Morning Headlines: Could Revel Live On As A Mixed-Use Property?
Revel Hotel and Casino in Atlantic City on June 5, 2013. The Revel opened on April 1, 2012 at a cost of 2.4 Billion dollars. Photo | Shutterstock.com
With no buyers in sight, the all-but-shuttered Revel Casino Hotel is set to close September 10th. And yet, there is one person who stills sees potential in the failed $2.4 billion casino resort. Israel Posner, executive director of the Lloyd D. Levenson Institute of Gaming Hospitality & Tourism, says the 47-story tower can live on if its not restricted to one use.
From the Philadelphia Business Journal:
“I don’t think of it as being limited to the vision of [just] a hotel, casino or resort. “Posner said. “It can be that, and is that, but its potential use is much broader than that … It’s simply looking at it without the blinders on as a hotel and resort.”
PBJ’s Francis Hilario reports Posner proposed the building “be used as a mixed-use commercial property,” and evoked an image of city-living, saying, “Imagine being able to live above the office where you work […] It’s like living on a main street where your apartment is upstairs.”
Meanwhile, Gambing USA Corp. president Alan Woinski sees it a different way:
“I would rather see it stay open as a casino […]” “Buy it for peanuts, sink $100 million to fix the glaring problems, and [have] somebody who knows how to run a casino, can attract customers and operate it that way.”
• Revel more viable as a mixed-use commercial space, say experts [Business Journal]
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