Hard Rock International Will Not Buy Revel
Rumors have been circulating that Hard Rock International may buy the Revel Casino Hotel. However, Seminole Gaming CEO, Jim Allen, said that while the company considered purchasing the property it decided that a deal wasn’t right.At the East Coast Gaming Congress in Atlantic City Allen said, “Hopefully, it will be a trophy for somebody someday. If the economics were right, we would be interested. We looked at it, and we participated in the process. We believed — and still do to a certain extent — that Atlantic City has potential. The product has to change.”
Last year Revel announced that it was seeking a sale, partnership or a second bankruptcy restructuring. Allen said that there are issues with Revel’s size and design and said the company would have to invest too much in the property to make it viable.
Israel Posner, a gaming expert at Stockton College of New Jersey was not surprised by Allen’s announcement. However, he said that there are others looking at Revel as well. On the other hand he thinks that one of the older properties in Atlantic City will have to close in order to make the industry more competitive in the fight for gamblers along the east coast.