Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in New Jersey has failed to turn a revenue. (Image: cntraveler.com)

Once the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the start of a new age for the regional gambling industry. Now, it looks as if the resort might drop as one of the largest failures in American video gaming history.

The Revel Entertainment Group has filed for security from its creditors in a bankruptcy that is federal, and has put the property up for auction in an effort to sell the casino before it is forced to close. According to Revel, that closing could happen in very little as two months in case a sale doesn’t proceed through. That would come as a huge blow to the town, as well as the 3,140 workers that work at the Revel.

Little Value in Struggling Casino

Ownership states that they will have obtained a $125 million loan which will ensure the venue can stay open until a customer is found. However they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to perform just two years ago, estimates now have the property valued at not as much as $300 million. Some even think that the value that is true be less than $100 million, because it is going to be a long period before the venue has an opportunity to turn a profit.

‘ We will work to reach an agreement with an owner Continue reading “Revel Casino in Atlantic City Files for Second Bankruptcy”

Support Dropping for Massachusetts Casinos, Poll Says

Support Dropping for Massachusetts Casinos, Poll Says

Even yet in the very best of times, the idea of allowing casino that is large in Massachusetts had been a controversial one. Still, the residents associated with state seemed to support the idea generally at least until recently. Now, a poll that is new shown just exactly how far help for the casino law has fallen.

Anti-casino sentiment is growing throughout Massachusetts. (Image: AP)

Based on a poll released this by Suffolk University and the Boston Herald, only 37 percent of Massachusetts voters now support having casinos in the state, while 47 percent oppose the idea (15 percent were undecided) week. That’s a huge shakeup in the state’s opinion of expanded gambling: as recently as February, 51 per cent of voters said that they were and only this new casinos.

Possible Repeal Vote Looms

If the general public’s viewpoint of the casino law wasn’t considered especially important in the past, that view could easily change later this year. Massachusetts’ Supreme Judicial Court happens to be debating whether a measure to repeal the casino law must certanly be allowed for a ballot that is statewide November, plus the new numbers suggest that voters might kick the casinos out of the state if offered the opportunity.

‘It appears as if you’ve had a shift that is major opinion because the reality of casinos and the regressive nature of what happens with the placement of casinos in Massachusetts in addition with a of this soci Continue reading “Support Dropping for Massachusetts Casinos, Poll Says”

Fertitta and Wynn Joining United states Gaming Association for 2014

Fertitta and Wynn Joining United states Gaming Association for 2014

Station Casinos Chairman Frank Fertitta III is going to be joining the American Gaming Association Board of Directors this along with Steve Wynn (Image: renoetahoe.com year)

Just Take your seats and get ready for some head-whipping interplay between power players: the American Gaming Association (AGA) the Washington, D.C.-based lobbying that is primary for the major casino conglomerates in America has some new constituents lightning link slot 2019. It will make for an interesting year ahead as these casinos’ professionals determine the course for gambling in the usa, and in particular, online gambling.

Wynn Comes Back

Joining this powerhouse organization a group tasked largely with persuading federal legislators to do this where it’s needed with regards to gaming will be Wynn Resorts Ltd., Station Casinos, and upscale Kentucky Derby racetrack and casino operator Churchill Downs Inc. Each among these companies will likely then have a member that is official their interests in the AGA’s board of directors.

Going back to the business that he initially founded back in 1995 will be casino magnate Steve Wynn, chairman of his company that is eponymous obviously certainly one of the gaming industries more invigorated proponents. After he offered his Mirage Resorts to that which was then called MGM Grand Corp. back in 1999, Wynn had walked away from the business. Their views on online gaming have already been significantly circumspect Continue reading “Fertitta and Wynn Joining United states Gaming Association for 2014”

Support Dropping for Massachusetts Casinos, Poll Says

Support Dropping for Massachusetts Casinos, Poll Says

Even yet in the best of times, the idea of allowing large casino resorts in Massachusetts was a controversial one. Still, the residents for the state seemed to support the idea generally at minimum until recently. Now, a new poll has shown just how far help for the casino law has fallen.

Anti-casino sentiment is growing throughout Massachusetts. (Image: AP)

Based on a poll released this week by Suffolk University and the Boston Herald, only 37 per cent of Massachusetts voters now support having casinos within the state, while 47 percent oppose the idea (15 per cent were undecided). That’s a huge shakeup in the state’s opinion of expanded gambling: as recently as February, 51 % of voters said that they were and only this new casinos.

Possible Repeal Vote Looms

That view could easily change later this year if the general public’s opinion of the casino law wasn’t considered particularly important in the past. Massachusetts’ Supreme Judicial Court is debating whether a measure to repeal the casino law should be allowed on a statewide ballot in November, and also the new numbers recommend that voters might kick the casinos out from the state if given the chance.

‘It seems as you’ve had a major shift in opinion once the reality of casinos and the regressive nature of what happens with the placement of casinos in Massachusetts in addition for some of this social issues,’ stated David Paleologos, director associated with S Continue reading “Support Dropping for Massachusetts Casinos, Poll Says”