NJ Revel Bankruptcy Plan Includes Allowing Smoking
"While this would not be a problem for the convention trades, where the attendee is on an expense account, it can be a big negative for the frequent independent traveler, overnight guest and the day tripper, that provides much of Atlantic City's customer base," Norton said. "Revel doesn't have the level of low priced food options like every other Atlantic City casino."
Norton said Revel was hurt by many factors, including the decision not to build a second hotel tower when the project ran out of money halfway through construction. He also specifically absolved former CEO Kevin DeSanctis of responsibility for its problems. DeSanctis is staying with a corporate affiliate to work on amenity projects for the resort.
"The substantial construction cost of Revel, the loss of 1,900 of their rooms, the general collapse of the economy, the U.S. unemployment problem and new gaming options in Pennsylvania and New York â¿¿ all causing a 40 percent decline in casino revenues â¿¿ are the primary reasons for Revel's failure, not Kevin DeSanctis," Norton said. "And without him, the property would still be an empty shell like Boyd's Echelon Place or the Fontainebleau, on the Vegas Strip."
Revel says it plans to continue its existing player loyalty programs, promotions, dining options and entertainment shows, including sold-out concerts by Alicia Keys and Rihanna.___ Wayne Parry can be reached at http://twitter.com/WayneParryAC
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