Category Archives: XSlots

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 since it opened to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, predicated on 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 brand new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take over the reins of the faltering mare.

Resignations Are a Whole Lot

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 entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract whenever you sign up gets you a ride that is well-paid you are axed; so DeSanctis and Garrity not merely get to remain on with the Revel brand, they are able to additionally look ahead to about $7 million in consulting fees for the remainder year. Is that each or together? We’re perhaps not sure, but our cap goes off to their lawyers: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a nosedive that is financial (attributed to everything from Hurricane Sandy to a not cl Continue reading

Share

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 not a brand new observation: in a country nevertheless crawling back out from the worst recession in a hundred years, legalizing sports gambling is yet another effective method for states to dig out from underneath. Nevada, for instance, will see wagers in excess of $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 there: after a referendum vote by state residents, Gov. Chris Christie signed legal activities betting into legislation year that is last at least for Atlantic City’s twelve casinos and an additional four horse competition songs across the state. California’s State Senate approved an activities gambling bill year that is last may be reintroduced to the Statehouse this year for another pass. And Illinois is additionally considering allowing wagering for a legal basis.

NCAA Opposed

Not quite as pleased about it all could be 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, baseball and baseball, claiming that allowing activities wagering in nj-new jersey could ‘irreparably’ corrupt activities in America. Continue reading

Share