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Bankrupt City, New Jersey

By Chuckmonster on Monday, 11th November 2013 5:43pm
tagged: revel   atlantic club   bankruptcy     comments: 0

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After unsuccessfully courting suitors for the last six months, the Atlantic Club filed for federal bankruptcy protection under Chapter 11. The company has stated that "it will be business as usual" as the details of their filings are sorted out in federal bankruptcy court.

The Atlantic Club opened as The Golden Nugget in 1980 and was designed by Steve Wynn, interior designer Henry Conversano and architect Joel Bergman. It is currently owned by beleaguered operator Colony Capital who have seen almost their entire portfolio of casino holdings peel off into bankruptcy and fire sales over the last seven years. With the possibility of an internet gaming license being attached to the Atlantic Club's holdings, one would think that a bargain basement purchase of the property might attract a number of forward thinking investors.

The AP reports otherwise, stating that Atlantic Club sent out prospectus to 120 operators whom the company viewed as possible suitors. Of the 12 who responded, none of them decided to move forward after looking at the books.

The contraction of the Atlantic City casino market isn't just happening at the bottom, it is happening at what should be the top - Revel.

For the second time this year - fourth time overall - Revel finds itself on the ropes looking for a lifeline. Barely six months after emerging from bankruptcy reorganization, Revel is exploring "strategic alternatives" to help keep the property alive, primarily sale.

Why is Revel having such a hard time? Bad marketing? Bad management? Offerings are incongruent to market? Or is it the same issue that all independent operators face - the lack of a verifiable database of players and the intelligent algorithms that can fill the beds, casino chairs and dining rooms.

Or perhaps Revel is just cursed.






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