Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite offering luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to make a profit. (Image:

As soon as the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the start of a new period for the gambling industry that is local. Now, it appears as if the resort might go down as certainly one of the largest failures in American gaming history.

The Revel Entertainment Group has filed for protection from its creditors in a federal bankruptcy court, 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 only a small amount as 8 weeks in cases where a sale doesn’t undergo. That would come as a blow that is huge the town, as well as the 3,140 workers that work on the Revel.

Little Value in Struggling Casino

Ownership says that they will have obtained a $125 million loan that may make sure the venue can stay open until a customer is found. However 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, estimates now have actually the property valued at not as much as $300 million. Some also believe that the true value could be less than $100 million, as it is going to be a long period before the place has the opportunity to turn a revenue.

‘ We are going to work to achieve an agreement with an owner that is new will help 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 final two years that the organization has filed for bankruptcy protection. In line with the ongoing company, this is done ‘to address liquidity dilemmas and facilitate a purchase of substantially each of Revel’s assets.’

No Luck for This Casino

Revel has experienced via a short but tortured existence. Initially, the concept for a contemporary resort casino that will revitalize Atlantic City arrived before the international financial meltdown. Once the economic situation became serious, Morgan Stanley backed out of financing construction. That led to the state of New Jersey stepping in to supply $260 million in 2011 to finally complete the casino.

But even when the Revel exposed, there had been little in the real way of good news. The facility has apparently lost $260 million as it launched, including a staggering $22 million in the quarter that is first of alone. Ownership is seeking to sell the home or find an operating partner for at the least a now year. At one point, it appeared as though tricky Rock International might step in, but negotiations fell apart earlier in the day this year.

There are certainly aspects to your Revel that allow it to be a property that is attractive. Its 57-story hotel is the largest building in every one of Atlantic City, and far regarding the building has a gorgeous view of the Atlantic Ocean. But in a city that gets most 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 systemic issue for Atlantic City. Over the last seven years, gambling revenues in New Jersey have actually fallen over 40 %, down to about $3 billion from a top of $5.2 billion in 2006. Nor might it be the first Atlantic City casino to shut straight down in 2010, should that happen; in January, the iconic Atlantic Club bit the dust, putting over 1,650 employees out on the streets.

Ray Lesniak, Nj Maybe Not Giving Up on Sports Betting

Ray Lesniak believes New Jersey can nevertheless move ahead in offering activities betting, so long as they don’t really regulate and license the game. (Image: Tony Kurdzuk, The Star-Ledger)

Typically, an appeal to the Supreme Court regarding the United States is a resort that is last. After all, there isn’t any higher legal authority in the country. Even in the actual situation of nj-new jersey’s push to legalize activities gambling within the state, it showed up that the Supreme Court will 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 find a method through which to offer 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 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 New Jersey couldn’t regulate or legalize sports betting.

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

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

Ruling Provides Wiggle Room

Lesniak offered two reasons to believe sports betting might be available in New Jersey into the future that is near though the two are not mutually exclusive and may 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 solely by the racetrack or casino shall maybe not be considered gambling that is unlawful a person 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 proposition is based on arguments made 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, even when the court discovered that the law that is federal still apply. Essentially, they stated that the legislation means states can’t issue licenses to encourage sports activity that is betting but they might be in their rights to just enable unregulated wagers to go unpunished.

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

But Lesniak additionally remarked that the Department of Justice could refrain from taking simply action if nj-new jersey started to allow gambling enterprises and competition songs to offer sports betting. In situations where state legislation and federal oversight are in conflict, this will be definately not unheard of: the noticably example at the present time being the legalization of marijuana in Colorado and Washington, which federal authorities have perhaps not desired to prevent. Nevertheless, the decriminalization aspect of state vs. federal pot laws mention areas that may additionally be a tripping point for bettors in New Jersey, in the event that legislation is not changed during the federal level.

Changes to Federal Law Also Possible

While Lesniak appears to operate round 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 type of move.

‘As New Jersey’s options for appeal in this lawsuit have now been exhausted, we implore our colleagues in Congress to support legislation that is federal enables hawaii 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 create a bet he’d repeat at the World Cup. (Image:

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

Even though 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 imagine he may indeed get back into his chomping ways. Lucky people on Betsafe, Betsson, and perhaps other internet sites placed bets before the tournament that Suárez would bite a minumum of one player, and are also now finding themselves more than a few bucks richer as an outcome.

A History of Biting Opponents

That may appear like a very prop that is unusual, but it makes a lot more sense if you are conscious 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 concept. Last year, he had been 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 that they can send a message that is strong his behavior.

Hundreds Money In

With that in mind, it’s unsurprising that a couple of gambling sites might let their clients have just a little fun with a prop bet on Suárez biting an opponent for the time that is third. And with odds of 174-1 or therefore, it might not also happen a wager that is awful given the player’s history.

Sure enough, numerous gamblers bit on the offering. And whenever Suárez bit on Chiellini’s neck, their faith in Suárez’s temperament paid down.

In accordance with ESPN’s Darren Rovell, a complete 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 as surprised as other people that they won the bet. According to Rovell, one Norwegian won as much as $3,300, thanks to the bite.

Similar stories 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 this is the kind of bet that may potentially cause controversy ( there clearly was no foul called on the play, though maybe not even Suárez seems to be denying it just happened at this aspect), a representative for the site assured bettors they would be compensated off. In the end, they stated, it absolutely was ‘obvious’ that Suárez bit Chiellini.

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

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