited the number of Casinos to 4 by any single group. That said, they could easily close or combine Ballys (which is a dump) into Caesars.
    I really don't know why everyone did not see the demise of Revel. It is a beautiful place but they had no idea how to run a casino or what their market was. I am a Caesars Diamond player and have only been in Revel about 3 times. I would think I am their target player but have gotten very little in the line of offers. Even their promotions were so bad that they always had fine print which made it almost impossible to use. All they were interested in doing was selling $300 a night rooms while free rooms are plentiful in AC.
     
  4. lithium78

    lithium78 High-Roller

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    If CET was going to shutdown (or sell) a casino out of the four they currently have, they would probably lose the Showboat. It is the weakest performing one and it's been rumored that they are shopping it around.
     
  5. dvandentop

    dvandentop VIP Whale

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    wow would be great and would get me to AC if they took over. i need to go check out AC sometime looks like a good spot but too bad rates so crazy on weekends during summer
     
  6. sco5123

    sco5123 VIP Whale

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    See Caesars run it into the ground.
     
  7. dvandentop

    dvandentop VIP Whale

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    would be cool to have east coast cosmo
     
  8. DMSCR

    DMSCR High-Roller

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    The Revel is one big waste of space. Poorly designed. It is like the condensed shrunken version of the City Center. But the rooms are nice.
     
  9. jerseyguy

    jerseyguy VIP Whale

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    There's no specific number a group can own

    The law states"undue economic concentration" ,talk about vague.
     
  10. undathesea

    undathesea Grandissimo

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    Caesar's won't buy that property. It doesn't fit their business model. They won't be able to hand those rooms over to low rollers like they can with their other properties.

    Besides, they're deep in debt with the Linq.
     
  11. lithium78

    lithium78 High-Roller

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    I think the problem Caesars is facing in AC (other than the shrinking gambling market) is that they are being outcompeted by the Borgata for the high rollers. Caesars Atlantic City simply isn't high enough luxury to appeal to people who go to places like the Wynn and Bellagio in LV. The Borgata is the most profitable casino in town. If Caesars took control of the Revel, they could make a serious play for those gamblers.

    Also, with the sad state of AC gaming revenue, the NJ government might let Caesars get away with owning five casinos, just to keep the money flowing somehow.
     
  12. undathesea

    undathesea Grandissimo

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    You missed the point. Caesars is not about luxury. It's not in their business model. Otherwise, Caesars would renovate their properties to luxury properties. They don't spend the money on it because that's not their thing.

    Caesars is into the low roller community. More people through the door the better.

    While I have not been to Revel, I've been to AC many dozens of times. I've stayed at Borgata many times. I've stayed at Caesars and Ballys a few times (most of my trips are day trips). Taj Mahal. Borgata is definitely the best. I like Harrahs a lot as well.

    But, for what Caesars and Harrahs are in AC, that's all the luxury Caesars needs to compete in that market. The Revel is just too expensive for what Caesars does. I suppose if they got it on the extremely cheap they'd go for it. But it would have to be REALLY cheap.

    I would say Wynn could be in the market, but he likes designing everything about his casinos and therefore no way he makes a bid. Boyd, no way. I could see MGM making bid since they don't really have an AC presence. But truthfully, the AC market is shrinking and until they get sports betting, it's going to continue to shrink. I think the Revel is a bad bet for anyone right now.
     
  13. lithium78

    lithium78 High-Roller

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    MGM was chased out of town by the state because they have ties to organized crime in Macau and the NJ state government is very sensitive to that kind of stuff. Honestly, I think it was a mistake because MGM is a top-class casino operator and I hope NJ will give them another try.

    The main reason that gaming companies are interested in AC right now is because NJ legalized online gambling, but the servers must be located in an AC casino. Caesars is trying to prevent competitors from taking market share from them by blocking them from buying other casinos in town. That's why they bought up and shutdown The Atlantic Club.
     
  14. NickyDim

    NickyDim VIP Whale

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    All this talk about Caesars. A Caesars buyout would work for me(diamond CET), although I like Showboat and Harrahs, so if they have to give up a prop I would love for it to be that rundown crap of a hotel and casino, Ballys.

    But, what I would really love is for Boyd Gaming to buy it. I really want to totally switch to Boyd for Vegas, and to have a true sister prop (points, rewards, bconnected) in Atlantic City would really work for me.
     
  15. flysrb

    flysrb Hey Now!

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    Hey Now!

    That's what I'm talking about. Since the Borg won't ever be a part of BConn,
    I would be all over Boyd's taking over Revel.
    I could finally make Emerald!
     
    HEY NOW! NYE in AC!!!!!!!
    Hey Now! 6 days in Biloxi....plus early Mardi Gras Parades!!!
  16. Kickin

    Kickin Flea

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    Boyd has right of first refusal on the sale of MGM's share of The Borgata. I think they'd rather buy that out before buying anything else in AC.
     
  17. lithium78

    lithium78 High-Roller

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    I wonder if MGM is going to buy out Boyd if the state approves their reapplication for a gaming license in NJ. MGM is keen on getting a piece of the online gambling market and they need a gaming license and they need to run the servers from a casino in AC to do it.
     
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