Have you ever sat down to play Blackjack and gone on a really great run? You seem to be hitting Aces when it counts, pulling low cards when the odds seem stacked against you, and busting the house regularly – so often that you seem like the luckiest guy on the planet.
And then without a moment’s notice, that sick run comes to a sudden halt. Your once towering chip stack is dwindling and you feel like you need to reach into your wallet again for more cash if you want to keep playing. But then it happens. You hit a couple of Aces, split them. Then hit eights on the next hand, split those, double down, and suddenly have a monstrous chip stack again.
Amazing, right? Then a brand new shoe comes and you lose everything. Again. That’s pretty much what’s happened in Las Vegas with Revel Casino.
The first really great run? Revel being announced. That first turn of luck in the opposite direction? The recession hitting in 2008, forcing Revel to be delayed and possibly not even built. The rebound? Revel being opened in 2012.
The boomerang back to an unlucky streak? Revel closing its doors just a few months ago.
But Revel’s story doesn’t end there. Just last month Brookfield Properties announced that they were buying the $2 billion property for $110 million. The announcement was a nice slice of good news for Atlantic City, a town hit hard by a dwindling casino business. Four casinos have closed in 2014 alone.
Brookfield originally announced that they were planning to reopen Revel. They didn’t give a timeline, but the fact that they own Hard Rock Hotel & Casino in Las Vegas and Atlantis in the Caribbean were signs that the company was the right adoptive parent.
But last Wednesday, luck turned south again for Revel and Atlantic City as a whole. Brookfield announced that they won’t be finalizing the purchase of Revel after all. They aren’t happy with electricity payment for the property and weren’t able to secure a reduction. So, they walked away.
The news has sent shock waves through Atlantic City, which has seen more downs than ups in recent months. But the pullout could provide an opening for Glenn Straub, the initial Florida-based bidder who was outbid by Brookfield. And as unlikely as that might seem, history has taught us never to count a losing streak as the final streak.