Open Enrollment | Subscribe to Target Marketing HERE
Connect
Follow us on
Advertisement
 

Denny's Daily Zinger: Revel Casino - A $2.4 Billion Oops.

August 20, 2014 By Denny Hatch
Get the Flash Player to see this rotator.
 
In 2010, we spent 4 days in Atlantic City.

Near where we were staying was a monstrous gleaming glass tower under construction, currently in temporary bankruptcy.

This was the Revel hotel and casino with 1,400 rooms.

It opened April 2, 2012.

Revel is again bankrupt and will close in September along with three other casinos.

The Backstory
By the 1970s Atlantic City was a slum.

Casinos came in 1976 and did well. They provided the only gaming action from New York south to Washington, D.C.

In return for the licenses to open, the casino moguls promised to invest in Atlantic City, turning it into a Las Vegas East.

They lied. All profits left Atlantic City for elsewhere in the world.

Atlantic City is still a slum.

In recent years, myriad casinos opened in New York, Pennsylvania and Delaware, siphoning off customers and picking Atlantic City's pocket.

And in the middle of this dying slum, Morgan Stanley, hedge funds and Governor Chris Christie financed and built a 57-story tower costing $2.4 billion.

Revel is hermetically sealed tinted glass, denying visitors all the natural glories of the Jersey Shore—sun, cooling sea breezes, the wonderful smell of salt water and the soothing sound of the ocean.

On August 7, the Revel auction was canceled for lack of interest.

Takeaways to Consider

  • I have spent 50 years in direct marketing. It is a business where everything-everything-is tested.
  • To paraphrase Johnnie Cochran, O.J. Simpson's lawyer: "If you can't test, don't invest."

Denny Hatch's new book is "Write Everything Right!" Robin Perron writes, "***** Five Stars. 'Write Everything Right!' is a great resource for anyone who uses writing in their lives, because he talks about all forms of writing from emails to articles and memos. The goal is for everyone to write in a way that makes it easier for the reader to read it than to ignore it." Click here to download (opens as a PDF) and read the first three chapters FREE. The title is also available on Kindle. Reach Denny at dennyhatch@yahoo.com.

 

SPONSORED CONTENT

MORE ON MARKETING STRATEGY >>

FROM THE BOOKSTORE

Written by Millennials about Millennials, Cause for Change: Examines how Millennials communicate, volunteer, take action, influence their peers, and choose to give their time and moneyExplains how Millennials view their role in the workplace, and how their approach is re-shaping nonprofit culture from within Cause for Change: The Why and How of Nonprofit Millennial Engagement

Written by Millennials about Millennials, Cause for Change:
Examines how Millennials communicate, volunteer, take action, influence their peers, and choose to give their time and moneyExplains how Millennials view their role in the workplace, and how their approach is re-shaping nonprofit culture from within...

ORDER NOW

Reading The Ultimate  Insider’s Guide to Winning Foundation Grants is like peeking at someone’s  secret diary or personal email.  You feel  guilty.  This is privileged information.
Only in this case Martin Teitel WANTS to reveal everything  to you. A
 long-time foundation CEO, he’s fed up with the smoke and mirrors of  
grant seeking. Ultimate Insider's Guide to Winning Foundation Grants

Reading The Ultimate Insider’s Guide to Winning Foundation Grants is like peeking at someone’s secret diary or personal email. You feel guilty. This is privileged information. Only in this case Martin Teitel WANTS to reveal everything to you. A long-time foundation CEO, he’s fed up with the smoke and mirrors of...

ORDER NOW

 

COMMENTS

Click here to leave a comment...
Comment *
Most Recent Comments: