No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply times short of a 12 months because it started to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, according to federal securities regulators’ disclosure statements the casino filed earlier this week. Through the magic of high finance sleight-of-hand, some $1.5 billion in staggering financial obligation will now be converted into $1 billion in equity for the casino’s eager creditors, and a brand new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take the reins over with this faltering mare.

Resignations Are a deal that is good

Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there is intestinal entrails from the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract once you sign up gets you a well-paid ride when you are axed; so DeSanctis and Garrity not just get to remain on with the Revel brand, they are able to additionally look ahead to about $7 million in consulting fees for the remainder year. Is that each or together? We’re perhaps not sure, but our hat goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a nosedive that is financial (attributed to everything from Hurricane Sandy to a not clear marke Continue reading “No Smoking Revel Going Up in Smoke with Bankruptcy”

Secure Bet That Legal Sports Betting Is Gaining Recognition Across the States

Secure Bet That Legal Sports Betting Is Gaining Recognition Across the States

It is not a brand new observation: in a country nevertheless crawling back out from the worst recession in a century, legalizing activities betting is yet another effective method for states to dig out from underneath. Nevada, for instance, will see wagers in more than $200 million on March Madness sports book action alone, and that little piece of reality has other states eager to get on the bandwagon, despite NCAA and professional activities league opposition.

Other States Eyeing Legislation

Not surprisingly, New Jersey is here: after a referendum vote by state residents, Gov. Chris Christie signed legal recreations betting into law a year ago, at least for Atlantic City’s twelve casinos and an additional four horse competition tracks across the state. California’s State Senate approved a recreations gambling bill final year which may be reintroduced into the Statehouse this year for another pass. And Illinois is also considering allowing wagering for a legal basis.

NCAA Opposed

Not quite as happy about all of it is the NCAA, the company that oversees all things regarding athletics that are collegiate. They’ve gone in terms of to file a lawsuit with major sports leagues such as the NFL, NHL, NBA and MLB, the leagues that cover football, hockey, baseball and basketball, claiming that allowing sports betting in nj could ‘irreparably’ corrupt activities in America. (Probably akin to saying that Continue reading “Secure Bet That Legal Sports Betting Is Gaining Recognition Across the States”