ERROR: Macro njDefaultArticleHeader is missing!

Grapevine

Grapevine: Revel’s name holds no cachet

Back to Top Comments Email Print

Latest News

Communications agency strat-igence adds former corporate exec as president

By Eric Strauss
August 18, 2017 01:34 PM

Chester strategic communications agency strat-igence announced recently that it has named a former corporate executive as its new president. CONTINUE READING

BAYADA Home Health Care names CEO

By Emily Bader
August 17, 2017 01:20 PM

Moorestown-based BAYADA Home Health Care announced Thursday it has appointed David Baiada as its CEO, succeeding his father and company founder Mark Baiada, who is transitioning to the role of chairman. CONTINUE READING

advertisement

Roka Bioscience to sell assets to IEH for $17.5M

By NJBIZ STAFF
August 17, 2017 10:53 AM

Warren-based Roka Bioscience Inc., a molecular diagnostics company, announced Thursday it has entered into an asset purchase agreement with Rokabio Inc., a newly-formed, wholly-owned subsidiary of Institute for Environmental Health Inc., for the sale of substantially all the assets of Roka Bioscience for $17.5 million. CONTINUE READING

Beavex inks lease in East Rutherford

By Mario Marroquin
August 17, 2017 01:57 PM

Commercial real estate firm NAI James E. Hanson announced it has brokered the leasing of 24,488 square feet at 343 Murray Hill Parkway in East Rutherford. CONTINUE READING

Chubb names North American house counsel manager

By Emily Bader
August 17, 2017 01:39 PM

Whitehouse Station-based Chubb announced Wednesday it has named Liz Daly senior vice president and house counsel manager for its North American claims organization. CONTINUE READING

Weichert Commercial Brokerage announces new VP

By Mario Marroquin
August 17, 2017 01:25 PM

Commercial real estate brokerage firm Weichert Commercial Brokerage recently announced Faith Miller has joined the firm’s Edison office to serve as vice president. CONTINUE READING

House of Wine & Liquor adds location in Woodbridge

By Mario Marroquin
August 16, 2017 12:27 PM

CONTINUE READING

advertisement

Revel Casino Hotel, Atlantic City’s $2.4 billion toy, is in bankruptcy for a second time since opening in 2012 and its prospects don’t look good.

The property, heavily in debt, will go up for auction in early August and there’s a chance that despite its shiny, still-new feel, it may go unclaimed without a bidder.

And if there is one, a winning bid might come in as low as $50 million, according to a recent Philadelphia Inquirer report.

But how could that really happen?

The Inquirer has reported that design flaws that exist in the casino, despite the property being the newest in the market, would probably cost any bidder around $150 million to correct.

A rebranding might also have to be completed as the Revel name is now synonymous with bankruptcy and failure.

One source says that it would be unthinkable for Revel to go through the auction without a buyer, especially at a time when Atlantic City is taking several punches to the gut at once.

In recent weeks, both Showboat and Trump Plaza have announced that they expect to close within the next few months. The city already lost one casino this year: the Atlantic Club closed its doors in January.

On Revel, the source says he’s heard word that “there are people looking at it,” but how seriously, is anyone’s guess.

“It’s a new facility,” the source said. “Somehow, some way, we’ve got to make it work.”

Incentives watch is on

As stakeholders crafted the Economic Opportunity Act of 2013, the landmark overhaul of the state’s incentive programs, one priority was to create even greater incentives for companies that create new jobs.

That meant, in part, scaling back the amount of tax credits a company can get for simply keeping jobs here — by some 50 percent, in fact. Under the original Grow New Jersey program, new and retained jobs were treated equally when calculating the awards.

Whether the move by lawmakers had the desired effect remains to be seen, but one insider notes that the cap for existing jobs could be lowered even further. That would happen under the Economic Opportunity Act of 2014, a follow-up bill to last year’s overhaul.

There have been many versions of the bill this year, but this one is now on the governor’s desk. And the development community isn’t exactly pleased.

“Commercial real estate interests are lobbying the governor’s office to not approve the bill as signed, because of the cap,” the source said.

The bill passed both houses of the Legislature in late June — the same week cold-cut maker Dietz & Watson said it was leaving New Jersey despite a $3.1 million tax credit offered by the New Jersey Economic Development Authority in February.

After a fire destroyed its Delanco warehouse and distribution center last September, the company said it’s moving those operations to Philadelphia, where it already has its headquarters.

The company will relocate 110 jobs from the former Delanco facility, whose employees had been operating in Philadelphia since the fire, thanks to $2.1 million in grants, plus other incentives.

It was also the same week Bank of New York Mellon Corp. officially passed on New Jersey.

On June 26, the Manhattan-based custody bank said it was moving from its Wall Street headquarters to a new site in Lower Manhattan, rather than a waterfront site it had been considering in Jersey City.

The announcement was big news in the New York media, but received little attention in the Garden State.

Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Tom Bergeron at tomb@njbiz.com

Share This Story On:

Grapevine: Revel’s name holds no cachet

Back to Top Comments Email Print

Latest News

advertisement

Revel Casino Hotel, Atlantic City’s $2.4 billion toy, is in bankruptcy for a second time since opening in 2012 and its prospects don’t look good.

The property, heavily in debt, will go up for auction in early August and there’s a chance that despite its shiny, still-new feel, it may go unclaimed without a bidder.

And if there is one, a winning bid might come in as low as $50 million, according to a recent Philadelphia Inquirer report.

But how could that really happen?

The Inquirer has reported that design flaws that exist in the casino, despite the property being the newest in the market, would probably cost any bidder around $150 million to correct.

A rebranding might also have to be completed as the Revel name is now synonymous with bankruptcy and failure.

One source says that it would be unthinkable for Revel to go through the auction without a buyer, especially at a time when Atlantic City is taking several punches to the gut at once.

In recent weeks, both Showboat and Trump Plaza have announced that they expect to close within the next few months. The city already lost one casino this year: the Atlantic Club closed its doors in January.

On Revel, the source says he’s heard word that “there are people looking at it,” but how seriously, is anyone’s guess.

“It’s a new facility,” the source said. “Somehow, some way, we’ve got to make it work.”

Incentives watch is on

As stakeholders crafted the Economic Opportunity Act of 2013, the landmark overhaul of the state’s incentive programs, one priority was to create even greater incentives for companies that create new jobs.

That meant, in part, scaling back the amount of tax credits a company can get for simply keeping jobs here — by some 50 percent, in fact. Under the original Grow New Jersey program, new and retained jobs were treated equally when calculating the awards.

Whether the move by lawmakers had the desired effect remains to be seen, but one insider notes that the cap for existing jobs could be lowered even further. That would happen under the Economic Opportunity Act of 2014, a follow-up bill to last year’s overhaul.

There have been many versions of the bill this year, but this one is now on the governor’s desk. And the development community isn’t exactly pleased.

“Commercial real estate interests are lobbying the governor’s office to not approve the bill as signed, because of the cap,” the source said.

The bill passed both houses of the Legislature in late June — the same week cold-cut maker Dietz & Watson said it was leaving New Jersey despite a $3.1 million tax credit offered by the New Jersey Economic Development Authority in February.

After a fire destroyed its Delanco warehouse and distribution center last September, the company said it’s moving those operations to Philadelphia, where it already has its headquarters.

The company will relocate 110 jobs from the former Delanco facility, whose employees had been operating in Philadelphia since the fire, thanks to $2.1 million in grants, plus other incentives.

It was also the same week Bank of New York Mellon Corp. officially passed on New Jersey.

On June 26, the Manhattan-based custody bank said it was moving from its Wall Street headquarters to a new site in Lower Manhattan, rather than a waterfront site it had been considering in Jersey City.

The announcement was big news in the New York media, but received little attention in the Garden State.

Grapevine reports on the behind-the-scenes buzz in the business community. Contact Editor Tom Bergeron at tomb@njbiz.com

Share This Story On:
advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy
advertisement
ERROR: Macro defaultSidebar is missing!
ERROR: Macro footer_top is missing!
Back to Top