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This brand new hotel closing is not only sad, it's another black-eye for Christie and the State of NJ.
The constant attempts to "Las Vegasize" Atlantic City never seem to ever work. And agreed about the $400 a night hotel rates in AC. I'd pay $400 for a flight to Las Vegas because at least I know the hotel and attractions will be better and cheaper.
I absolutely AGREE with you. You know besides Las Vegas being the gambling Mecca of our country it is also one of the ultimate entertainment cities for gamblers and families alike. This is something unfortunately AC never understood. Perhaps if they had focused on developing family friendly venues and attractions they would not be seeing such sad and hard times. Yes, I know AC had the occasional show or concert but it is hardly a place to take a family vacation. The couple of rides on the piers are simply not enough. Not to mention I have no words for the superlative or rather "ick factor" which can be used to describe the vast majority of stores on the boardwalk. Salt water taffy and fudge shops like Franlingers excluded.
For most of AC's history you had the Casino's and around it a rather seedy inner city. Yes, there was always the board walk however it has lost it's glamour for more than 40 years now. I remember a family vacation there where we were staying at the then Sands Casino Hotel for a week. After 3 days my mother would load us 3 kids in the car for day trips to Wildwood and Cape May leaving my father behind (to gamble) as again their simply wasn't much to do in terms of children's entertainment. Since it's a sea side resort you think they could have at least built a decent aquarium which would have me coming back even today.
It's sad to see what was once an institution dwindling however the solution (if ever) to AC's problems was hardly a need to build a 2.4 billion dollar Casino.
The Revel should've never been built from the start. This news doesn't surprise me because I knew this casino was doomed from the first day it opened. What a waste of money for the state and it did nothing to help the South Jersey economy. It's a "lose-lose" for everyone.
This is very true - built at the height of spec building on the bubble (a second larger project almost broke ground)
sad part is is its huge (Vegas sized) the Borgata will probably be ok but there is not enough market from the NYC/Philly spillover to sustain these places
AC needs help sadly - I wish for the best
I dont think the Gov really had a choice at the time TBH
I dont think the Gov really had a choice at the time TBH
I agree. There was a half constructed skyscraper sitting there that a billion dollars had already been spent on.
I would like to see a real in depth article on the subject, but wouldn't it have "cost" the state of NJ next to nothing? The casino never made a profit and has now went bankrupt after 2 years. Wouldn't they have paid a minimal amount in state taxes regardless? Isn't the deal null and void at this point?
Presumably someone will eventually buy this nice looking, large, new, beachfront building at a fire sale price and do something with it. I dont see how the state of NJ got a bad deal, unless I am completely missing something here.
He seemed to have no problem pulling the plug on the under construction, much needed ARC tunnel project.
probably infrastructure that is needed (heck when my acela is delayed I think to this) but NY wanted NJ to foot a large bill there whereas the Revel was really all NJ in more of sense
not saying 250+ million was a good investment but think was a tough spot
NJ is a tough animal in many ways - the east coast version of CA without the large cities (mostly just the burbs)
there are days that i wonder if my hometown would be better served in NJ form this extent - Philly in NJ might turn the North/South divide in politics a bit (assuming that NY stayed put)
I agree. There was a half constructed skyscraper sitting there that a billion dollars had already been spent on.
I would like to see a real in depth article on the subject, but wouldn't it have "cost" the state of NJ next to nothing? The casino never made a profit and has now went bankrupt after 2 years. Wouldn't they have paid a minimal amount in state taxes regardless? Isn't the deal null and void at this point?
Presumably someone will eventually buy this nice looking, large, new, beachfront building at a fire sale price and do something with it. I dont see how the state of NJ got a bad deal, unless I am completely missing something here.
"Moody's, the credit-ratings firm, said the closure would hurt the city's finances because Revel contributes about $20 million in property tax revenue. The firm downgraded the city's bond rating to junk status last week and says further action could come."
I agree. There was a half constructed skyscraper sitting there that a billion dollars had already been spent on.
I would like to see a real in depth article on the subject, but wouldn't it have "cost" the state of NJ next to nothing? The casino never made a profit and has now went bankrupt after 2 years. Wouldn't they have paid a minimal amount in state taxes regardless? Isn't the deal null and void at this point?
Presumably someone will eventually buy this nice looking, large, new, beachfront building at a fire sale price and do something with it. I dont see how the state of NJ got a bad deal, unless I am completely missing something here.
time will tell - AC is an odd animal these days - yet a few miles south in Ocean City this past weekend there are a plethora of million dollar homes going up like gangbusters
I really hope for good things in AC - routing for it
Sadly these slots parlors everywhere really hurt AC
plus the Revel is quirky - the Borgata still does gangbusters (so-to-speak) and the Revel never felt right (feels like the ski mall at the meadowlands, just not quite right)
maybe the Northern end of AC will get redeveloped sometime - great beach to build on
"Moody's, the credit-ratings firm, said the closure would hurt the city's finances because Revel contributes about $20 million in property tax revenue. The firm downgraded the city's bond rating to junk status last week and says further action could come."
probably infrastructure that is needed (heck when my acela is delayed I think to this) but NY wanted NJ to foot a large bill there whereas the Revel was really all NJ in more of sense
not saying 250+ million was a good investment but think was a tough spot
The Feds kicked in a bunch of money to keep the project going. Christie then cancelled the project, used the Feds money (stole it) to balance the budget in an effort to show what a fiscally responsible Repub he is; all the while making a big spectacle of what a leader he is by making tough financial decisions.
What Revel came down to was suring up South Jersey support & furthering his political aspirations. No matter the cost to the NJ taxpayer.
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