Things aren't looking so rosy for the Revel Hotel and Casino, which features restaurants and nightclubs from some of New York's biggest players. Just a few months after its glitzy launch, the hotel is missing its revenue expectations by a large margin, ranking 8th among Atlantic City resorts every month since opening. The key reason? According to Atlantic City regulars, the place is just too darn fancy! Atlantic City's bread and butter are middle class tourists who like their slots cheap and their food not fancy. But Revel went the other way, hoping that restaurants by esteemed chefs like Marc Forgione, Alain Allegretti, and Jose Garces, and a nightclub from the EMM Group would finally lure rich New Yorkers to the shore this summer with all of their big fat New York wallets.
It's not working out, and now those customers are fleeing to the area's more downmarket hotels with their cheap sandwiches. Now the question is: Will the Revel and its tenants be able to make it through the cold, long winter without a major financing issue?
· Revel's Rocky Launch [Philly.com]
· Revel Coverage [~ENY~]