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