Apr 10 2015

Dispute Leaves Revel In The Dark

ATLANTIC CITY, NJ – Revel, the $2.4 billion former casino hotel sold this week for $82 million, went dark – literally – Thursday afternoon.

Power was cut off around 2:20 after its supplier, ACR Energy, made good on multiple threats to new owner Glenn Straub and shut off the lights to the 6.2 million-square-foot, 47-story Boardwalk property.

“Everything is out, it’s a dead building,” a security guard said after the plug was pulled.

It was a hard-to-fathom turn of events even for the endlessly twisty saga of the Revel, once predicted to be an Atlantic City game-changer and now standing tall, dark, and empty in the unpredictable hands of Straub, a maverick Florida businessman and polo player.

Feb 2 2015

Atlantic City Has $12.8M Debt Due Tuesday; Lenders Wary

Just how wary lenders are of Atlantic City’s credit is evident in their recent demands as the city tries to refinance $12.8 million in debt due Tuesday.

Three lenders expressed interest in making the loan, but one wanted to charge 12 percent interest. Another was willing to lend at a lower rate but wanted a state guarantee, which the state rejected, Mayor Don Guardian said Saturday.

Talks continued with a third prospective lender, and a decision is expected Monday, Guardian said, adding: “We are prepared to make the payment regardless.”

The financial turmoil in Atlantic City, half of whose gambling revenue has disappeared since 2006, has intensified in the last year, as four of 12 casinos have closed, and 8,000 people have lost their jobs.

Jan 6 2015

Judge Approves Revel Sale To Reluctant Buyer At $95.4M

A bankruptcy judge in Camden said Monday that she would approve the sale of Revel AC Inc. for $95.4 million to Florida investor Glenn Straub, rejecting Straub’s effort to pay only $87 million.

The next step is a sale order, which must be signed by U.S. Bankruptcy Judge Gloria M. Burns, but negotiations over the terms of that order – particularly how concerns of tenants and others will be handled – bogged down during a break.

Burns asked attorneys for Revel, Straub, and other parties to work on a sales order to be filed this week, in time to be considered at a Revel hearing scheduled for Thursday.

Once a sale order is signed, the sale of the property, built at a cost of $2.4 billion, is expected to close within 30 days, according to the asset purchase agreement.

Dec 23 2014

Wells Fargo To Purchase Revel Tax Lien For $26 million, Says AC Mayor

The failed Revel casino has yet to execute a sale of the property. But its outstanding tax bill at least will be bought, at Revel’s typical deep discount. The $32.5 million tax lien against the shuttered Revel casino that failed to sell at a city tax sale this month will be bought by Wells Fargo in a settlement for $26 million, Atlantic City Mayor Don Guardian said Monday.

Dec 2 2014

Lawmakers Seek Support For $29 Million Emergency Aid For Atlantic City

New Jersey members of Congress appealed Tuesday to U.S. Labor Secretary Thomas Perez to support a $29 million National Emergency Grant request to help workers left unemployed by recent casino closings in Atlantic City.

In a letter sent by Republican U.S. Rep. Frank LoBiondo and Democratic U.S. Sen. Cory Booker, Perez was urged to support the “Atlantic City Re-Employment Initiative” proposal to fund employer-driven training programs.

The state Department of Labor and Workforce Development filed the application for the National Emergency Grant late last month to address the needs of 8,000 workers left without jobs after recent closings of Revel, Showboat and Trump Plaza casinos and the earlier closing of the Atlantic Club.

Nov 20 2014

No Man’s Land, Atlantic City

full-state map (Photo credit: Wikipedia)

Tucked into northeast Atlantic City, where ocean meets inlet, is a two-by-six block expanse of undeveloped land that in other shore towns would be carved up by wealthy outsiders to build $2 million homes.

Instead, the few surviving, decades-old houses dot hundreds of empty lots like jagged teeth at the mouth of a yawning ocean in this sleepy part of town. Some call it North Beach; others South Inlet. Bill Terrigino, 69, lives at one end, his home one of those visible teeth.

An empty Revel casino shimmers in the background, emblematic of the mirage Atlantic City has become. Terrigino, a laid-off casino banquet server who resembles a Jersey Shore version of Hemingway, has a two-story home on South Metropolitan Avenue.

His house boasts an unobstructed waterfront view – but not by design. It’s just that nothing stands between it and the Atlantic Ocean.

Nov 7 2014

United Will Drop Service To And From Atlantic City On Dec. 3

An early photo of the Atlantic City Airport Terminal (Photo credit: Wikipedia)

In another blow to Atlantic City, United Airlines will end flights in and out of Atlantic City International Airport on Dec. 3, saying the service to Chicago and Houston did not meet expectations.

United, based in Chicago, arrived to great fanfare eight months ago – celebratory balloons, beach umbrellas, and praise from officials including Gov. Christie – when it launched daily nonstop service April 1 to Chicago’s O’Hare and Houston’s George Bush Intercontinental Airports.

United was the first major carrier to begin new passenger service in several years at the airport in Egg Harbor Township.

Oct 7 2014

Bankruptcy Judge OKs Revel Sale To Brookfield

Map of New Jersey (Photo credit: Wikipedia)

A federal bankruptcy judge in Camden on Tuesday approved the sale of Atlantic City‘s Revel Casino Hotel for $110 million to Brookfield Asset Management Inc.

“I believe the high bid of Brookfield should be approved,” U.S. Bankruptcy Judge Gloria M. Burns said.

The sale will mark the beginning of a new chapter in the short and tumultuous history of the $2.4 billion property that struggled from the day it opened in 2012.

Sep 23 2014

Atlantic City’s Credit Rating Is Downgraded

Trump Taj Mahal, 2007 (Photo credit: Wikipedia)

ATLANTIC CITY – Standard & Poor’s downgraded Atlantic City’s credit rating from A-minus to BBB-plus on Monday, citing mainly the closing of four of 12 casinos this year.

The downgrade, which includes a negative outlook for the city, comes as Atlantic City is struggling with the loss of tax revenue because of the closures.

Combined, the shuttered gambling halls – Atlantic Club, Showboat, Revel and Trump Plaza, which closed last Tuesday – generated about $75 million in property tax revenue last year. A fifth – Trump Taj Mahal – may close in November.

Aug 31 2014

Atlantic City Facing Unprecedented Economic Collapse

full-state map (Photo credit: Wikipedia)

The Atlantic City region is on the brink of a short-term economic disaster.

Atlantic City made history 36 years ago when it opened the first legal casinos in the United States outside Las Vegas.

Now it’s doing so again as casino employment – which for years exceeded the number of city residents – drops precipitously after a decade of steady decline.

The closing of three casinos, starting with Showboat and Revel this weekend followed by Trump Plaza two weeks later, and the rapid-fire loss of 5,700 jobs, draw historic comparisons to longer-term collapses of U.S. industries such as steel.

Jul 22 2014

If 4 Atlantic City Casinos Close In September, Then What?

English: Atlantic City (NJ) – The boardwalk in a rainy day (Photo credit: Wikipedia)

ATLANTIC CITY, NJ – This resort faces the prospect of having four major vacancies on its famed Boardwalk come mid-September.

The grim reality sank in July 14 when Trump Plaza issued layoff notices and targeted Sept. 16 as the date to cease operating as a casino.

Perception is reality in tourism, experts say, and the Boardwalk is synonymous with Atlantic City. How will four hulking, empty buildings sit with visitors – especially at night – and will they impede tourism when Atlantic City needs it the most?

“When an area goes dark, and there are increased vacancies, it generally sends out more than a subtle message that things are not promising on the horizon,” said Don Moliver, dean of the Leon Hess Business School at Monmouth University.

Feb 3 2014

Poll: More In NJ Want Pot Than Online Gambling

Map of New Jersey (Photo credit: Wikipedia)

ATLANTIC CITY, N.J. (AP) – A new poll finds more New Jersey residents want to smoke pot than gamble over the Internet.

A Fairleigh Dickinson University PublicMind poll finds 41 percent of respondents would support smoking marijuana recreationally if it became legal. That compares with only 32 percent who support gambling over the Internet, which is legal in New Jersey now.

The poll finds support for online gambling has fallen, even as it enters its third full month and more than 150,000 online gambling accounts have been set up in the state.

“The public’s attitude was, for several years, warming up to online gambling,” said poll director Krista Jenkins. “But there has been a clear change in direction now that the practice has actually been legalized. Part of the public has always shown deep reluctance to make gambling so accessible in their own homes. Now that it is in fact legal, they may be more concerned than ever.”

Nov 1 2013

Underwater Destiny For Many N.J. Towns?

New Jersey may have been stronger than the storm, but the sea will prove stronger in the long run, scientists fear.

Dozens of its towns – including such familiar places as Atlantic City, Hoboken, Beach Haven and Wildwood — may already be doomed to partly flooded futures.

Some neighborhoods are already precariously close to sea level, as evidenced by projects that have committed more than a billion dollars to replenish Jersey beaches and protect them over several decades. Even climate-change skeptics acknowledge that sea levels have been slowly rising.

“It’s rare that you’ll find someone to say that sea level isn’t rising,” said Jon Miller, a professor of coastal engineering at Stevens Institute of Technology. “That’s hard to refute.”

Aug 22 2013

Atlantic City Casino Earnings Fall Nearly 45 Percent

English: Picture of the Tropicana from the Boardwalk. (Photo credit: Wikipedia)

ATLANTIC CITY, N.J. (AP) – Atlantic City’s 12 casinos saw their collective earnings fall by nearly 45 percent in the second quarter of 2013, state regulators said Thursday.

According to figures released by the state Division of Gaming Enforcement, the casinos made just over $65 million in profits during the second quarter, down from nearly $118 million in the same period last year.

The biggest gain was posted by the Tropicana Casino and Resort, whose quarterly profits were up nearly 28 percent to $12.6 million.

Caesars Atlantic City had a quarterly profit of $24.2 million, up 17.4 percent from last year’s second-quarter profit of $20.6 million. Four of the 12 casinos posted operating losses in April, May and June.

May 17 2013

C’mon Down, The Jersey Shore’s Just Fine

Atlantic Ocean shore at Atlantic City, New Jersey (Photo credit: Wikipedia)

Before we do anything, let’s address the giant elephant in the room – and we’re not talking about Lucy of Margate.

Nearly seven months ago, Sandy wrought devastation on the Jersey Shore like never before: The largest Atlantic storm on record created more than $30 billion in damage up and down the state’s 127-mile coastline. More than 346,000 structures were damaged or destroyed when Sandy whipped across the state on Oct. 29.

Some of the places that held memories so dear for many of us – beaches, homes, boardwalks, piers, shops, amusements, and restaurants – got washed away. We wondered whether we’d have the chance to enjoy our beloved Shore again.

Well, just as surely as the air and sand and sea will be delightfully warm again, there will be plenty to celebrate this summer. There are still dozens of great destinations and plenty of fun at the Shore this year.

Nov 5 2012

Will Jersey Shore Ever Be The Same After Sandy?

English: A view of the beach in Seaside Heights, New Jersey north of Funtown Pier (Photo credit: Wikipedia)

SEASIDE HEIGHTS, N.J. — It is one of the icons of America, the backdrop to a thousand stories — the place where Tony Soprano”s nightmares unfolded, where Nucky Thompson built his “Boardwalk Empire,” where Snooki and The Situation brought reality TV to the ocean’s edge and where Springsteen conjured a world of love and loss and cars and carnival lights and a girl named, incongruously, Sandy.

But after the storm of the same name passed through last week, the seaside towns of the Jersey Shore, a place that popular culture has picked to exude Americanness, have been upended, and some of the boardwalks have been pushed into the sea.

And those who live there, those who spent their childhood weekends there and those who experience its stories from afar are asking different versions of the same question: What happens now?

“This is just a heartbreaking experience seeing all these places we love that are just decimated,” said Jen Miller, a blogger about the Jersey Shore who lives in the Philadelphia area. “It’s just what you do every summer: You go ‘down the shore.’

Nov 1 2012

PA-NY-NJ Picking Up After Hurricane Sandy’s Epic Devastation

The sodden, wind-blown tri-state region of New York, New Jersey and Pennsylvania began an arduous journey back to normal on Wednesday after mammoth storm Sandy killed at least 82 people in a rampage that swamped coastal cities and cut power to millions across the Northeast.

Financial markets reopened with the New York Stock Exchange running on generator power after the first weather-related two-day closure since an 1888 blizzard. Packed buses took commuters to work with New York’s subway system idle after seawater flooded its tunnels.

The U. S. Navy said it was moving ships closer to areas affected by the disaster in case they might be needed, including the helicopter carrier USS Wasp.

Sandy killed 69 people in the Caribbean as a hurricane before crashing ashore just south of Atlantic City, N.J. Monday night as Post-Tropical Cyclone Sandy, which became a rare hybrid superstorm after merging with another weather system to deliver 80 mile-per-hour winds and record storm surges.

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