the slots and many of the tables, computer systems, etc were not owned by Revel, they were leased, which is one of the reasons they had to cease operations, judge did not approve the setting aside of funds to pay those vendors

"The Hard Rock Atlantic City" or "Atlantis Atlantic City" at $110 Million Base is going to be a moneymaker. First and foremost, the operators know the Casino/Resort Business, and definitely have two successful models to draw a multitude of experience.

They will change the philosophy and affordability. They will maintain the vibe of the successful clubs and spa. They will change the casino floor. They may even put in a poker room on the casino floor.

They are inheriting a predominantly non-union property. A big hurdle is getting the power company source in line.

The Brookfield Asset Group will be re-entering the market after the smoke clears. Their predecessors did not have that market advantage after the first Bankruptcy.

The property is definitely a trade-up from The Trump Plaza, The Showboat and Taj Mahal that were, by their own admonitions (See Donald Trump Lawsuit, Gary Loveman "Too Many Casino Comments"), not maintained to the standards necessary to compete.

At least the ex-Revel is a newer building versus The Taj. The $100 Million that Icahn is saying to invest in the Taj? Don't think that is as wise an investment.

Of course these are only buildings. The sad part of the story are all the lives the closings have impacted now and in the future. Empathy goes out to all the employees.

Well said.

http://www.theguardian.com/world/201...ers-brookfield

if it becomes the Hard Rock, i wonder if they turn a section in a concert hall to replace the House of Blues that went under with Showboat.

AC sucks, but Revel was just too nice a place to just disappear. the boardwalk needs that place imo, the only thing it has in that area now is that dump Taj, which is more than likely history

@MorganLBrennan: Atlantic city news: #Revel gets a buyer- Brookfield US Holdings $BAM for $110mm. Good deal on a $2.4 billion casino @CNBC

Bankruptcy Judge Approves the Revel sale to Brookfield for a nickel on the dollar.

http://news.yahoo.com/brookfield-get...****cABBnQtDMD

More information on the re-positioning of the property to come. At least the preliminary is it will reopen as a Casino/Hotel Property.

Runs Atlantis and Hard Rock Vegas? Nice!

Deal is DEAD.

Brookfield pulling out.

http://news.yahoo.com/firm-cancels-p...1UfhwAn0fQtDMD

Power plant debt is the blocker.

Here we go again...

REVEL UPDATE:

Maybe this should be in the "Who Cares" Thread.

http://www.philly.com/philly/busines...dfd69a986.html

The saga continues. Glenn Straub is approved as the next owner of The Revel, BUT he doesn't want it! Looks like Mr. Straub was only interested in starting the bidding and collecting the $3 million break up fee.

Next shoe to drop is the Power Company request to get paid for the electricity and power supplied to The Revel shell. Straub has been on record that he will NOT accept the terms of the agreement.

http://www.philly.com/philly/busines..._building.html

Letting the previous $2.4 Billion property go into complete disrepair seems criminal.

Where are you now, Mayor Don Guardian of Atlantic City?

http://philadelphia.cbslocal.com/201...-heal-in-2015/

I vote for "Who Cares".

When you say "looks like," you should point out that is your own personal speculation. Nowhere in the articles is that mentioned. They say that he is trying to get it for his original bid less the $3 million fee he still feels he is owed.

There is a big difference between not wanting it and wanting to pay only $87 million for it.

Update:

http://therealdeal.com/blog/2015/02/...asino-on-hold/

damn, I miss that place.

Sale to Straub is off.

Yep!

http://philadelphia.cbslocal.com/201...-glenn-straub/

This is a good thing though. I don't know about you, but I'm not sure how a college of geniuses would have done in AC...

Completely understanding the AC market has taken a nosedive, but I can't believe another casino company hasn't scooped this up yet given the price it's been rumored to sale for (~100M). I'd think a competent operator could turn a profit fairly easily at that price.

Then why has nobody in the world bid? This was an open auction! Pretty rare.

The reason is the fixed costs plus market uncertainty makes it a bigger gamble than playing blackjack. Every state legalizing gambling. Surrounding Atlantic City is atrocious. Everyone knows that. Now it is a Catch-22 where there isn't enough money to invest in city structure. That is where money needs to go at same time.

Who would invest in the casino AND city? Rife with corruption and the golden opportunity passed. They had a 20-year monopoly. Over.

Agreed...the operating expenses are almost double NV.

Really? Is that because of taxes or incredible inefficiencies? Do they pay employees that much more?

When I went a long time ago, many of them seemed very dilapidated.

NJ has a very corrupt system where it is 2-1 for services over other cities. As an example they require so much overlap it is cost prohibitive...NYC is the same. You can only get certain things from certain folks at an inflated price..

Wasn't aware the operating costs were that much higher in the AC area but I guess it makes sense.

Can't wait to jump on a buss to Jersey City or The Meadowlands to play some cards!