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No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply days short of a 12 months since it started to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, based on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the miracle of high finance sleight-of-hand, some $1.5 billion in staggering debt will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) takes over the reins with this faltering mare.

Resignations Are a deal that is good

Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there would be entrails that are intestinal the penthouse to the parking lot by now. Nope, this is America, the place where a smartly negotiated contract when you sign up gets you a well-paid trip when you’re axed; so DeSanctis and Garrity not just reach stay on with the Revel brand, they are able to also look forward to about $7 million in consulting charges for the rest of the year. Is that each or together? We’re maybe not certain, but our hat goes off to their lawyers: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to an uncertain marketing platform for conventi

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Secure Bet That Legal Sports Betting Is Gaining Acceptance Across the States

Secure Bet That Legal Sports Betting Is Gaining Acceptance Across the States

It’s perhaps not a brand new observation: in a nation nevertheless crawling back out of the recession that is worst in a century, legalizing sports gambling is yet another effective method 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 sports league opposition.

Other States Eyeing Legislation

Not surprisingly, New Jersey is already here: after a referendum vote by state residents, Gov. Chris Christie signed legal sports betting into legislation last year, at least for Atlantic City’s twelve casinos and an additional four horse race songs across their state. California’s State Senate approved a sports gambling bill year that is last may be reintroduced to the Statehouse this year for another pass. And Illinois is also considering allowing wagering for a basis that is legal.

NCAA Opposed

Not quite as happy about it all could be the NCAA, the organization that oversees everything regarding athletics that are collegiate. They’ve gone in terms of to register a lawsuit with major sports leagues like the NFL, NHL, NBA and MLB, the leagues that cover football, hockey, baseball and basketball, claiming that allowing sports betting in New Jersey could ‘irreparably’ corrupt sports in America. (Probably akin to sayin