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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 |
#2
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Re: New casino planned for AC north of Showboat
Cool. I always like hearing about more AC hotels.
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#3
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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?
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#4
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Re: New casino planned for AC north of Showboat
That are definites, yes.
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#5
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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.
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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 |
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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.
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#8
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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). |
#9
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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. |
#10
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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. |
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