No Smoking Revel Going Up in Smoke with Bankruptcy
Simply times short of a year as it exposed to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, predicated 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 financial obligation 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 of the faltering mare.
Resignations Are Really a deal that is good
Hartman gets control for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there is entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract once you sign up gets you a ride that is well-paid you are axed; so DeSanctis and Garrity not only reach stick to with the Revel brand, they are able to also look ahead to about $7 million in consulting fees for the rest of the year. Is that each or together? We’re not sure, but our cap goes off to their lawyers: well-played, counselors, well-played!
Although Atlantic City overall was in a economic nosedive recently (attributed to everything from Hurricane Sandy to a not clear marketing platform for c Læs videre No Smoking Revel Going Up in Smoke with Bankruptcy