Atlantic City’s newest casino may have ranked eighth out of the 12 in terms of gaming revenue in May and June, but gaming was from the start only part of the total package the property proposed to bring to an Atlantic City entertainment environment yearning to become more diversified.
ATLANTIC CITY — Reports that Revel has underwhelmed thus far in terms of revenue generation have been a bit misleading and not entirely aboveboard.
Yes, Atlantic City’s newest casino ranked eighth out of the 12 in terms of gaming revenue in May and June, but gaming was from the start only part of the total package the property proposed to bring to an Atlantic City entertainment environment yearning to become more diversified.
Revel is the among the largest casinos in the country based on square footage, but its 130,000 square feet of gaming floor represents only five percent of its 6.2 million square feet — less than its total meeting space and significantly less than some other A.C. casinos in terms of gaming space. Factor in everything else Revel has offered the area and how all that’s affected its bottom line, and throw in the fact that it’s still not at 100 percent in terms of all the amenities it intends to offer at full strength, and the property is performing in the realm projected at this stage.
“With 90 days behind us, we are encouraged by the significant improvements we have seen across all major business segments — group, leisure and gaming,” says Kevin DeSanctis, Revel’s chairman and chief executive officer. “It is clear our economic model is working, allowing us to generate high margin non-gaming revenue and operate at a significantly lower cost versus the traditional gaming-dependent model.
“We are excited about what we have delivered from a product and experience perspective and remain confident our strategy will result in significant value creation for our stakeholders.”
Revel recently released a 90-day operating update and outlook. Facts and figures are posted below.
* HQ Nightclub previewed the weekend of July 6-8
* Café Central by Michel Richard opened June 4
* Luke’s Kitchen and Marketplace opened July 5
* Hugo Boss opened June 2
* Emporium 2050 featuring Vince Camuto and Rebecca Minkoff opened July 5
* Revolution Jewelry featuring Rodrigo Otazu and Charles Krypell to premiere in mid-July.
June Operating Performance:
* 618,593 total visitors, up 33 percent versus May
* June non-gaming revenue (non-gaming revenue represents 40 percent of the total property revenue) was up 25 percent versus May.
* June slot handle and table drop revenue were up 30 percent and 2 percent, respectively.
* $14.9 million in total gaming revenue, up 7 percent versus May
* $8.5 million in select non-gaming revenue, up 25 percent versus May
* Average hotel occupancy of 58 percent versus 47 percent in May
July Month-to-Date (MTD) Operating Performance and Outlook:
* Visitation up 45 percent versus June MTD
* Gaming revenue up over 75 percent versus June MTD
* Non-gaming revenue up 30 percent versus June MTD
* Occupied room nights up 84 percent versus June MTD
* Average hotel occupancy of 80 percent
* Average hotel bookings per day of over 1,100
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On this evening, Azure offered East Coast varietal Wellfleet and another from Washington state. The Wellfleet’s were dense, meaty and creamy while their Pacific relatives, smaller but deeply cupped in shells, offered a smooth, salty hint of their briny home.
From a casual lunch-truck approach to modern Mexican to the finest in French-inspired cuisine, Revel will have the entire dining spectrum covered.
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“The club is built vertically, which, from all my years of experience and all the nightclubs I’ve viewed globally, I’ve never seen such a vertical build. "
The catalyst behind Revel’s ambitious nightlife and entertainment options is the Las Vegas-based Angel Management Group (AMG), which brings three unique nightlife concepts to the property and southern New Jersey.
“When I look at Atlantic City, maybe I just see something different,” says DeSanctis. “What I see, when you go out on our Sky Garden or you go out on our deck, that’s sort of the Atlantic City that I think about. We have this incredible geographic location. We have 47 million people within a six-hour drive of this place, and when we think about options from a resort perspective in the Northeast, there really aren’t any. "
Wiedmaier’s room won’t be the only place to grab a steak at Revel. Chef Marc Forgione, one of Revel’s two TV Food Network “Iron Chefs” (Philly-based Jose Garces is the other) will be opening American Cut, which he described as his spin on a “classic steakhouse.”
Back in January 2009, Revel Entertainment felt the recession crunch and was forced to lay off part of its construction crew, halting progress on the interior of its nearly $2 billion north-end Boardwalk casino project and limiting progress to the building’s exterior alone.
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