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Oceans Resort to be sold?

Discussion in 'Casino Industry & Development' started by hammie, Jan 5, 2019.

  1. hammie

    hammie VIP Whale

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    I just saw something on TA regarding a rumor about Ocean Resort being sold, possibly to Penn National. A local radio talk show host Harry Hurley posted it on his social media page.
     
    • Informative Informative x 1
  2. zoobrew

    zoobrew High-Roller

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    Makes sense if the current owners can make a quick buck. Operating an independent casino in a market with big chains is tough.
     
  3. Wallew

    Wallew Low-Roller

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  4. spdandpwr

    spdandpwr VIP Whale

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    Depends how much they want to cell it for. I would love if CET picked this up, but I doubt they will pick up the troubled casino. A shame because I love the property!

    The article makes a good point at trying to start a player loyalty program from scratch. However, Mohegan AND Foxwoods have proved that you can have a casino win without needing a major loyalty program to back it up. If AC was an hour further north, it would work but people don't like driving far for their gaming unfortunately.
     
  5. hammie

    hammie VIP Whale

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    What I don’t understand is how this guy got JP Morgan Chase to increase the loan from $85 Mil to $163 Mil.
     
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  6. spdandpwr

    spdandpwr VIP Whale

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    Time to short the banks! They're loaning to everyone, lol
     
  7. The Rumor

    The Rumor VIP Whale

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    tough for CET to justify it when it would victimize Harrahs, Caesars, and Ballys. Same with MGM and Borg. Better to let it flounder.
     
  8. Wallew

    Wallew Low-Roller

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    I don’t think it will happen either. I just meant if a large casino operator with a large customer base got there hands on the property it could be a big money maker.
     
  9. Fet297

    Fet297 108 survivor North Vegas

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  10. spdandpwr

    spdandpwr VIP Whale

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    Wow! That didn't take long...hmmm, to continue playing at Ocean's or not...
     
  11. MMacys1

    MMacys1 Tourist

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    I think it’s a good thing it was sold.
     
  12. spdandpwr

    spdandpwr VIP Whale

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    Why you say that?
     
  13. MMacys1

    MMacys1 Tourist

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    The new company is investing 70 million dollars into it to help what is needed.
     
  14. MMacys1

    MMacys1 Tourist

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    I like the place. I think it’s really nice. I just think they need to do a few rearrangements inside.
     
    • Agree Agree x 1
  15. makuk

    makuk Low-Roller

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    I was in AC yesterday and Ocean Resort was DEAD! I was also there in August this year and it had half the number of players that every other casino had at the time. I said in August it would close quickly, yesterday there were more casino staff than players.

    I only went there yesterday to use the $200 matchplay they gave me and to spend the $900 comp dollars in their shops that I had left on my account from August.
     
  16. spdandpwr

    spdandpwr VIP Whale

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    Yeah, that's how it felt in late September when I was there. The food was fantastic, though. And, we ended up drunk gambling til 6am with some folks there. It was a great time.
     
  17. hammie

    hammie VIP Whale

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    I think it’s good news, even though Bruce Deflik has some experience in this business, I guess he’s smart enough to realize that performing at the bottom with a new and gorgeous property would be a slow bleed on his resources. He will still have a minority interest. Agreed, I would like to see MGM Pick it up or maybe even Boyd; any operator with a presence in Vegas.

    I went down on Wednesday for a happy hour free play hit and run: Harrah’s, Tropicana, Resorts, Hard Rock. This is just a dead time of the year, several restaurants closed for “remodeling”. I think the sports books will be busy for the weekend and next week is the MLK holiday weekend.

    BTW, The sports book at Resorts is small, but really nice, they partnered with Draft Kings to run the book. There is the obligatory video wall and a bar with a few VP machines. It’s located close to the boardwalk accross from Margaritaville.
     
    Last edited: Jan 11, 2019 at 8:51 AM
  18. spdandpwr

    spdandpwr VIP Whale

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    The sports book at Ocean's is (in my opinion) the nicest in AC. On the other hand, Borgata looks to invest heavily in their sportsbook:

    https://www.njonlinegambling.com/new-borgata-sports-wagering-venue-coming-summer/
     
    • Agree Agree x 2
  19. TheBlackjackKing

    TheBlackjackKing Low-Roller

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    I wouldn't say that, I drive far to play blackjack sometimes even though I have a casino 7 minutes away from me lol

    But I'm not worried about Oceans closing, they'll either fix their problems or find a buyer if the price is good
     
  20. oghuman

    oghuman VIP Whale

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    Oceans is pretty nice. I'm not sure why they need 70 million to do anything to that place. I always felt that having an escalator that high to get to the casino would be a problem, I've said on this site before. Why wouldn't you want to get your customers to the place where you make the most money? Also maybe people that were ticked off from when they first opened. They wouldn't tier match and comp might have decide they would never go back, I was one of those. I did go a couple times when they re-opened to get at tier match, but didn't play very long there. I pretty much played out my $100 FP and walked out with $400 of their money without opening my wallet except for when I showed my ID for my players card.