New casino planned for AC north of Showboat

[BillD]

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

[jjshabado]

Cool. I always like hearing about more AC hotels.

[DrewOnTilt]

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

[yanxchick]

That are definites, yes.

[Mr. AtlanticCity]

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.

[Eponymous]

[ 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.

[yanxchick]

[ 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.

[pocketpared]

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

[chillrob]

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.

[cjk73]

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).