Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious accommodations and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a revenue. (Image: cntraveler.com)

Once the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the start of a new era for the gambling industry that is local. Now, it looks as if the resort may drop as certainly one of the largest failures in American video gaming history.

The Revel Entertainment Group has filed for protection from the creditors in a federal bankruptcy court, and has put the property up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closing could happen in only a small amount as two months if your sale doesn’t go through. That will come being a blow that is huge the city, as well as the 3,140 workers that just work at the Revel.

Little Value in Struggling Casino

Ownership claims that they’ve obtained a $125 million loan which will make sure the venue can stay open until a buyer is discovered. However they aren’t anticipating getting much of a return on their investment: for a casino that cost $2.4 billion to perform just two years ago, estimates now have actually the property respected at significantly less than $300 million. Some also believe the real value could be less than $100 million, as it will probably be a long period before the venue has to be able to turn a profit.

‘ We are going to work to attain an agreement with an owner that is new will assist ensure Revel’s long-term monetary stability and who shares our commitment to providing Revel’s guests and players an exceptional experience in lodging, gaming entertainment and entertainment,’ Revel CEO Scott Kreeger said in a declaration.

The move is the time that is second the past two years that the business has filed for bankruptcy protection. In line with the business, this is done ‘to address liquidity issues and facilitate a purchase of substantially most of Revel’s assets.’

No Luck for This Casino

Revel has suffered by way of a short but tortured existence. Initially, the idea for a modern resort casino that would revitalize Atlantic City arrived before the international economic crisis. Once the economic situation became dire, Morgan Stanley backed out of financing construction. That generated the state of New Jersey stepping in to produce $260 million in 2011 to finally complete the casino.

But even when the Revel exposed, there was little in the way of good news. The facility has reportedly lost $260 million as it started, including an astounding $22 million in the quarter that is first of alone. Ownership was seeking to offer the home or find an operating partner for at the very least a year now. At one point, it showed up as though intense Rock International might step in, but negotiations fell apart earlier in the day this 12 months.

There are truly aspects to the Revel that make it a attractive property. Its 57-story hotel is the building that is largest in each of Atlantic City, and much regarding the building has a striking view of the Atlantic Ocean. But in a city that gets most of its gaming business from day trips, an extravagance resort designed more for long-term stays may never ever have had a chance.

Underlying the problems at Revel is a more issue that is systemic Atlantic City. Over the past seven years, gambling revenues in New Jersey have dropped over 40 %, right down to about $3 billion from a higher of $5.2 billion in 2006. Nor could it be the first Atlantic City casino to shut down this present year, should that happen; in January, the iconic Atlantic Club bit the dust, putting over 1,650 employees out on the roads.

Ray Lesniak, New Jersey Not Stopping on Sports Betting

Ray Lesniak believes nj can nevertheless progress in offering sports betting, so long as they don’t really manage and license the experience. (Image: Tony Kurdzuk, The Star-Ledger)

Typically, an appeal to the Supreme Court of this United States is a resort that is last. After all, there is no higher authority that is legal the country. Even in the case of nj-new jersey’s push to legalize activities wagering into the state, it appeared that the Supreme Court is the final stop: Governor Chris Christie even famously said if they didn’t rule in his favor that he wasn’t going to appeal to ‘the galactic Supreme Court.

But not everyone in New Jersey feels like that. State Senator Raymond Lesniak (D-Union County) believes that the state can still look for a technique by which to offer sports betting, either through legal technicalities or through the implicit cooperation of federal authorities.

State Senators Vow to Fight On

‘I plan on placing my bet that is first at Racetrack on September 8th for the Giants to beat the spread against the Lions on Monday Night Football,’ Lesniak told reporters following the Supreme Court declined to hear the state’s appeal of a federal appeals court ruling having said that brand New Jersey couldn’t regulate or legalize recreations betting.

State Senate President Steve Sweeney (D-Cumberland County) consented, stating that brand New Jersey could not afford to back down now.

‘ The impact that is economic sports wagering can have on New Jersey is much too important to simply shrug our arms and move ahead,’ Sweeney said. ‘New Jersey has been held hostage by this law that is unfair the national sports associations long enough. It’s time and energy to bring sports wagering to New Jersey.’

Ruling Provides Wiggle Room

Lesniak offered two reasons to believe sports betting could possibly be available in New Jersey in the future that is near although the two are not mutually exclusive and might work in concert.

On Monday afternoon, just hours after the Supreme Court announced they would perhaps not hear nj’s case, he introduced legislation that would not legalize sports betting in the state, but rather decriminalize it.

‘Sports wagering conducted at a racetrack or casino under procedures developed entirely by the racetrack or casino shall maybe not be considered gambling that is unlawful a person shall never be subject to criminal or civil liability under the laws of this State for participating in, or conducting, sports wagering at a racetrack or a casino,’ the bill states.

This proposition is based on arguments created by both sides and confirmed by the Third Circuit Court’s opinion, which discovered that the 1992 Professional and Amateur Sports Protection Act didn’t stop New Jersey from repealing their own sports gambling prohibitions, whether or not the court unearthed that the federal law would still apply. Essentially, they stated that the legislation means states can’t issue licenses to encourage sports gambling activity, but they may be inside their rights to simply allow unregulated wagers to go unpunished.

Many legal experts think this is certainly a shot that is long most useful, plus one that would draw fire from both the us government and major sports organizations.

But Lesniak also remarked that the Department of Justice could refrain from taking simply action if nj-new jersey started initially to allow casinos and race songs to provide sports betting. This is far from unheard of: the most notable example slot freebies lightning link at the present time being the legalization of marijuana in Colorado and Washington, which federal authorities have not sought to prevent in situations where state legislation and federal oversight are in conflict. Nevertheless, the decriminalization aspect of state vs. federal pot laws explain areas that may additionally be a tripping point for bettors in New Jersey, if the legislation is not changed at the federal degree.

Modifications to Federal Law Also Possible

While Lesniak appears to function around the ruling, others are suggesting a campaign to change law that is federal. Representatives Frank Pallone (D-New Jersey) and Frank LoBiondo (R-New Jersey) issued a statement that is joint necessitate this kind of move.

‘As New Jersey’s options for appeal in this lawsuit have now been exhausted, we implore our peers in Congress to guide legislation that is federal allows hawaii of nj-new Jersey to implement its law and authorize legalized sports wagering,’ they wrote.

Luis Suárez World Cup Bite Becomes Payday for Lucky Gamblers

Suarez’s biting history led some gamblers to create a bet which he’d repeat at the global World Cup. (Image: Express.co.uk)

When Luis Suárez bit Giorgio Chiellini during Uruguay’s World Cup match against Italy, 60 million Italians were outraged. Whenever Diego Godin scored minutes later on, 3.3 million Uruguayans celebrated their team’s move into the tournament’s knockout stages. And for possibly 200 or so gamblers on various sports wagering internet sites, Suárez’s appetite for Italian earned them some quick cash.

Whilst the entire world is outraged at Suárez’s behavior on the soccer industry (or soccer pitch, that he might just get back to his chomping ways if you prefer), a few lucky bettors had the foresight to think. Happy individuals on Betsafe, Betsson, and perhaps other sites placed bets before the tournament that Suárez would bite one or more player, and so are now finding themselves more than a few bucks richer as an outcome.

A History of Biting Opponents

That may appear like a really unusual prop bet, however it makes far more sense if you should be mindful of Suárez’s playing history. Back in 2010 while playing for Ajax, Suárez bit PSV player Otman Bakkal on the shoulder. The Royal Dutch Football Association would suspend him for seven games, and Suárez apologized.

But apparently, he hadn’t discovered his lesson. In 2011, he had been transferred to Liverpool of the English Premier League, and enjoyed two reasonably successful years with the club before biting Chelsea player Branislav Ivanovic in April 2013. This time, Suárez was banned for ten games in an attempt to send a message that is strong their behavior.

Hundreds Cash In

With that in mind, it’s not surprising that several gambling sites might let their clients have a little fun with a prop bet on Suárez biting an opponent for a third time. And with odds of 174-1 or so, it may not even have already been a wager that is awful offered the player’s history.

As expected, numerous gamblers bit on the offering. And when Suárez bit on Chiellini’s neck, their faith in Suárez’s temperament paid.

Based on ESPN’s Darren Rovell, a total of 167 gamblers cashed in on bets at Betsson. Some winners revealed off their unlikely winning bets on Twitter and other social media web sites, seemingly since surprised as someone else that they won the bet. According to Rovell, one Norwegian won as much as $3,300, because of the bite.

Similar tales came in from Betsafe. At that site, about 40 more players cashed in on Suárez bite bets, with one winning nearly $3,000. And while here is the type of bet that will potentially cause controversy ( there was clearly no foul called on the play, though perhaps not even Suárez appears to be denying it just happened at this time), a spokesperson for the site assured bettors that they would be compensated off. Most likely, they said, it had been ‘obvious’ that Suárez bit Chiellini.

Although it’s all fun and games (and profits) for the bettors who cashed in on the event, it might not be a matter that is laughing Suárez. FIFA is investigating the incident, and another ban seems likely for Suárez, which could be damaging to Uruguay’s World Cup hopes. Meanwhile, 888 Poker has stated they are reviewing Suárez to their sponsorship relationship.

Leave a Reply