Who Will Buy This Wonderful Revel?
The faltering yet still beautiful Revel is about to be put on the auction block, with asking price starting around $600m.
This is the fourth major upheaval for Atlantic City's newest casino.
Any guesses for who might buy the joint?
Caesars. Very doubtful... They're putting all their cash into renovating their Las Vegas empire with the rest of it being used to pay interest on loans taken out to pay the old loans which were taken out to buy out the stock. Caesars is looking to divest itself of AC properties.
Wynn. Doubtful to no... Steve Wynn doesn't show up and walk around without anybody noticing. Nor does he buy other people's mistakes. Plus, showing up and kicking the tires at Revel would probably ruin his chances of getting a license in Philadelphia.
Pinnacle. Possibly.... if the Ameristar deal doesn't go through, they may have some extra cash sitting around. Plus they have that musty rolodex of Sands AC players sitting on a server somewhere to pillage.
Ameristar (see above)
MGM. Hrm. If NJCCC loosens their reigns re: the Pansy Ho situation, perhaps MGM might want to open that MGM Grand Atlantic City they've threatened us with for thirty years.
Deutsche Bank. Medium possibility... The story of Revel and Cosmopolitan are nearly as identical as their Arquitectonica designed buildings, equally littered with shattered dreams, stalled construction and independent vision that just hasn't exactly panned out. They'd make a natural pair. But is DB willing to double down on their fledgling casino business?
Penn National... perpetual suitor for anything with a for sale sign, anything goes with Penn, but one might rule out any acquisitions during their REIT restructuring phase.
Las Vegas Sands Corp.... very doubtful. Recent reports have them shopping Sands Bethworks casino in Pennsylvania. There is no reason for them to dive into Atlantic City's decaying except to keep people from Wynn Philly.
Merulo Group. Low possibility. Reno's Grand Sierra Resort operators had a signed deal to buy Trump Plaza, but that appears to have been derailed. Still... there is a big difference between shelling out $30m and $600m.
Genting. Strong Possibility.... they snapped up Boyd's defunct Echelon project and are rumored to have been interested in some other Vegas assets, having an Atlantic City property might be a great expansion plan from Resorts World NYC.
Boyd. No. they're making money hand over fist at Borgata and declined to buy out MGM's half.
Onex Armenco (Tropicana Las Vegas). Medium possibility... we've heard that Alex Yemenidjian has been sniffing around for something, but my gut says this might be too big of a bet.
The Seminole Tribe of Florida. Strong possibility. The Seminoles had a $270m offer in to buy Trump Marina at one point, but smartly pulled out. Landry's bought it for $38m three years later.
Mashantucket Pequot Tribal Nation. Strong possibility. They've been interested in mopping up the mess in Atlantic City, but is it worth a half a bil to do it? At least they'd have the shiny stuff.
Did I forget anyone?
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