New casino planned for AC north of Showboat
 

Plans revealed for $2B. casino hotel
By DONALD WITTKOWSKI Staff Writer, (609) 272-7258
Published: Tuesday, August 28, 2007
ATLANTIC CITY - Revel Entertainment Group, an upstart gaming company backed by Wall Street investment giant Morgan Stanley, plans to develop a $2 billion casino hotel that will top out at nearly 4,000 rooms and tempt customers with an array of retail and entertainment attractions.
Revel wants to build two hotel towers of 1,936 rooms each, but market conditions will dictate the timing of the second one. The towers will soar 700 feet high, becoming the tallest buildings in town and dwarfing anything else currently on the Boardwalk.

full story at:
http://www.pressofatlanticcity.com/t...-7395079c.html

Re: New casino planned for AC north of Showboat
 

Cool. I always like hearing about more AC hotels.

Re: New casino planned for AC north of Showboat
 

So there are now two casinos planned for AC for the near future? The OP and this one here?

Re: New casino planned for AC north of Showboat
 

That are definites, yes.

Re: New casino planned for AC north of Showboat
 

Someone correct me if I am wrong - but is the location this casino will be built right in front of the Bella Condos? If so, watch the price plumet on this place.

Re: New casino planned for AC north of Showboat
 

Pinnacle has recently said they won't build if AC rezones the old airport and allows Steve Wynn to build a casino there. Either way, at the moment it looks like AC lost 1 casino, Sands, and is gaining 2. Of course, casino revenues have dropped the last 6 of 7 months so I wouldn't be surprised if plans are dropped. MGM and Foxwoods were going to do a joint casino in AC but dropped the project and are now planning to build in the Poconos.
http://www.vegastripping.com/news/news.php?news_id=1672

Re: New casino planned for AC north of Showboat
 

I thought Pinnacle was already under construction - isn't that the one going up where the Sands was? They are definately in the process of demolishing (or doing serious renovation of) the Sands.

Re: New casino planned for AC north of Showboat
 

Sands to be leveled soon, but is currently still standing (October?).

AC revenue is down but if you "add back" the Sands revenue it is not down. Keep in mind that the market dynamics in AC are very different from Vegas. If you shut down a hotel in Vegas, the others will likely simply absorb the business...this is absolutely NOT the case in Atlantic city. You simply cannot get a room within 10 miles of AC during summer weekends within 5-7 days. With so many other better beach destinations people just go elsewhere when they cannot get a room.

In Atlantic City the "if you build it, they will come phrase" rings true (with regards to hotel room capacity).

Re: New casino planned for AC north of Showboat
 

Revenues are down, Sands or no Sands. Pennsylvania slot parlors and racetrack slots are beginning to take their toll.
http://www.state.nj.us/casinos/home/...f/2ndq2007.pdf
I think Pinnacle is starting to get cold feet.

Re: New casino planned for AC north of Showboat
 

pinnacle paid relatively little for the property and could pretty much do whatever they want (sell, build, re-merger, etc) and still make out ok in the end.

the day they announced the sands purchase, they emphasized that the earliest something would open is 2010. they have not named the project and no construction has begun (much less the implosion of the sands itself first). there is no rush for them to do anything.

Re: New casino planned for AC north of Showboat
 

[ QUOTE ]
pinnacle paid relatively little for the property and could pretty much do whatever they want (sell, build, re-merger, etc) and still make out ok in the end.

the day they announced the sands purchase, they emphasized that the earliest something would open is 2010. they have not named the project and no construction has begun (much less the implosion of the sands itself first). there is no rush for them to do anything.

[/ QUOTE ]

Actually they have started work, you'd be surprised how much work has to take place before an implosion can occur and new construction can begin. Its not just a simple blow it up and start over. They had an auction back in april/may to get rid of most of interior stuff. Now they are in the process of gutting the inside, you'll probably see the sands imploded by late 07 early 08.

Re: New casino planned for AC north of Showboat
 

I wouldn't mind pressing the button on that decrepit old sweatbox.

Re: New casino planned for AC north of Showboat
 

[ QUOTE ]
I wouldn't mind pressing the button on that decrepit old sweatbox.

[/ QUOTE ]

... with water dripping on your head as you enter the poker room.

Re: New casino planned for AC north of Showboat
 

[ QUOTE ]
Pinnacle has recently said they won't build if AC rezones the old airport and allows Steve Wynn to build a casino there. Either way, at the moment it looks like AC lost 1 casino, Sands, and is gaining 2. Of course, casino revenues have dropped the last 6 of 7 months so I wouldn't be surprised if plans are dropped. MGM and Foxwoods were going to do a joint casino in AC but dropped the project and are now planning to build in the Poconos.
http://www.vegastripping.com/news/news.php?news_id=1672

[/ QUOTE ]

The Sands site is an outstanding site. If Pinnacle won't develop it, they'll sell to someone who will.

Isn't there supposed to be another casino going up southwest of the Hilton?

Re: New casino planned for AC north of Showboat
 

[ QUOTE ]
Someone correct me if I am wrong - but is the location this casino will be built right in front of the Bella Condos? If so, watch the price plumet on this place.

[/ QUOTE ]

Yes, right in front of Bella. But prices will go up as that whole area becomes revitalized and more valuable. Not to mention all the new employees at that new casino and others that would like to live that close to work. There will still be ocean views from Bella. The Revel tower(s) won't fill the whole width of the property. Just look at the other casinos.

Re: New casino planned for AC north of Showboat
 

The casino is your friend. Never lose sight of that and keep repeating it to yourself.

Re: New casino planned for AC north of Showboat
 

[ QUOTE ]
Revenues are down, Sands or no Sands. Pennsylvania slot parlors and racetrack slots are beginning to take their toll.
http://www.state.nj.us/casinos/home/...f/2ndq2007.pdf
I think Pinnacle is starting to get cold feet.

[/ QUOTE ]

Thanks for the link, I stand corrected. Was Q1 the situation as I described (up if you add Sands back)? I am almost certain I read one of those type of reports that had shown modest increases vs the prior year when including Sands.

Re: New casino planned for AC north of Showboat
 

[ QUOTE ]
[ QUOTE ]
Someone correct me if I am wrong - but is the location this casino will be built right in front of the Bella Condos? If so, watch the price plumet on this place.

[/ QUOTE ]

Yes, right in front of Bella. But prices will go up as that whole area becomes revitalized and more valuable. Not to mention all the new employees at that new casino and others that would like to live that close to work. There will still be ocean views from Bella. The Revel tower(s) won't fill the whole width of the property. Just look at the other casinos.

[/ QUOTE ]

The Revel tower will be the biggest in Atlantic City. The reason none of the other casinos have huge towers was because of the now-closed airport. They couldn't build higher than a certain level to allow the planes to come in and land.

Revel has recently been granted a license to build a 700-feet towers. Their current plan is two build two of them with roughly 2,000 rooms in each.

Re: New casino planned for AC north of Showboat
 

Yes, the towers at the Revel property will be tall, but they won't block all the sightlines of the ocean views from Bella. They're supposed to release some plans in a week or so, I think, so we'll see then.