{"id":6727,"date":"2013-12-20T15:51:23","date_gmt":"2013-12-20T15:51:23","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2013\/12\/20\/hard-rock-in-talks-to-buy-troubled-revel-casino\/"},"modified":"2013-12-20T15:51:23","modified_gmt":"2013-12-20T15:51:23","slug":"hard-rock-in-talks-to-buy-troubled-revel-casino","status":"publish","type":"post","link":"https:\/\/forumarchives.tmsites.net\/index.php\/2013\/12\/20\/hard-rock-in-talks-to-buy-troubled-revel-casino\/","title":{"rendered":"Hard Rock in talks to buy troubled Revel Casino"},"content":{"rendered":"


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\tHard Rock International is in deep talks to buy Atlantic City\u2019s troubled Revel Casino, two sources close to the situation told The Post.
\n\tThe 20-month-old money-losing Revel, which has been through a Chapter 11 bankruptcy reorganization this year, said last month it had hired Moelis & Co. to explore strategic alternatives.<\/p>\n

\tIt started looking for a buyer in June, The Post reported exclusively at the time.
\n\tOrlando, Fla.-based Hard Rock, whose eight casinos contribute to total corporate revenue of roughly $4 billion, has been looking to establish an Atlantic City presence.<\/p>\n

\tIn September 2012, it canceled a $460 million project to build Hard Rock Atlantic City due to poor market conditions.
\n\tThe deal, if completed, would be a huge relief to New Jersey politicos. The seaside city has suffered from declining revenue for many years because of growing competition. A second casino, the Atlantic Club Casino hotel, the former Hilton, failed to find a buyer after two days of a bankruptcy court auction.<\/p>\n

\tMorgan Stanley took a bath funding the construction of the Revel, and then turned it over to hedge-fund investors, which have been racking up losses.<\/p>\n

\tIn total, investors have lost more than $2 billion building and running the casino.
\n\tHard Rock, if it reaches a deal to buy the 1,399-room Revel in the next several weeks, will likely shut it down for a renovation and a Hard Rock re-flagging , according to a source close to the matter.<\/p>\n

\t\u201cThey <\/p>\n are going to take a big haircut,\u201d a source said.
\n\tCanyon Capital, Chatham Asset Management and Capital Research and Management in 2011 were among the hedge funds that invested $1.2 billion to finish construction after Morgan Stanley, which lost more than $1 billion, walked away.<\/p>\n

\tWhile the Hard Rock is the casino most advanced in talks with Revel, others have expressed interest, a source said.
\n\tA Hard Rock spokesperson did not return calls.<\/p>\n

\tIf New Jersey, as some hope, turns the Meadowlands Racetrack into a Racino, it would likely require any bidder for the operating license to already own a brick and mortar casino in the state, which may have been the spur for Hard Rock to invest in Atlantic City.
\n\tRevel, which was built as a resort that happened to have gambling, is showing some signs of progress.Hard Rock in talks to buy troubled Revel Casino<\/p>\n

\tIn November, Revel\u2019s revenue gain of $14.5 million amounted to the biggest percentage leap of the city\u2019s 12 casinos; it had $6.2 million in the year-earlier period, when Hurricane Sandy struck.<\/p>\n

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Hard Rock International is in deep talks to buy Atlantic City\u2019s troubled Revel Casino, two sources close to the situation told The Post. The 20-month-old money-losing Revel, which has been through a Chapter 11 bankruptcy reorganization this year, said last…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6727","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=6727"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6727\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=6727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=6727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=6727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}