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
Secure Bet That Legal Sports Betting Is Gaining Acceptance Across the States
It’s not a new observation: in a country nevertheless crawling back out from the recession that is worst in a hundred years, legalizing recreations gambling is yet another effective means for states to dig out from under. 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 recreations league opposition.
Other States Eyeing Legislation
Not surprisingly, New Jersey is already here: after having a referendum vote by state residents, Gov. Chris Christie signed legal activities betting into law this past year, at least for Atlantic City’s twelve casinos and an additional four horse race songs across the state. California’s State Senate approved a recreations 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.
Not quite as happy about it all is the NCAA, the company that oversees all things regarding athletics that are collegiate. They’ve gone so far as to register a lawsuit with major sports leagues just like 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 sports in America. (Probably akin to stat Læs videre Secure Bet That Legal Sports Betting Is Gaining Acceptance Across the States