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 turn a profit. (Image: cntraveler.com)

If the Revel Casino Hotel exposed 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 appears as if the resort may decrease as one of the largest failures in American video gaming history.

The Revel Entertainment Group has filed for security from its creditors in a bankruptcy that is federal, and has put 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 very little as two months if a sale doesn’t undergo. That would come as a blow that is huge the town, as well as the 3,140 employees that just work at the Revel.

Little Value in Struggling Casino

Ownership states that they have obtained a $125 million loan that will guarantee the venue can stay open until a buyer is found. But they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, quotes now have the property valued at lower than $300 million. Some even believe that the value that is true be less than $100 million, because it will probably be many years before the place has the opportunity to turn a profit.

‘ We will work to attain a contract with a new owner who will help ensure Revel’s long-term financial stability and who shares our commitment to providing Revel’s guests and players an exemplary experience in lodging, gaming entertainment and activity,’ Revel CEO Scott Kreeger stated in a declaration.

The move is the time that is second the last two years that the organization has filed for bankruptcy protection. Based on the business, it was done ‘to address liquidity dilemmas and facilitate a purchase of substantially each of Revel’s assets.’

No Luck for This Casino

Revel has suffered through a short but tortured existence. Initially, the idea for a contemporary resort casino that will revitalize Atlantic City came before the worldwide economic crisis. Once 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 finish the casino.

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

There are definitely aspects to the Revel that allow it to be a property that is attractive. Its 57-story hotel is the biggest building in most of Atlantic City, and much of this building has a striking view of the Atlantic Ocean. But in a city that gets most of its gaming business from trips, a luxury resort designed more for long-term stays may never have had a chance day.

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

Ray Lesniak, New Jersey Perhaps Not Quitting on Sports Betting

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

Typically, an appeal to the Supreme Court of this United States is a last resort. After all, there’s no higher legal authority in the country. Even in the truth of New Jersey’s push to legalize sports betting into the state, it showed up that the Supreme Court would be the last 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 everybody in New Jersey feels this way. State Senator Raymond Lesniak (D-Union County) believes that the state can still look for a technique through which to offer recreations gambling, either through legal technicalities or through the implicit cooperation of federal authorities.

State Senators Vow to Fight On

‘I prepare on placing my first bet at Monmouth 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 having said that brand New Jersey couldn’t regulate or legalize activities betting.

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

‘ The economic impact that sports wagering can have on brand New Jersey is way too important to just shrug our shoulders and move on,’ Sweeney stated. ‘New Jersey has been held hostage by this unjust 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 might be offered in New Jersey into the future that is near although the two aren’t mutually exclusive and could work in concert.

On afternoon, just hours after the Supreme Court announced they would not hear New Jersey’s case, he introduced legislation that wouldn’t legalize sports betting in the state, but rather decriminalize it monday.

‘Sports wagering conducted at a racetrack or casino under procedures developed entirely by the racetrack or casino shall maybe not be considered unlawful gambling and 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 even a casino,’ the bill states.

This proposal is based on arguments made by both edges and confirmed by the 3rd Circuit Court’s opinion, which unearthed that the 1992 Professional and Amateur Sports Protection Act didn’t stop New Jersey from repealing their own sports gambling prohibitions, even though the court unearthed that the federal law would nevertheless apply. Essentially, they said that the legislation means states can’t issue licenses to encourage sports activity that is betting but they may be within their rights to just allow unregulated bets to go unpunished.

Many legal experts think this is certainly a shot that is long best, and something that will draw fire from both the federal government and major sports organizations.

But Lesniak additionally pointed out that the Department of Justice could simply refrain from taking action if nj started initially to allow casinos and competition tracks to supply recreations betting. In situations where state legislation and federal oversight are in conflict, this will be not even close to unheard of: the most remarkable example at the present time being the legalization of marijuana in Colorado and Washington, which federal authorities have maybe not sought to prevent. Nevertheless, the decriminalization aspect of state vs. federal pot laws point out areas that may also be a tripping point for bettors in New Jersey, in the event that legislation is not changed during the level that is federal.

Modifications to Federal Law Also Possible

While Lesniak appears to get results across 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 demand this kind of move.

‘As nj-new jersey’s options for appeal in this lawsuit have actually now been exhausted, we implore our colleagues in Congress to guide legislation that is federal enables their state of nj-new Jersey to implement its law and authorize legalized sports wagering,’ they published.

Luis Suárez World Cup Bite Becomes Payday for Lucky Gamblers

Suarez’s biting history led some gamblers to create a bet that he’d try it again 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, 3.3 million Uruguayans celebrated their team’s transfer to the tournament’s knockout phases. And for perhaps 200 or so gamblers on different sports betting web sites, Suárez’s appetite for Italian earned them some fast cash.

Although the entire globe is outraged at Suárez’s behavior on the soccer industry (or soccer pitch, if you prefer), a few lucky bettors had the foresight to think he might just get back once again to their chomping ways. Lucky people on Betsafe, Betsson, and perhaps other internet sites placed bets before the competition that Suárez would bite one or more player, and so are now finding themselves more than a few bucks richer as an effect.

A History of Biting Opponents

That may appear like a very prop that is unusual, nonetheless it makes a lot more sense if you’re aware 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 training. Last year, he was 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 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 a couple of gambling sites might let their customers have just a little fun with a prop bet on Suárez biting an opponent for the third time. And with odds of 174-1 or therefore, it would likely perhaps not also have now been a wager that is awful provided the player’s history.

Sure enough, many gamblers bit regarding the offering. And when Suárez bit on Chiellini’s neck, their faith in Suárez’s temperament repaid.

Based on ESPN’s Darren Rovell, a total of 167 gamblers cashed in on bets at Betsson. Some winners revealed off their unlikely bets that are winning Twitter as well as other social media web sites, seemingly since surprised as anyone else 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 this is actually the form of bet that will potentially induce controversy ( there was no foul called on the play, though perhaps not even Suárez appears to be denying it simply happened at this time), a spokesperson for the site assured bettors they would be compensated down. In the end, they stated, it was ‘obvious’ that Suárez bit Chiellini.

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

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