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 year as it exposed to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, based on federal securities regulators’ disclosure statements the casino filed earlier 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 brand new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take over the reins of the faltering mare.

Resignations Certainly 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 isn’t Japan, or there would be intestinal entrails from the penthouse to your parking lot by now. Nope, this is America, where a smartly negotiated contract when you sign up gets you a ride that is well-paid you’re axed; therefore DeSanctis and Garrity not only get to stick to with the Revel brand, they can additionally look ahead to about $7 million in consulting fees for all of those other year. Is that each or together? We’re not yes, but our cap goes off to their solicitors: 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 Continue reading “No Smoking Revel Going Up in Smoke with Bankruptcy”

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

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

It’s maybe not a new observation: in a nation still crawling back out from the recession that is worst in a hundred years, legalizing recreations betting is yet another effective method for states to dig out from underneath. 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 sports league opposition.

Other States Eyeing Legislation

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

NCAA Opposed

Not quite as happy about all of it could be the NCAA, the organization that oversees things regarding athletics that are collegiate. They’ve gone in terms of to register a lawsuit with major sports leagues such as the NFL, NHL, NBA and MLB, the leagues that cover football, hockey, baseball and basketball, claiming that allowing sports gambling in nj could ‘irreparably’ corrupt recreations in America. (Probably akin to stat Continue reading “Safe Bet That Legal Sports Betting Is Gaining Recognition Across the States”