1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

RIP Showboat & Revel

Discussion in 'Non-Vegas Hotels & Casinos' started by ultima-forsan, Sep 1, 2014.

Thread Status:
Not open for further replies.
  1. ultima-forsan

    ultima-forsan Tourist

    Joined:
    Jul 7, 2014
    Messages:
    71
    Location:
    Montreal, QC
    Trips to Las Vegas:
    3
    Today was the last day of Showboat and Revel in AC. Trump will close by the end of the month I think. I wonder what will happen next for the revel. I would be surprised that it closes permanently.
     
  2. klawrey

    klawrey High-Roller

    Joined:
    Oct 24, 2012
    Messages:
    705
    Trips to Las Vegas:
    9
    Revel has always blown my mind in many ways. Beautiful property but waaaayyy over priced. Have always wanted to check it out but had never seen a weekend rate under $450 a night when I looked. For that price I can get a round trip flight to Vegas and stay in a comped room at a property almost as nice and still have $150 left over. I understand it's a $2 billion property but they weren't going to recoup it all in one night so lowering the rates to get more people in the door could have been a start. Maybe new owners (if there end up being some) will have better business sense and a better plan! It's to beautiful to go to waste!
     
  3. tringlomane

    tringlomane STP Addicted Beer Snob

    Joined:
    Jan 21, 2013
    Messages:
    9,886
    Location:
    Missouri
    Trips to Las Vegas:
    15
    Yeah, I'm not sure what is going to happen to Revel. AC definitely needs to contract...but that property should be able to survive when bought out of bankruptcy court and managed right.

    CBS Nightly News ran a piece on the AC casinos closing. I was shocked they actually took a screenshot of someone playing 9/6 JoB for quarters.
     
  4. Brooklyn B

    Brooklyn B Tourist

    Joined:
    Dec 12, 2013
    Messages:
    45
    Location:
    Queens,NY
    Trips to Las Vegas:
    35
    I read that Trump Plaza will close September 16th. I agree with the weekend rates being high but that's with all the AC casino/hotels.
     
  5. ultima-forsan

    ultima-forsan Tourist

    Joined:
    Jul 7, 2014
    Messages:
    71
    Location:
    Montreal, QC
    Trips to Las Vegas:
    3
    I think the same as Klawrey. Why pay $450 per night when it pays my round trip flight to vegas + hotels that are really nice? I heard that Revel was a non-smoking casino and it didn't help them to have people get in.
     
  6. hammie

    hammie VIP Whale

    Joined:
    Sep 18, 2006
    Messages:
    2,371
    Trips to Las Vegas:
    5
    The summer season at the Jersey Shore is about 10 weeks so Saturday nights are prime time, these high weekend rates are not limited to just Revel, all hotels need to make hay while the sun shines. Midweek rates are below $100 in September, the weather is great, water is 70, and the kids are in school.

    Revel is burdened by a $3 million monthly contract to supply chilled water for cooling and steam for heating. This plant was designed to support two towers and the second one was never built. Maybe there will be interest after the place shuts down, the mayor threw out a figure of $20-50 million, which is one to two cents on the dollar for a two year old property.
     
  7. Kickin

    Kickin Flea

    Joined:
    Aug 10, 2012
    Messages:
    3,414
    Its unfortunate that most of the news lumps the Showboat and Revel closings together without differentiating between the two. Showboat was operationally profitable and cash flow positive, it closed because of a CET decision to decrease supply and concentrate its market to fewer casinos. Revel was just bad news on both the operational and financial side.

    Revel will be sold. Right now its mostly owned by creditors and there are probably a lot of inter-creditor issues that need to be resolved before that can happen. We've been in similar situations as creditors where we swapped for equity and when it comes time to sell, whether strategic or simple liquidation, it takes a long time to get the majority of creditors/owners on board because everyone is in at all different levels, some holders still have debt claims, plus you have a lot of new lenders who provided things like DIP financing post-bankruptcy and they need to be taken care of first. In effect there probably is little to no actual equity value in the place, whatever they get on the equity side will be mostly a goodwill gesture and a way to convince reluctant creditors who don't want to lose everything. The bigger issue will be dealing with the remaining debt overhang, especially the pieces issued post-bankruptcy.
     
  8. chess

    chess VIP Whale

    Joined:
    Feb 22, 2011
    Messages:
    1,946
    Location:
    Maryland
    Trips to Las Vegas:
    11
    I am probably the only one, but I enjoyed Showboat.... it was fun times....
     
  9. leo21

    leo21 VIP Whale

    Joined:
    Jan 9, 2010
    Messages:
    4,706
    Location:
    Chicago South Suburbs
    Trips to Las Vegas:
    14
    You will proabably get that depth of coverage on financial channels if they are inclined to go deeper. I would hope they would but you can't count on it.
     
  10. Snidely

    Snidely VIP Whale

    Joined:
    Nov 2, 2012
    Messages:
    1,960
    Trips to Las Vegas:
    20
    The hotels in AC sell out every saturday night even with those high rates. Lowering the rates on the weekend will only diminish revenue. If someone is will to pay you $450 for something why would you sell it for $200? Harrahs in AC sells out every weekend. It's packed there. They're doing something right.
     
  11. oghuman

    oghuman High-Roller

    Joined:
    May 24, 2010
    Messages:
    732
    Location:
    NYC
    Trips to Las Vegas:
    31
    Kickinchicken - you hit the nail on the head.

    Showboat was my home AC resort. Nothing fancy but it worked for me. It just worked out that it was the most expendable at the time.

    Snidely - It's great to phrase it if someone is willing to pay $450. I guess there weren't enough someones. Why would someone go to Revel and pay $450 when they can get a free room at the other Casino hotels and get pretty much the same thing?
     
  12. Gomar

    Gomar Low-Roller

    Joined:
    Apr 18, 2012
    Messages:
    229
    Location:
    NYC
    Trips to Las Vegas:
    3
    I did not get why it was called 'Revel'. As in revel in the pool and high priced drinks?
    Also, I hope they get rid of that stupid ball on the roof, and all the glass walls.
    Oh, and Wild Wild West is gone as well, Claridge's casino, and Hilton. I heard next to go is Bally's.
     
  13. lithium78

    lithium78 High-Roller

    Joined:
    Sep 8, 2013
    Messages:
    899
    Location:
    New Jersey
    Trips to Las Vegas:
    4

    According to the NY Post, the next casino to close will be the Trump Taj Mahal. AC is having a complete meltdown now.
     
  14. PPtraderal

    PPtraderal Low-Roller

    Joined:
    Apr 24, 2002
    Messages:
    337
    Location:
    Philadelphia Area
    Trips to Las Vegas:
    25
    Trump Plaza closing is official on the 16th. We live close to AC and Trump Taj Mahal is actively merging player accounts and honoring or increasing comps. Down there Tuesday, and the Taj had good customer base. Miss Showboat as we liked the buffet there. I'm curious to see what CET does with player offers due to the constriction of casinos. We were getting 10X comps on Thursdays all summer. Before it was just in the winter and spring. Many free slot play offers as well. I feel bad for the loyal employees at Showboat as there were many nice people there. CET has managed to absorb 740 of the laid off employees. It seems they realize it would be bad for business to lose the experience. As a side note Golden Nugget is actively trying to get Showboat and Trump Plaza players with higher level cards offered etc. I think AC will hold with the number of casinos now operating.
     
  15. Snidely

    Snidely VIP Whale

    Joined:
    Nov 2, 2012
    Messages:
    1,960
    Trips to Las Vegas:
    20
    ATLANTIC CITY, N.J. (CBS) — As Atlantic City reels from two casino closings last weekend, and braces for a third in less than two weeks, there are reports that yet another shore resort gambling hall may soon head into federal bankruptcy court.

    The New York Daily News, citing unnamed sources, suggests that the Trump Taj Mahal may be days from filing for Chapter 11 bankruptcy protection.

    Joe Weinert, an analyst with the Spectrum Gaming Group, points out that if that were to happen, it wouldn’t necessarily be a bad thing.

    “A bankruptcy filing is a way of reorganizing a company’s finances,” he notes. “It should have no impact on the customer experience. And, most importantly, it keeps the property open.”

    Trump Entertainment officials, who are closing the Trump Plaza in less than two weeks, did not immediately respond to our request for comment. But Donald Trump wants to take his name off the Taj Mahal — a sign of trouble within the company.
     
  16. oghuman

    oghuman High-Roller

    Joined:
    May 24, 2010
    Messages:
    732
    Location:
    NYC
    Trips to Las Vegas:
    31
    WOW - I was in AC the weekend before last and dropped in at TAJ, it wasn't very busy at all. I'm not surprised. That should work out for the remainder. Maybe it'll be just the right amount of casinos to give them all a chance.
    Still wondering who will get Revel.
     
  17. oghuman

    oghuman High-Roller

    Joined:
    May 24, 2010
    Messages:
    732
    Location:
    NYC
    Trips to Las Vegas:
    31
    I got some higher the normal Free Play offers from Caesars = $300, Harrah's $200. Normally I get about $125 for Caesars and about $75 from Harrah's. I used to get about $125 a day fro Showboat sometimes more. Plus the meal vouchers for $125.
     
  18. user3657

    user3657 High-Roller

    Joined:
    Mar 20, 2011
    Messages:
    915
    Trips to Las Vegas:
    8
  19. DMSCR

    DMSCR High-Roller

    Joined:
    Oct 31, 2011
    Messages:
    551
    Trips to Las Vegas:
    22
    Upset about Showboat even though that place is run down and needs major renovations but the staff there are a superb group of people I have met in AC. On par with the quality of service you will find in Vegas. For Revel and Trump closing? I say they had it coming. For the arrogance that is Revel and the horrible customer service that is Trump.
     
  20. caroleehs

    caroleehs Low-Roller

    Joined:
    Jun 15, 2013
    Messages:
    106
    Trips to Las Vegas:
    10
    atlantic city

    Just heard that now the Taj in Atlantic City will be closing in November. Very sad to see all these employees lose their jobs.
     
Thread Status:
Not open for further replies.