Why would you spend pension fund money on food stamps? How would you pay the pensions when they become due? The idea is to earn money so you can pay the pensions. I can't judge whether or not it's a sound investment, but the casino shouldn't factor into it since the investment is in the interest holder after it sheds the casino. It's like investing in Google after it sheds Motorola. It may be a good or bad idea, but the failure of Motorola shouldn't factor into it.
2.4 billion dollar Revel Casino Hotel shuts down in Atlantic City after only 2 years
- Thread starter XiaNaphryz
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Unknown Soldier
Member
Somewhere, the mayor of Las Vegas can't stop grinning.
outunderthestars
Banned
Why? He's not seeing that money in his town. People are just spending at other regional casinos.
terribletwo
Member
PHOENIXZERO
Member
No idea why it shut down.
Even if I was a multimillionaire I'd still say "fuck that". Then again, if I was a multimillionaire I wouldn't be going to a casino in Atlantic City when I could just go to Las Vegas.
I was in there a few weeks ago and it was pretty depressing...lots of broken machines, filthy floors even though it smelled like straight bleach and none of the themed musical acts were going.
Shame as that House of Blues attached to it was a decent concert venue.
Unknown Soldier
Member
Competition is competition, even on the other side of the country.
To be fair though, Las Vegas has never seriously been challenged as the major gambling capital in the US.
Neffarias_Bredd
Member
Been to atlantic city a couple of times, it's a fun place but goddamn they really underutilize the fact that the boardwalk is right on a beach. Could've been a destination that people would want to go to for vacation rather than the shithole that it is. Also, step about 2 blocks off of the boardwalk and your head better be on a swivel cause you're not safe. What super high roller would want to come to a place like that? Atlantic city was kept alive by the old people traveling there on busses and now that PA has a ton of spots that well has dried up
Coreda
Member
No idea why it shut down.
Arial. For discerning tastes only.
XiaNaphryz
LATIN, MATRIPEDICABUS, DO YOU SPEAK IT
At least it's not Comic Sans.
OriginofHysteria
Banned
It's a shame because the hotels there were great. But it's hard to get customers when you can't smoke.
I won't miss the fact though that everytime I played there, I lost.
I won't miss the fact though that everytime I played there, I lost.
No idea why it shut down.
That had to be the table/bottle service menu though.... Right?
Even with the reputation, you'd think there were businessmen smart enough to make the city successful. Guess not
we.are.the.armada
Member
gotta be a table service menu for events
Has to be
I've stayed at revel and ordered room service and the prices were normal.
Revel was actually a really "nice" (relative term in AC) in a shitty city.
CharlieDigital
Banned
I think this should also be relevant to the discussion:
http://news.firedoglake.com/2013/07/08/chris-christies-boondoggle/
http://www.nytimes.com/2012/01/04/r...ion-in-atlantic-city.html?pagewanted=all&_r=0
http://www.vice.com/print/tax-breaks-wont-fix-camden-but-they-will-break-njs-economy
Chris Christie, ladies and gentlemen.
http://news.firedoglake.com/2013/07/08/chris-christies-boondoggle/
Revel has been, to put it lightly, a disaster. Originally imagined as more of a resort than a casino, Revel cost $2.4 billion to open. Even before Revel opened it was considered a high risk investment in a city already on the decline due to gambling competition from Delaware and Pennsylvania. Progressives opposed state investments in the project which came during the same time Governor Christie was cutting education and healthcare services for women. Christie invested $261 million of New Jersey tax money via credits as Morgan Stanley backed out of Revel fearing it was a loser.
Not soon after Revel opened it became clear the resort idea was as dumb as many thought it was and “Revel Atlantic City” went into bankruptcy. The bankruptcy put the State of New Jersey on the hook as Revel announced that the casino’s value had dropped from $2.4 billion to $450 million. Ouch.
Not soon after Revel opened it became clear the resort idea was as dumb as many thought it was and “Revel Atlantic City” went into bankruptcy. The bankruptcy put the State of New Jersey on the hook as Revel announced that the casino’s value had dropped from $2.4 billion to $450 million. Ouch.
http://www.nytimes.com/2012/01/04/r...ion-in-atlantic-city.html?pagewanted=all&_r=0
As recently as last February, it was unclear if Revel would ever open. But after a $261 million pledge from New Jersey, investors stepped in and revived the abandoned development.
Deborah Howlett, the president of New Jersey Policy Perspective, an advocacy group that opposes state financing of Revel, said: “There was a reason that the private sector wasn’t stepping up. If they believed there was an opportunity to make money, they would have funded this.”
Deborah Howlett, the president of New Jersey Policy Perspective, an advocacy group that opposes state financing of Revel, said: “There was a reason that the private sector wasn’t stepping up. If they believed there was an opportunity to make money, they would have funded this.”
http://www.vice.com/print/tax-breaks-wont-fix-camden-but-they-will-break-njs-economy
Christie gave a $261 million tax credit to Revel, a shiny new casino in Atlantic City, justifying it with the same grandiose claims he used in Camden—that one big project could help revitalize the downtrodden city. In June, Revel announced it would declare bankruptcy.
Christie also approved a $390 million tax break for a project called American Dream, an insane shopping complex/indoor ski jump near New York City that will have been in construction for nearly 10 years by the time it’s slated to open in 2016 (and it may not open by then).
In total, Christie has spent $4 billion on tax breaks and incentives since becoming governor, according to New Jersey Policy Perspective.
Christie has also been accused of using tax breaks to reward companies with owners who are politically connected to him, including with the Holtec deal.
Christie also approved a $390 million tax break for a project called American Dream, an insane shopping complex/indoor ski jump near New York City that will have been in construction for nearly 10 years by the time it’s slated to open in 2016 (and it may not open by then).
In total, Christie has spent $4 billion on tax breaks and incentives since becoming governor, according to New Jersey Policy Perspective.
Christie has also been accused of using tax breaks to reward companies with owners who are politically connected to him, including with the Holtec deal.
Chris Christie, ladies and gentlemen.
lazybones18
Banned
So how long until they blow it up like Burns's casino in The Simpsons?
No idea why it shut down.
This is disgusting. I have a hard time believing these are real prices, and if so I can't even.
Victory Red
Member
I stayed at Revel once when it opened.
It was nice as shit. Compared to always staying at the Tropicana in Atlantic City, Revel was like a palace. The rooms had tablets in them that controlled the lights, blinds, TV, etc. Everything was modern and a great change of pace.
Shame.
It was nice as shit. Compared to always staying at the Tropicana in Atlantic City, Revel was like a palace. The rooms had tablets in them that controlled the lights, blinds, TV, etc. Everything was modern and a great change of pace.
Shame.
It was actually really nice for what it was. That and the Borgata were the only two places worth staying at really.
The problem is that AC is just a shell of itself now.
I don't understand how anything that has to do with gambling can close. I've been working in the gambling industry in Germany for 11 years now and it's literally printing money. People are addicts and they will just play and play and play,it doesn't matter, they will bring the money.
I don't really get it.
I don't really get it.
OriginofHysteria
Banned
I used to go to AC a lot, but now it's like why drive 2 and a half hours to AC when now I can just drive 45 minutes to Sands in Bethlehem, PA. I think a lot of people have that same mindset.
That's not how pension funds work.
Unfettered capitalistic enterprises often have a measure of delusion to them, unlimited growth and other such fantasies. I remember reading the final fate of that monstrosity when the shovels went into the ground. It was obvious that it was never going to happen but they plowed ahead anyway.
Those poor pensioners.
Those poor pensioners.
American Dream (formerly Xanadu) was a disaster long before Christie got involved. Besides being the ugliest building ever, construction started 5 years before Christie was governor.
Cabelas was going to be the anchor store, but pulled out when construction got delayed. Some people also think there was pressure from NYC about selling firearms so close by.
Remember wondering what that ugly building was when going to Giants games in 2007. I thought it was just a parking deck and had no idea it was a ski slope.
It's not. It has to be some sort of table service special menu.
I know because I've stayed there, ordered room service, and eaten at some of their restaurants.
Intheflorsh
Banned
Fortunately the pensioners can still get a portion of what they're owed through the PBGC. Taxpayers are ultimately going to be the ones footing the bill. Thanks Governor Christie.
Edit: Actually, maybe not since the PBGC seems to only protect private sector pensions. :/
Edit: Actually, maybe not since the PBGC seems to only protect private sector pensions. :/
BronsonLee
Member
Bums me out that I never got to go here. Oh well!
Revolutionary
Member
The casino that opened in NYC has had a huge impact on AC's visitors as well. I live by 8th avenue in Brooklyn (Chinatown, basically) and there are coach buses that go out to casinos several times a day. It used to be AC buses but now they all go to the Aqueduct.
Gonna post more when I'm home but I live 5 minutes outside Atlantic city and everyone here has been waiting for this to happen. It was a disaster from the start, for reasons already stated (price, no smoking, no buffet) but others too. I have a few friends that have parents as dealers and all of them hated revel. The floor plan was confusing and it showed the ocean. I know that sounds good but that's the worst thing you can do. Casinos are designed to shut out the outside and cause you to lose track of time. 6 hours never goes by faster than at a table. With revel you could see outside and keep track that way so people can leave whenever they see the sun comeout out. They didn't provide good comps and it just slowly died. It sucks because AC is a blast but the city is slowly dying.
I kind of agree. I mean the no smoking alone really resonated with me. But you have to know your audience. They said in the article that they were trying to sell it in as a resort that happens to have a casino. Good idea in theory. Oh well.
You're right about the borgata though... Dat buffet...
Host Samurai
Member
Sucks because HQ pool party was a blast. Happy I went there 2 weeks ago to party before it closed
Lone Wolf
Member
Same here. Very nice hotel. Too nice for Atlantic City I guess. THough Borgata is still going.
QuicheFontaine
Member
No idea why it shut down.
Lol, how much hummus do you get for $35? A bathful?
Edit:
I see now that this has been well covered! I think we can declare this mystery solved.
The main issue facing Atlantic City is that tons of casinos are now opening up in Delaware and Pennsylvania. All the degenerate gamblers who used to have to take the hour or two trip to AC to get their fix, can now just go to a casino nearby.
American Dream (formerly Xanadu) was a disaster long before Christie got involved. Besides being the ugliest building ever, construction started 5 years before Christie was governor.
Cabelas was going to be the anchor store, but pulled out when construction got delayed. Some people also think there was pressure from NYC about selling firearms so close by.
Remember wondering what that ugly building was when going to Giants games in 2007. I thought it was just a parking deck and had no idea it was a ski slope.
Construction of that fugly ass eye sore ruined the otherwise beautiful view of the NYC skyline from the Gate D upper deck staircases during halftime.
Diprosalic
Banned
No idea why it shut down.
beer is pretty cheap tho.
CharlieDigital
Banned
American Dream (formerly Xanadu) was a disaster long before Christie got involved. Besides being the ugliest building ever, construction started 5 years before Christie was governor.
Cabelas was going to be the anchor store, but pulled out when construction got delayed. Some people also think there was pressure from NYC about selling firearms so close by.
Remember wondering what that ugly building was when going to Giants games in 2007. I thought it was just a parking deck and had no idea it was a ski slope.
All true, but he canceled the ARC tunnel project -- which would have had long term benefits for the region and state, cut tax breaks to senior citizens, gave more tax breaks to the wealthy, cut state funding to municipalities for education, and gave away billions in tax questionable breaks including a tax break for the Xanadu project.
I've written plenty about Xanadu previously on GAF.
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