warren j. martin jr attorney - revel presentation
TRANSCRIPT
Tuesday, April 21, 2015
Hotel Woodbridge
Iselin, NJ
"Revel's Rippling Effect" - The Impact of Revel's Bankruptcy
on the Local Economy and BeyondMorris S. Bauer, Esq.
Norris McLaughlin & Marcus PA
Warren J. Martin Jr., Esq.
Porzio, Bromberg & Newman, P.C.
Ilana Volkov, Esq.
Cole Schotz P.C.
Revel - I
Filed March 2013Pre-Restructure Post-Restructure
Funded Debt* $1.5 B $272 MMPer Annum Interest Carry
$102 MM $32 MM
Monthly Interest Carry $8.5 MM $2.66 MM
Wages 7.0Taxes 3.3Energy 3.0Slot Machine Leases 1.2Subtotal 14.5 (Monthly)Debt Service ?Marketing/ Insurance ?Food & Beverage ?
Revel - II
Monthly Expenses (in Millions)
Tax Savings from January 2015 Reassessment: $32 Million
Size 6.2 Million Square Feet
Cost to Build $2.4 Billion ($387/sf)
Purchase Price Paid by Polo North
$82 Million ($13.22/sf)
Revel Physical Plant
Title
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15
Source: 2013 Revel Bankruptcy – Docket 3 (Page 12) – 3/25/13
Source: AC Visitor Profile Study, Preliminary Report - February 2013
Source: Atlantic City Gaming Revenue - UNLV Center for Gaming Research, January 2015
Source: Atlantic City Gaming Revenue - UNLV Center for Gaming Research, January 2015
Title
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15
Source: NJ Division of Gaming Enforcement press release dated 4/14/15
Title
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15
Title
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15
Title
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15
Title
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15
Source: City of Atlantic City – 60 Day Report of the Emergency Manager, 3/23/15