No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply times in short supply of a 12 months because it launched to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, according to federal securities regulators’ disclosure statements the casino filed early in the day 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 new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take the reins over of the faltering mare.

Resignations Are a deal that is good

Hartman takes over for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there is entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract once you sign up gets you a ride that is well-paid you’re axed; therefore DeSanctis and Garrity not just reach remain on with the Revel brand, they could also look forward to about $7 million in consulting fees for all of those other year. Is that each or together? We’re not certain, but our hat goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall was in a economic nosedive recently (attributed to everything from Hurricane Sandy to an u Continue reading “No Smoking Revel Going Up in Smoke with Bankruptcy”

Safe Bet That Legal Sports Betting Is Gaining Acceptance Across the States

Safe Bet That Legal Sports Betting Is Gaining Acceptance Across the States

It’s maybe not a new observation: in a country nevertheless crawling back out from the worst recession in a hundred years, legalizing recreations wagering is yet another effective means for states to dig out from under. Nevada, for example, will see wagers in excess of $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 pro recreations league opposition.

Other States Eyeing Legislation

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

NCAA Opposed

Not quite as pleased about it all is the NCAA, the organization that oversees all things regarding athletics that are collegiate. They’ve gone so far as to file a lawsuit with major sports leagues such as the NFL, NHL, NBA and MLB, the leagues which cover football, hockey, basketball and baseball, claiming that allowing sports gambling in New Jersey could ‘irreparably’ corrupt activities in America. (Probably akin Continue reading “Safe Bet That Legal Sports Betting Is Gaining Acceptance Across the States”