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(CBS News)   Revel Atlantic City casino learns when to hold 'em, when to fold 'em   (cbsnews.com) divider line 16
    More: Fail, revelations, time of day, casinos  
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2309 clicks; posted to Business » on 14 May 2013 at 11:04 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-14 09:48:45 AM  
That's where I spent my birthday weekend.

Now I feel really bad about taking that towel.
 
2013-05-14 11:12:18 AM  

brap: That's where I spent my birthday weekend.

Now I feel really bad about taking that towel.


You should give that towel to a New Jersey resident since their tax money paid for the building.
 
2013-05-14 11:41:40 AM  
Since Revel opened 13 months ago, it has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers each month. Revel was novel on several levels, including that it bans smoking and has gambling areas with windows facing the ocean, a shift from the conventional casino practice of enclosing gamblers so it is hard to tell the time of day.

Huh.  I wonder if any of those statements from the article could possibly be related to one another in a cause-effect manner?
 
2013-05-14 11:57:38 AM  

WTF Indeed: brap: That's where I spent my birthday weekend.

Now I feel really bad about taking that towel.

You should give that towel to a New Jersey resident since their tax money paid for the building.


$13.5mil per year for the next 20. Thanks, Governor the Hutt!

// with a state population of 8,821,155, that works out to $1.50 per resident per year (assuming no growth over 20 years)
 
2013-05-14 12:09:26 PM  

cefm: Since Revel opened 13 months ago, it has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers each month. Revel was novel on several levels, including that it bans smoking and has gambling areas with windows facing the ocean, a shift from the conventional casino practice of enclosing gamblers so it is hard to tell the time of day.

Huh.  I wonder if any of those statements from the article could possibly be related to one another in a cause-effect manner?


I'll admit it has been 15 years since I have been in Atlantic City, but at that time it looked like 90% of the Casino's revenue was from old ladies on oxygen smoking at the Slot Machines.

/non-smoking casino would be nice but I can see where it would hurt revenue.
 
2013-05-14 12:26:10 PM  

Dr Dreidel: WTF Indeed: brap: That's where I spent my birthday weekend.

Now I feel really bad about taking that towel.

You should give that towel to a New Jersey resident since their tax money paid for the building.

$13.5mil per year for the next 20. Thanks, Governor the Hutt!

// with a state population of 8,821,155, that works out to $1.50 per resident per year (assuming no growth over 20 years)


You realize, of course, that the tax breaks are in the form of rebates of 75% future tax revenues of the casino, up to a maximum of $261m, right? So that if the casino would have paid $18m in taxes per year, with the rebate they would have only needed to pay $4.5m, which according to your math would be an additional 50 cents of tax revenue paid by revel per person in NJ. And that if Revel closes it's doors and never generates a cent in revenue, then the state doesn't pay them anything. And that absent the tax rebate the project would likely not have been completed, adversely affecting both construction and ongoing jobs in the area in the middle of a recession.

Tax subsidy deals need to be scrutinized carefully, but I just wanted to make sure you understood what was going on here.
 
2013-05-14 12:29:33 PM  

Tom_Slick: cefm: Since Revel opened 13 months ago, it has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers each month. Revel was novel on several levels, including that it bans smoking and has gambling areas with windows facing the ocean, a shift from the conventional casino practice of enclosing gamblers so it is hard to tell the time of day.

Huh.  I wonder if any of those statements from the article could possibly be related to one another in a cause-effect manner?

I'll admit it has been 15 years since I have been in Atlantic City, but at that time it looked like 90% of the Casino's revenue was from old ladies on oxygen smoking at the Slot Machines.

/non-smoking casino would be nice but I can see where it would hurt revenue.


Heh.  Most casinos have large no-smoking areas now and relatively small (or no) smoking areas.

Revel's bigger problem, IMO, was not wanting those old ladies on slot machines whether they were smoking or not.  They didn't give comped rooms unless you spent a ton of money, they pounded the recent music instead of background levels of older music, they had alternating flashing lights and darkness, they basically marketed themselves to a younger, richer, hipper crowd so much that they made the bread and butter casino patron feel unwelcome.  Which is a problem, because the younger, richer crowd got rich young partly by being smart enough not to spend a lot of money gambling in casinos and not spending $350 on a hotel room when the place next door will comp you a lesser room or sell you one for $150 that's every bit as good as the $350 one.

They seem recently to have repented of at least some of these things, so we'll see.
 
2013-05-14 12:33:55 PM  
I've always found it more important to know when to walk away or when to run.
 
2013-05-14 12:38:03 PM  

Debeo Summa Credo: You realize, of course


...that we're on Fark, where RTFA is secondary to making a snarky point.

// "x/y=z" was the point I was making
// should I have been snarkier?
 
2013-05-14 12:48:06 PM  
beautiful building.
 
2013-05-14 12:54:15 PM  

Manfred J. Hattan: they basically marketed themselves to a younger, richer, hipper crowd


Which is exactly the crowd hurt the worst by this economy.
 
2013-05-14 01:41:46 PM  

cefm: Since Revel opened 13 months ago, it has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers each month. Revel was novel on several levels, including that it bans smoking and has gambling areas with windows facing the ocean, a shift from the conventional casino practice of enclosing gamblers so it is hard to tell the time of day.

Huh.  I wonder if any of those statements from the article could possibly be related to one another in a cause-effect manner?


Eh. You can do good casino business even if you're running a non-smoking operation. The casino in Cleveland (where I work) is doing wonderful business without smokers. Granted, the entire state is non-smoking, but smoking casinos are the closest competitors for Cleveland (Wheeling, Presque Isle). The open windows bit is probably not helpful, though.
 
2013-05-14 04:55:16 PM  
I actually love Revel. Going this weekend. It's great not being around chain-smoking grandmas and actually seeing daylight when I gamble.
 
2013-05-14 07:39:02 PM  
I guess it can't be really successful w/o being a scam of Trump proportions and stringing along the investors, creditors & banks for a few years before pulling the bankruptcy trick.
 
2013-05-14 09:40:39 PM  
Revel is nice, but not 2 billion dollars nice.

Seriously expected a lot more when I walked into that place.
 
2013-05-15 01:13:36 PM  
I went to Revel Atlantic City over 4th of July.

All I could say is it was SO Jersey. In a bad way. Lots of trashy hoes and wannabe Wall Streeters who still live with mom crowded around a "mall chic" casino. And they all though they were SO fabulous and this place was SO classy.   It wasn't and they weren't.

I was excited to see a big old oak bar (I have an affinity for old oak bars - they are just so damn beautiful and lush). I get up to it and touch it. It was plastic. Motherfing plastic. It pretty much summed up my thoughts on Revel.
 
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