Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious rooms and marketing that is several, Atlantic City’s Revel Casino in New Jersey has failed to show a revenue. (Image: cntraveler.com)

When the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the start of a new age for the regional gambling industry. Now, it appears as though the resort may go down as certainly one of the biggest problems in American gaming history.

The Revel Entertainment Group has filed for security from its creditors in a bankruptcy that is federal, and has place the home up for auction in an attempt to sell the casino before it is forced to close. According to Revel, that closing could happen in only a small amount as 8 weeks if a sale doesn’t go through. That could come as being a blow that is huge the town, because well as the 3,140 employees that just work at the Revel.

Little Value in Struggling Casino

Ownership states that they’ve obtained a $125 million loan which will make sure the venue can stay open until a customer is discovered. However they aren’t expecting to have much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, estimates now have the property respected at less than $300 million. Some even believe that the true value could lightning link slot machine strategy be less than $100 million, since it will probably be several years before the place has an opportunity to turn a revenue.

‘ We shall work to achieve a contract 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 exemplary experience in lodging, gaming entertainment and fun,’ Revel CEO Scott Kreeger stated in a statement.

The move is the 2nd time in the past two years that the company has filed for bankruptcy protection. According to the ongoing company, it was done ‘to address liquidity problems and facilitate a sale of substantially every one of Revel’s assets.’

No Luck for This Casino

Revel has suffered through a short but tortured presence. Initially, the idea for a modern resort casino that would revitalize Atlantic City arrived before the worldwide crisis that is financial. When the situation that is economic serious, Morgan Stanley backed out of financing construction. That generated the continuing state of New Jersey stepping in to supply $260 million in 2011 to finally complete the casino.

But even once the Revel started, there had been little in the real way of good news. The center has reportedly lost $260 million as it opened, including an astounding $22 million in the first quarter of 2014 alone. Ownership has been seeking to offer the property or find an operating partner for at the least a year now. At one point, it showed up as though rough Rock International might step in, but negotiations fell apart earlier in the day this 12 months.

There are certainly aspects to your Revel that make it a property that is attractive. Its 57-story hotel is the largest building in every one of Atlantic City, and much for the building has an attractive view of the Atlantic Ocean. But in a town that gets nearly all of its gaming company from trips, a luxury resort designed more for long-term stays may never have had a chance day.

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

Ray Lesniak, New Jersey Perhaps Not Stopping on Sports Betting

Ray Lesniak believes nj can move forward in still offering recreations betting, provided that they don’t manage and license the activity. (Image: Tony Kurdzuk, The Star-Ledger)

Typically, an appeal to the Supreme Court for the United States is a final measure. After all, there is no higher legal authority in the country. Even in the situation of nj-new jersey’s push to legalize activities wagering into the state, it showed up that the Supreme Court will be the final stop: Governor Chris Christie also 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 in that way. State Senator Raymond Lesniak (D-Union County) believes that the state can still look for a technique by which to provide sports gambling, 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 after the Supreme Court declined to hear the state’s appeal of the federal appeals court ruling that said brand New Jersey couldn’t regulate or legalize sports betting.

State Senate President Steve Sweeney (D-Cumberland County) consented, saying that New Jersey couldn’t afford to back down now.

‘ The impact that is economic sports wagering can have on brand New Jersey is far too important to merely shrug our arms and move ahead,’ Sweeney stated. ‘New Jersey has been held hostage by this unfair legislation and the national sports associations long enough. It’s time to bring activities wagering to New Jersey.’

Ruling Provides Wiggle Room

Lesniak offered two reasons to believe sports betting could possibly be available in brand New Jersey into the near future, though the two are not mutually exclusive and might work in concert.

On Monday afternoon, simply hours after the Supreme Court announced they would maybe not hear New Jersey’s case, he introduced legislation that would not legalize sports wagering in the state, but rather decriminalize it.

‘Sports wagering conducted at a racetrack or casino under procedures developed solely by the racetrack or casino shall not be considered illegal gambling and an individual shall not 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 proposal is based on arguments created by both sides and confirmed by the 3rd Circuit Court’s opinion, which found that the 1992 Professional and recreational Sports Protection Act didn’t stop nj-new Jersey from repealing their own sports gambling prohibitions, whether or not the court discovered that the federal law would nevertheless apply. Essentially, they stated that the law means states can’t issue licenses to encourage sports activity that is betting but they may be within their rights to simply allow unregulated bets to go unpunished.

Many legal experts think this is a long shot at most readily useful, and another that will draw fire from both the us government and major sports organizations.

But Lesniak additionally remarked that the Department of Justice could simply refrain from taking action if nj-new jersey began to allow gambling enterprises and battle songs to offer activities wagering. This is far from unheard of: the most notable example 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. But, the decriminalization aspect of state vs. federal cooking pot laws point out areas that could be a tripping point for bettors in New Jersey, if the law is not changed at the federal degree.

Modifications to Federal Law Also Possible

While Lesniak looks to operate around the ruling, others are suggesting a campaign to change federal legislation. Representatives Frank Pallone (D-New Jersey) and Frank LoBiondo (R-New Jersey) issued a statement that is joint call for this type of move.

‘As New Jersey’s options for appeal in this lawsuit have actually now been exhausted, we implore our colleagues in Congress to support federal legislation that will allow the state of 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 make a bet he’d try it again at the 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 transfer to the tournament’s knockout phases. As well as for possibly 200 or so gamblers on various sports wagering web sites, Suárez’s appetite for Italian earned them some fast cash.

As the entire world is outraged at Suárez’s behavior on the soccer field (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. Fortunate people on Betsafe, Betsson, and perhaps other internet sites placed bets before the tournament that Suárez would bite at least one player, and are now finding themselves more than a few bucks richer as a result.

A History of Biting Opponents

That may seem like a really unusual prop bet, however it makes a lot 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 learned his tutorial. In 2011, he had been transferred to Liverpool of the English Premier League, and enjoyed two years that are reasonably successful the club before biting Chelsea player Branislav Ivanovic in April 2013. This time, Suárez was prohibited for ten games so as to send a message that is strong his behavior.

Hundreds Money In

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

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

In accordance with ESPN’s Darren Rovell, an overall total of 167 gamblers cashed in on bets at Betsson. Some winners showed off their unlikely bets that are winning Twitter as well as other social news sites, seemingly since surprised as other people that they won the bet. According to Rovell, one Norwegian won as much as $3,300, because of the bite.

Similar stories came in from Betsafe. At that web 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 trigger controversy ( there is no foul called on the play, though perhaps not even Suárez appears to be denying it just happened at this time), a representative for the site assured bettors they would be paid off. In the end, they stated, it absolutely was ‘obvious’ that Suárez bit Chiellini.

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

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