Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious accommodations and marketing that is several, Atlantic City’s Revel Casino in 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 local gambling industry. Now, it appears as if the resort might decrease as one of the largest failures in American video gaming history.

The Revel Entertainment Group has filed for security from the 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 shut. According to Revel, that closure could happen in very little as 8 weeks if your sale doesn’t proceed through. That will come being a huge blow to the city, as well as the 3,140 workers that just work at the Revel.

Little Value in Struggling Casino

Ownership states that they have obtained a $125 million loan that may ensure the venue can stay open until a buyer is found. But they aren’t anticipating to have 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 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 place has a chance to turn a revenue.

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

The move is the time that is second the final two years that the business has filed for bankruptcy protection. Based on the company, this was done ‘to address liquidity problems 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 existence that is tortured. Initially, the theory for a contemporary resort casino that would revitalize Atlantic City arrived before the international financial crisis. As soon as the economic situation became serious, Morgan Stanley backed out of financing construction. That led to the state of New Jersey stepping in to deliver $260 million in 2011 to finally finish the casino.

But even once the Revel exposed, there had been little in the way of good news. The center has reportedly lost $260 million since it started, including an astounding $22 million in the quarter that is first of alone. Ownership was seeking to sell the home or find an operating partner for at the least a year now. At one point, it appeared as though rough Rock International might step in, but negotiations fell apart previously this year.

There are definitely aspects towards the Revel that allow it to be a property that is attractive. Its 57-story hotel is the building that is largest in every one of Atlantic City, and far of this building has a gorgeous view of the Atlantic Ocean. But in a city that gets nearly all of its gaming business from day trips, an extravagance resort created more for long-term stays may never ever have had the opportunity.

Underlying the problems at Revel is an even more systemic issue for Atlantic City. Over the last seven years, gambling revenues in New Jersey have dropped over 40 percent, down to about $3 billion from a high 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, Nj Perhaps Not Giving Up on Sports Betting

Ray Lesniak believes nj can move forward in still offering activities betting, as long as they do not control and license the experience. (Image: Tony Kurdzuk, The Star-Ledger)

Typically, an appeal to the Supreme Court associated with the United States is a final resort. After all, there isn’t any higher legal authority in the country. Even yet in the actual situation of New Jersey’s push to legalize sports betting into the state, it showed up that the Supreme Court will be the last stop: Governor Chris Christie even famously said he wasn’t going to interest ‘the galactic Supreme Court’ should they didn’t rule in their favor.

But not everybody in New Jersey feels this way. State Senator Raymond Lesniak (D-Union County) believes that the state can still find a technique through which to provide activities 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 having said that New Jersey couldn’t regulate or legalize sports betting.

State Senate President Steve Sweeney (D-Cumberland County) agreed, stating that brand New Jersey could not 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 said. ‘New Jersey has been held hostage by this law that is unfair the national sports associations long enough. It’s time to bring recreations wagering to New Jersey.’

Ruling Provides Wiggle Room

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

On Monday afternoon, just hours after the Supreme Court announced they would 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 entirely by the racetrack or casino shall perhaps 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 even a casino,’ the bill states.

This proposal is based on arguments made by both edges and confirmed by the next Circuit Court’s opinion, which unearthed that the 1992 pro and Amateur Sports Protection Act didn’t stop New Jersey from repealing their very myfreepokies.com own sports gambling prohibitions, even when the court found that the federal legislation would nevertheless apply. Essentially, they said that the law means states can’t issue licenses to encourage sports gambling task, but they might be in their rights to merely enable unregulated bets to go unpunished.

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

But Lesniak additionally remarked that the Department of Justice could refrain from taking simply action if nj-new jersey began to allow gambling enterprises and race tracks to provide recreations gambling. 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. However, the decriminalization aspect of state vs. federal pot laws explain areas that may also be a tripping point for bettors in New Jersey, if the legislation is not changed at the federal degree.

Changes to Federal Law Also Possible

While Lesniak appears working across the ruling, others are suggesting a campaign to change federal law. Representatives Frank Pallone (D-New Jersey) and Frank LoBiondo (R-New Jersey) issued a joint statement to demand 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 federal legislation that allows their state of New Jersey to implement its law and authorize legalized sports wagering,’ they had written.

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 global World Cup. (Image: Express.co.uk)

When Luis Suárez bit Giorgio Chiellini during Uruguay’s World Cup match against Italy, 60 million Italians had been outraged. When Diego Godin scored minutes later, 3.3 million Uruguayans celebrated their team’s transfer to the tournament’s knockout stages. And for possibly 200 or so gamblers on various sports gambling web sites, Suárez’s appetite for Italian earned them some fast cash.

While the entire world is outraged at Suárez’s behavior on the soccer industry (or football pitch, if you like), a few fortunate bettors had the foresight to think he may indeed get back once again to his chomping ways. Fortunate people on Betsafe, Betsson, and perhaps other sites placed bets before the competition that Suárez would bite one or more player, and tend to be now finding themselves more than a few bucks richer as a result.

A History of Biting Opponents

That may seem like a really prop that is unusual, however it makes a lot more sense if you are 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 class. In 2011, he was transmitted 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 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 3rd time. And with odds of 174-1 or so, it could maybe not even have already been a wager that is awful given the player’s history.

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

According to ESPN’s Darren Rovell, a total of 167 gamblers cashed in on bets at Betsson. Some winners showed 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 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 sort of bet that will potentially cause controversy ( there clearly was no foul called on the play, though not even Suárez seems to be denying it happened at this time), a representative for the site assured bettors that they would be paid off. In the end, they stated, it had been ‘obvious’ that Suárez bit Chiellini.

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

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