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”