Potential Revel Casino Buyer Hedging Its Bets A Bit
By David Madden
ATLANTIC CITY, N.J. (CBS) - Efforts to find a buyer or partner for the financially troubled Revel Casino in Atlantic City may have been dealt a blow this week, as the people who run the Hard Rock franchise appeared to be backing off a potential deal.
The Seminole Indian nation's gaming CEO was at a conference this week, and indicated the price for Revel, at least right now, just isn't right.
Gaming expert Israel Posner at Stockton College of New Jersey isn't all that surprised, and notes there are others eyeballing Revel as well. And the North Jersey hedge fund running the place has significantly trimmed losses.
"Every other property will be tired, whether it's now or in 10 years or 20 years," Posner says. "So at some point that really becomes a premium deluxe property for somebody."
He also agrees with what's become a growing consensus of opinion that one of those older properties will have to close to make Atlantic City more competitive in the fight for gamblers along the east coast.