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