Revel's Tortured Ghost

It was New Jersey’s Eighth Wonder of the World, and one of the most striking and postmodern buildings this side of the new World Trade Center. It heralded a new era for a city stuck in a rut, and signaled a change in the gaming and entertainment industries. It was known by a single, 5-letter word, a synonym for the celebration in which it stood for:

Like any good bet, the stakes for winning were very high and the toll for losing was even greater. Unfortunately, due to a combination of bad economy and poor decisions, Revel shuttered not even 2.5 years after opening, only existing from April 2012 to September 2014. Some may say this is where the journey ended, but a property so dominant and beautiful deserves a second chance. This is where things get interesting.

The former Revel still towers over Atlantic City, but instead of being a shining beacon for the beleaguered town, it casts a depressing shadow. Revel stands empty, its entrails unknown. If one were to break into the building now it’s unsure what you would find. Are the slot machines and tables still in place, without a chip to be seen? Have the check-in terminals and room-specific tablets been pawned? Are the facades and signage still lit on a timer? Do the elevators work? Has neglect taken its toll yet, with props covered in dust and things hanging now collapsed? It’s a depressing thought, especially given that nothing pre-dates the year 2012. Nothing had the chance to really be ‘used’ yet.

One thing is certain though, the building still has power. Revel was so big and so new that it required its own power plant: ACR Energy Partners. (Take a guess what the acronym stands for.) Curiously, it is considered its own company and not a subsidiary, despite being created for and having Revel as its one and only customer. Even though the resort ceases to exist, the power plant still does and it operates normally, albeit supplying much less power than usual. Given that Revel never once turned a profit (nor had the time to), its checks to ACR were nothing more than IOUs. Since the closing, ACR warned of cutting off Revel, but has since bided its time and supplied power to the dead building. One would ask what exactly they need to power: the answer is the air circulation systems, heat and AC. If ACR follows through with its word and stops supplying power, the air inside Revel, the salty, humid, oceanfront air, would stagnate. With moist, stagnant air comes mold, and the empty resort would quickly become a biohazard.

It makes me want to cry.

Even when Revel was still open, it actively looked for buyers. They knew they couldn’t keep the place from washing into the ocean themselves, and tried to find someone that could. But nobody wanted the place, even when it still had customers going in and out. Sure, some investors or real estate magnates would take a look, but nobody committed. Nobody committed to the beautiful, sprawling, essentially new property, even after fire-sale discounts.

Revel cost over $2 billion to build. Today they can barely sell it for $100 million.

They are practically giving the place away, and it hasn’t even become a mold biohazard yet. There’s not one super-rich person on Earth who wants the hottest piece of property in a city that is dying for reinvention. Oh, Glenn Straub? The guy who seems the most promising to buy Revel? He wants a discount. Are you kidding me. Anyone that steps forward to buy Revel always seems to back out for the dumbest of reasons. Reasons they couldn’t just wave their money wand at and fix, a wand which they would have to use to renovate anyway, mind you.

Then of course there’s the little issue of the inside tenants. Although Revel itself was a money pit, some of the restaurants and clubs inside the place did flourish. No matter how well these individual venues were doing, they were all forced to close with Revel on Labor Day weekend 2014. Even venues with separate entrances, like the nightclub HQ, were not allowed to operate. (Even with ACR still supplying the juice regardless!) It’s like if a shopping mall is closing and the Macy’s anchor is forced to close too. Not only does it add to the increasing dead-ness of Atlantic City, but the owners of these establishments took a major hit. I’m sure Revel helped them out a bit in the beginning but like any tenant, these places were on their own to maintain and invest, and they did! All for nothing now. Yet another court case with Revel now includes retribution for these third parties, adding to the court case with ACR, and with the taxes Revel still owes, and with trying to sell the property, and with corporate bankruptcy in general…

What a mess.

Can't say he didn't try.

I guess now it makes sense why nobody wants Revel as it currently is, but the problem is that the former resort is a ticking timebomb. It won’t stay pretty or even salvageable for much longer, and the longer we wait for someone to reopen or repurpose it, the renovation and gutting costs could exceed its asking price. Heck it would probably cost more to even demolish it. Someone just needs to do something with it. Enough haggling with price, it’s not going to get any cheaper. Pay off ACR and the ailing third parties, or better still allow them to reopen along with Revel 2.0. I know we’re talking about millions of dollars here, but the interested buyers are billionaires, so they can kind of afford this. Pay them off and clean the slate, consider it the reason why the building itself is so cheap and allow its discount to subsidize the additional payments. And do it now. Atlantic City literally can’t afford any more downtime, and by the time Revel 2.0 (or whatever it’s called) is ready to open it may be too late. Perhaps I’ll do another article about all the realistic things Revel can become, but right now it’s just imperative that something is done with it. 

It was such a wonderful place in 2012, full of innovation and delight, with an albatross of debt hanging from its neck from day one. A debt that everyone knew would never be repaid. And yet they tried their hardest, stumbling along the way, but with a good heart and good intentions. It was like that ex that promised they’d make it work, even though they never could.

Such a wonderful place, now writhing in Hell. =(

The Taj's Awkward Phase

I’ve made enough Taj Mahal/giant tomb jokes in previous posts, so I won’t make one here.

But it’s no surprise that after several premature closing dates and a very public feud with worker unions, the Trump Taj Mahal is not the grand casbah it once was. Even Trump himself has disowned the resort, requesting his name no longer be affiliated with the property (and even to remove the many TRUMP letters adorning the tower). By that respect I’ll no longer use his name either. Flanked by the Showboat-turned-Stockton college campus and the resurging resort known as Resorts, the Taj Mahal sits as literally the giant elephant on the Atlantic City boardwalk. It’s too big to ignore, and the ocean has taken its toll on the whitewashed Indian pastiche, its regal gold trim now a honey brown. And although it commands your attention, it does little with it. The smaller resorts like Caesars and Golden Nugget have more stage presence in AC than the Taj does, and it makes you wonder why.

There was a time when the name (Trump) Taj Mahal used to really mean something. It dominated Atlantic City in the 1990s as the newest, largest, and top-grossing casino on the boardwalk. On opening day it set the record as the largest casino in the world. The WORLD. Right there in plucky little Atlantic City! It was the new gold standard, and Donald Trump beamed with pride at every turn. The Taj Mahal was on top until 2003, when the Borgata opened and trumped the Taj (admit it, that was a good one). To this day the Borgata remains the biggest gravy train you can board in AC, and it shows no signs of stopping. Good for them, truly.

Empty chairs at empty tables...

So as Atlantic City’s casino revenue started declining 2007-onward, unless your name was Borgata you had some major ducks to get in a row. Tropicana expanded. Resorts rebranded. Bally’s overhanded. And Hilton basically gave up. Simply put, every casino did something, except for the Taj Mahal (and its cousin property the Plaza for that matter). The Taj stuck with its outdated casino and infamous massive chandeliers, burned out bulbs and all. Sure they opened a new hotel tower, and a lovely one at that, but unless you were a hotel guest it meant virtually nothing. It had no impact on the gaming business. AC patrons saw the 20/30-year-old casinos doing their best to keep up with Vegas (in vain but with an A for effort), but saw the Taj doing nothing. Something is always better than nothing. Oh wait that’s not true, the Taj did do something to keep up: they changed their logo.

They also opened a Scores. Remember Scores? That gentlemen’s club in NYC? That closed? Now there’s one in NJ, and because it’s in NJ, the laws prohibit nudity and alcohol in the same establishment. Bottom line: required pasties. Let’s just say the reception has been… soft. 

Check-in is at 4PM but you might want to come early, in case there's uh, a line.

So what is the Taj to do? It is coming on its silver anniversary this year, an anniversary that no one last year thought it would have. We all thought this place would be the fifth casino to close in 2014, but with a $20 million injection (purely out of Carl Icahn’s sympathy) it is still open. Hanging from the thinnest of threads. (There’s definitely a rug joke in there somewhere, let me know if you find it.) With barely an advertising budget, the Taj is scrambling to find a low-res way to get people’s attention and steer them away from the now-disproven rumors and headlines that the resort is closing. And absurdly enough, that’s exactly what they’re doing.

Lately it seems that the Taj Mahal’s ad campaigns are purely celebratory of its open doors. The Tropicana is advertising its headline performers, Borgata is advertising its poker tournaments, and Caesars is advertising its new restaurant. (There’s also a billboard still up advertising Revel’s final DJ appearances from last summer, I think that could be taken down now.) Then there’s the Taj, advertising the fact that it is open. Let that sink in for a bit.

You've got to be kidding me.

How could anyone see that as a positive message? Why would anyone want to go somewhere where an unlocked door is a selling point, especially with the competition eating at them from all sides? Even a dead casino is getting more ad space than them! The Taj Mahal needs a major player in their corner, and I’m talking big. Bigger than free slot play, bigger than a costly casino renovation, bigger than Scores. Remember that rumor where Mariah Carey was considering an Atlantic City residence? That’s what I’m talking about. Someone who can get people to drive/fly in from all over, have a steak dinner or equivalent, walk through the 90s-chic casino to get to the theater, play a few hands of blackjack after the show and then retreat to their room on the 24^th floor after a late-night snack at the Spice Road food court. At this point it’s beyond renovation, the Taj is a time warp and honestly should just stay like one. At least it can set itself apart from the other casinos that way. Not that the place can even afford a touch-up, heck I’m surprised they have enough money to award the jackpots.

Human traffic. That’s what the Taj needs. 

Saying ‘We’re Staying Open!’ as the billboards literally say, is not going to do that. But saying something like ‘Mariah’s at the Taj!’ would do a much better job. We need to see some spectacle here. Not new high-end boutiques that no one can afford, or lower-end ones no one cares about. Not new hotel rooms or towers because they can barely fill up what they have. Not even a new casino floor, because everyone else in AC is renovating theirs and they’re all starting to look the same. Plus, AC is aligning itself as a more-than-just-gaming town, so shift the focus. Bring in a household name that doesn’t zero-in on a niche demographic (looking at you, Scores) and have them hang around for a bit. Same as how many people go to Las Vegas purely to see Wayne Newton, Celine Dion or recently Britney Spears. They don’t go to gamble and yet they drop bank on show tickets, rooms, dining, tacky souvenirs and the rogue $20 in a slot machine. Laugh all you want, but it single-handedly turned Vegas around.

At this point it's almost a game to see how many letters burn out until they notice.

And while they’re at it removing the TRUMP letters from the building, why not remove the MAHAL as well? Everyone (including the corporate entity) affectionately refers to the property as ‘The Taj’ so let’s make it official! No better way to rebrand something than to call it what everyone calls it anyway. Look at what the YMCA did by rebranding themselves as ‘The Y’ and follow suit. Use the same masculine typeface as the existing logo (not that earlier, faux-Indian font) and let the three letters dominate the space: TAJ. It’s already an eye-catching and unorthodox word. Again, they have virtually no money to allocate to the R&D of decent rebranding, so use what you’ve got!

Once people start seeing that the Taj is back out to play again, people will take it more seriously. Until then it’s pretty much doomed. 25 years is a long time to exist no matter how you see it, and usually a 25^th year is a celebration of growth and maturity. (Coincidentally I turn 25 next week!) But for the Taj this 25^th year is an awkward one, a celebration of anyone who walks in the door. Calling it a ‘transitional phase’ would be too kind, as it’s unclear whether a next phase is even in the cards. This is no doubt the Taj’s darkest hour, and one that may lead to a major comeback only if the right stage is set. But if things remain as they currently do, it may as well have closed last year like it was supposed to. Three times over.

Happy Anniversary Taj, and good luck.