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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 as it started to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, based on federal securities regulators’ disclosure statements the casino filed earlier 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 (formerly of the Mohegan Sun in Connecticut) will take over the reins with this faltering mare.

Resignations Really Are a Lot

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 to the parking lot by now. Nope, this is America, the place where a smartly negotiated contract when you sign up gets you a well-paid trip when you are axed; therefore DeSanctis and Garrity not just reach stick to with the Revel brand, they could additionally look ahead to about $7 million in consulting fees for the rest of the year. Is that each or together? We’re perhaps not yes, but our cap goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to an unclear marketing platform for conventions), some a

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 still crawling back out of the recession that is worst in a century, legalizing activities betting is yet another effective way for states to dig out from under. Nevada, for example, 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 recreations league opposition.

Other States Eyeing Legislation

Not surprisingly, New Jersey is already there: after a referendum vote by state residents, Gov. Chris Christie signed legal activities 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 year that is last may be reintroduced to the Statehouse this year for another pass. And Illinois is additionally considering allowing wagering on 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 register a lawsuit with major sports leagues just like the NFL, NHL, NBA and MLB, the leagues that cover football, hockey, basketball and baseball, claiming that allowing recreations gambling in New Jersey could ‘irreparably’ corrupt recreations in America. (Probably