Revel: Is There A Fair Basis For Comparison?
In the middle of our recent Atlantic City jaunt, one of our Twitter friends @JJAllocca asked us "what's a fair basis of comparison for @RevelResorts? Compare relatively to AC or compare nationally to LV too?" A great question indeed. In fact, this is the $50 billion dollar question, one whose future Atlantic City is riding on.
Opening a resort that is better than everything else on the Atlantic City Boardwalk is easy... the newest property on the boards is the moldy oldie Taj Mahal, tarnished from a decade of robber barren ownership and neglect (Chairman tower notwithstanding.) Walking into Caesars Atlantic City, a longtime pillar of Atlantic City's upper echelons and the east coast flagship of the Caesars Entertainment empire, feels like entering time warp to the late 1980's. Competing in Atlantic City with a new resort isn't the highest bar to hurdle.
With Atlantic City's fortunes going down faster than a crack whore on Mississippi Avenue, the fight for a new resort to survive isn't about beating the local competition, it is about beating an entire world of entertainment options - Pennsylvania casinos, Resorts World New York City, video games, movies, television, the internet, social media, local foodieism - every hour of every day for every potential visitors entertainment dollar. Second best to Borgata is still second best in a declining market. Does anybody even go to Reno or Lake Tahoe to gamble anymore?
So the question still remains, what is the fair basis of comparison for Revel? The answer is everything.
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