By David Madden
ATLANTIC CITY, N.J. (CBS) – One year ago, Atlantic City’s recovery hopes were pinned on a new, $2-billion resort on the north end of the boardwalk.
Today, that resort has emerged from bankruptcy, finding itself owned mostly by its creditors.
Revel was marketed to the well-heeled from the git go with opulence at every corner and prices that reflected that. Leaders now concede they shot a little too high.
“Where we came up short is with the traditional Atlantic City gambler and that’s when I say repositioning, having a little more focus on our guests, how we talk to them, how we give offers, how we talk to the local guests from Brigantine verses that casino customer from New York that’s here for the weekend,” says Jeff Hartmann, who took over as CEO of Revel in March.
Hartmann is hoping Revel’s new business plan will work:
“We’ve increased our wayfinding signage to make getting around the resort a whole lot easier. We’ve introduced a new, lower-priced dining option, a 24-hour restaurant called ‘Relish’. We’ve opened up the aisleways to make player comfort on the casino floor a little more enjoyable than it was and you’ll see over the summer, we have a broader range of entertainment in Ovation Hall.”
With a new, lower-debt load to carry, Hartmann hopes to see a turnaround of fortune as soon as next year.