New AC casino plan approved, PICS

[Gonso]

Cover story for the AC Press today, the preliminary plans were approved for this new megaresort next to the Taj. This is in addition to the Pinnacle and MGM projects, and the Hilton revamp.

[Mr. AtlanticCity]

If you are building a 1-2 billion dollar casino, I really hope you would not be putting a McDonalds in it. I know McDonalds has gone "upper class" with the Premium Chicken Sandwiches, but it is still not that classy. [img]/images/graemlins/confused.gif[/img]

[Gonso]

Link to AC Press article:

http://www.pressofatlanticcity.com/t...-7414238c.html

Revel unveils ocean theme for $2B. casino for Atlantic City

By DONALD WITTKOWSKI Staff Writer
Published: Thursday, November 8, 2007

ATLANTIC CITY - Casino developer Revel Entertainment Group flirted with the idea of having a building with a hole in the middle of it.

But, as the company's chief executive lamented, "Holes are expensive."

Even without the architecturally dazzling hole, the project will be distinctive. And it won't be cheap to build.

Giving the public its first glimpse of what would be Atlantic City's 12th casino, Revel unveiled architectural renderings Wednesday for a $2 billion megaresort that features a striking twin tower design and another curvy building that appears sculpted by waves.

"Ultimately, we think this is going to add a terrific dimension to the skyline of Atlantic City," Kevin DeSanctis, Revel's chairman and chief executive officer, told city planners.

Members of the Planning Board seemed impressed, giving the project preliminary site plan approval following a nearly three-hour presentation by Revel executives and consultants. Final approval is expected to come in six to eight weeks, once Revel refines its plans.

In a surprise development, DeSanctis revealed the casino is expected to open in the second half of 2010, greatly speeding up the timetable from the original target date of 2011. The casino will simply be known as "Revel."

DeSanctis said construction should begin on the foundation by the end of this month. Revel is redeveloping a barren, 20-acre site bordered by New Jersey, Oriental and Metropolitan avenues and the Boardwalk, next to Showboat Casino Hotel.

"This is a $2 billion project. The economic benefits to the city are overwhelming," said acting Mayor William "Speedy" Marsh, who sits on the planning board. "The tax ratables and jobs that we will get out of this project are tremendous."

The hotel towers, each containing 1,900 rooms, will soar 710 feet high, dwarfing anything on the Boardwalk. They will shimmer in silvery-blue lights. Revel still must decide whether to build both towers simultaneously or open with just one, followed by the second hotel when market conditions dictate, DeSanctis said.

Overlooking the Boardwalk will be another building known as the "podium," which will hold the casino, retail shops, restaurants and nightclubs. Its curvy, wave-like glass facade will offer panoramic views of the beach and ocean.

Revel's planners and architects described the project as a dramatic departure from the monolithic designs of Atlantic City's early casinos. They said the buildings are configured to embrace the ocean and 1,000 feet of beachfront property, giving the casino a resort feel.

"This project is designed as a resort first and a casino second," planning consultant Arthur Ponzio said.

Revel is planning to have 150,000 square feet of casino space on two levels. What will distinguish Revel from its rivals is the amount of upscale retail, dining and entertainment space - about 500,000 square feet. No other casino in town comes close to having that much retail and entertainment space.

A 5,000-seat special events center is part of the entertainment component. Revel also plans to have Atlantic City's first Las Vegas-style wedding chapel.

Revel's casino will be completely smoke-free, DeSanctis said. Under current law, casino smoking is restricted to no more than 25 percent of the gaming floor, although state legislators have been debating a total smoking ban.

"I think, ultimately, nonsmoking facilities will become commonplace," DeSanctis predicted of the casino industry in years to come.

Revel, an upstart gaming company, is backed by Wall Street investment giant Morgan Stanley. DeSanctis said Revel still must secure construction financing, but anticipates a combination of bank loans and bond funds.

If Revel meets its projected 2010 opening date, it will be the first of at least three Las Vegas-style supercasinos planned for Atlantic City in the next five years. Gaming giant MGM Mirage Inc. has proposed a $4.5 billion to $5 billion casino resort in the Marina District and Pinnacle Entertainment Inc. is redeveloping the old Sands Casino Hotel for a $1.5 billion casino. MGM and Pinnacle hope to open in 2011 or 2012.

DeSanctis noted how the lavish new resorts will transform the city's drab skyline - a throwback to the first casinos of the 1970s and '80s - into something far more exciting.

"When you come into town today, the skyline is basically the same," he said. "What you generally find are some white-looking buildings with red letters."

[hammerva]

I don't have a problem with putting restaurants like McDonalds in casino. The Palms in Vegas has one and I believe a few other lower level restaurants. Not everybody wants to spend over $30 on a meal especially if they have kids with them.

[Gonso]

Incidentally, my gf is an estimator in commercial construction so she's likely to be involved w/ one of these builds, and I'm in the slot industry that expects to see a large gain in machines here (duh) & moonlight as a dealer. On top of that we own property out here...

Pretty sure this all means that we're gonna be [censored] rich

[SpleenLSD]

I have a hard time making out the black hole in to which all the monies will disappear.

[Gonso]

It won't be one of the towers, it's that thing low to the ground

[DrewOnTilt]

These new developments certainly look nice, but can the AC market support them? Competition from the new PA slot parlors and WVA table games is likely to get pretty intense over the next few years.

[Python49]

hmmmm is it possible to buy stock in these new casinos being built?

[RobTheDuck]

[ QUOTE ]
hmmmm is it possible to buy stock in these new casinos being built?

[/ QUOTE ]

I briefly checked into Revel, it doesn't appear to be publicly traded.

MGM however, is. Their stock ticker key is MGM

I've thought about this but then realized I know squadoosh about stocks. I'll stick to mutual funds, thanks. Does that make me a TAG investor?