No Smoking Revel Going Up in Smoke with Bankruptcy

Just days short of a year because it exposed to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, centered on federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the miracle of high finance sleight-of-hand, some $1.5 billion in staggering debt will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take over the reins with this faltering mare.

Resignations Really 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 would be abdominal entrails from the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract whenever you sign up gets you a well-paid ride when you are axed; so DeSanctis and Garrity not merely arrive at stick to with the Revel brand, they can also look forward to about $7 million in consulting charges for the remainder year. Is that each or together? We’re not certain, but our cap goes off to their attorneys: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a monetary nosedive recently (attributed to everything from Hurricane Sandy to an uncertain marketing platform for conventi […]

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

It’s perhaps not a brand new observation: in a country still crawling back out of the recession that is worst in a hundred years, legalizing sports betting is yet another effective way for states to dig out from under. 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 pro recreations league opposition.

Other States Eyeing Legislation

Not surprisingly, New Jersey is there: following a referendum vote by state residents, Gov. Chris Christie signed legal recreations betting into legislation a year ago, 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 last year which may be reintroduced to the Statehouse this year for another pass. And Illinois is additionally considering allowing wagering for a basis that is legal.

NCAA Opposed

Not quite as pleased about it all could be the NCAA, the company that oversees things regarding athletics that are collegiate. They’ve gone as far as to file a lawsuit with major sports leagues like the NFL, NHL, NBA and MLB, the leagues which cover football, hockey, baseball and basketball, claiming that allowing recreations betting in nj could ‘irreparably’ corrupt activities in America. (Probably akin to saying […]