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!
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