Contact Us

Casino Expert: Sandy Should Have Hit Revel, Not Seaside

A casino industry expert is coming out swinging. His target: Atlantic City’s billion dollar blunder, Revel Casino Hotel.

 

According to a report from philly.com, chief executive of Gaming USA Corp., Alan R. Woinski says there is very little to be enthusiastic about Revel’s latest round of bankruptcy filing.

Woinski makes several powerful points that show just why Revel may go down as A.C. costliest mistake ever. The article notes:

  • “Even if Revel Casino Hotel, which started its second trip through Chapter 11 on Thursday, is virtually given away in a bankruptcy auction, a new owner might have to spend $150 million to fix fatal flaws in its design…”
  • “When Revel opened in 2012, it added slot machines and gambling tables to the Atlantic City market without expanding the market itself. Instead, Revel siphoned gamblers from other local casinos, jeopardizing jobs throughout the city’s casino industry.”

Woinski believes knocking it down and redoing would be the only viable option, even suggesting that SuperStorm Sandy should have taken Revel into the ocean and not the Seaside Ferris Wheel. "a new owner might have to spend $150 million to fix fatal flaws in its design"

The article also details serious design flaws with the building and notes that the shear amount of open space means the cost to keep it cool or warm is just exorbitant.

Saverio R. Scheri III, president and chief executive of WhiteSand Gaming L.L.C., a consulting firm with offices in Atlantic City, says gutting Revel wouldn’t be worth it either. “You’ll never make that money back,” Scheri said. “If somebody picks that property up at $100 million, which is like a nickel on the dollar, that’s not a bad deal. You could make money, if you’re smart.”

Another industry expert is cited in the article saying Revel could fetch as little as $50 million to $60 million in an auction.

CLICK HERE TO READ THE WHOLE ARTICLE

Either way, it is bad news for Revel and for Atlantic City. Thousands of jobs remain up in the air and millions in revenue to the city could just vanish.

More from WPG Talk Radio 1450 AM

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wpg1450.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on WPG Talk Radio 1450 - Atlantic City, NJ quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on WPG Talk Radio 1450 - Atlantic City, NJ quickly by logging in with your Facebook account. It's just as secure, and no password to remember!