Atlantic City: Revel worth USD 73 million at best

“We want potential buyers to fully understand Revel’s financial position,” said Ben Begleiter, a research analyst for Local 54. “It’s not good for the workers at Revel, the community or the industry if a buyer overpays for this property. Overpaying could lead to an even more painful bankruptcy down the road. “Irrational enthusiasm and lack of clear-eyed analysis is what led to the mess we have today,” he added. “We don’t want the cycle to be repeated.”

In the report the union also claim the Revel will not see a profit until 2024 at the earliest, the valuation says the research is calculated on earnings from the casino before deductions, but because of the casinos continued loses the valuation was on the value of the land the resort covered and hotel rooms.

So the unions valued the following going price of casino land in Atlantic City which they say is between us$ 1.25 million and us$ 2.71 million per acre, with hotel rooms being valued at between us$ 28,925 and us$ 52,198 each.

However the valuation could be biased as the union has been fighting the Revel ever since it opened as the company has a policy of non-union involvement for their employees.