Revel Casino in Atlantic City Files for Second Bankruptcy

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 show a profit. (Image:

Once the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new age for the neighborhood gambling industry. Now, it looks as though the resort might go down as one of the biggest problems in American video gaming history.

The Revel Entertainment Group has filed for security from its creditors in a federal bankruptcy court, and has place the property up for auction in an effort to sell the casino before it is forced to shut. According to Revel, that closure could happen in only a small amount as two months in case a sale doesn’t proceed through. That will come as a blow that is huge the city, because well as the 3,140 workers that work at the Revel.

Little Value in Struggling Casino

Ownership states 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 get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, quotes now have actually the property valued at not as much as $300 million. Some also believe that the real value could be less than $100 million, as it will probably be many years before the venue has the opportunity to turn a profit.

‘ We will work to reach 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 fun,’ Revel CEO Scott Kreeger stated in a statement.

The move is the 2nd amount of time in the final two years that the business has filed for bankruptcy protection. According to the business, this is done ‘to address liquidity issues and facilitate a sale of substantially most of Revel’s assets.’

No Luck for This Casino

Revel has suffered via a short but existence that is tortured. Initially, the idea for a modern resort casino that would revitalize Atlantic City came before the global financial meltdown. Whenever economic situation became dire, Morgan Stanley backed out of financing construction. That resulted in the continuing state of New Jersey stepping in to give $260 million in 2011 to finally finish the casino.

But even when the Revel opened, there ended up being little in the way of good news. The center has reportedly lost $260 million because it launched, including an astounding $22 million in the first quarter of 2014 alone. Ownership was looking to offer the property or find an operating partner for at the very least a year now. At one point, it showed up as though intense Rock International might step in, but negotiations fell apart earlier in the day this year.

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

Underlying the problems at Revel is a far more issue that is systemic 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 high of $5.2 billion in 2006. Nor will 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 workers out on the streets.

Ray Lesniak, Nj Perhaps Not Giving Up on Sports Betting

Ray Lesniak believes nj can nevertheless move forward in offering activities betting, provided that they don’t really 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’s no higher legal authority in the country. Even in the truth of nj’s push to legalize recreations wagering into the state, it appeared that the Supreme Court will be the last stop: Governor Chris Christie even famously said he wasn’t going to attract ‘the galactic Supreme Court’ should they didn’t rule in their favor.

But not everybody in New Jersey feels that way. State Senator Raymond Lesniak (D-Union County) believes that the state can still locate a technique through which to offer recreations betting, either through legal technicalities or through the implicit cooperation of federal authorities.

State Senators Vow to Fight On

‘I prepare 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 following 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 recreations betting.

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

‘ The economic impact that sports wagering can have on brand New Jersey is much 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 and energy to bring activities wagering to nj-new Jersey.’

Ruling Provides Wiggle Room

Lesniak offered two reasons to believe sports betting could be available in New Jersey in the near future, although the two aren’t 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 illegal 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 a casino,’ the bill states.

This proposition is based on arguments produced by both sides and confirmed by the Third Circuit Court’s opinion, which unearthed that the 1992 pro and recreational Sports Protection Act didn’t stop nj-new Jersey from repealing their very own sports gambling prohibitions, even if the court discovered that the federal legislation would nevertheless apply. Essentially, they stated that the law means states can’t issue licenses to encourage sports gambling activity, but they may be inside their rights to just allow unregulated bets to go unpunished.

Many legal experts think this really is a shot that is long most useful, plus one that could draw fire from both the us government and major sports organizations.

But Lesniak additionally remarked that the Department of Justice could refrain from taking simply action if New Jersey started initially to allow gambling enterprises and battle tracks to supply sports betting. 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. Nevertheless, the decriminalization aspect of state vs. federal cooking pot laws explain areas that could also be a tripping point for bettors in New Jersey, in the event that law is not changed at the level that is federal.

Changes to Federal Law Also Possible

While Lesniak looks to the office 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 joint statement to demand such a move.

‘As nj’s options for appeal in this lawsuit have actually now been exhausted, we implore our peers in Congress to aid federal legislation that will allow their state of nj-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 create a bet that 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, 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 gambling web sites, Suárez’s appetite for Italian earned them some cash that is quick.

Although the entire world is outraged at Suárez’s behavior on the soccer industry (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. Happy people on Betsafe, Betsson, and perhaps other internet sites placed bets before the competition that Suárez would bite at least one player, and therefore are now finding themselves more than a bucks that are few as an outcome.

A History of Biting Opponents

That may appear like an extremely prop that is unusual, but it makes much 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 discovered his class. Last year, he had been transported 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 banned for ten games so that they can send a message that is strong their behavior.

Hundreds Cash 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 a time that is third. And with odds of 174-1 or therefore, it may maybe not also have already been a wager that is awful provided the player’s history.

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

In accordance with ESPN’s Darren Rovell, a complete of 167 gamblers cashed in on bets at Betsson. Some winners revealed off their unlikely winning wagers on Twitter along with other social news web sites, seemingly since surprised as someone else 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 web 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 will potentially lead to controversy ( there is no foul called on the play, though maybe not rez that is even su&aacute appears be denying it happened at this point), a spokesperson for the site assured bettors they would be compensated down. After all, 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 might not be a laughing matter for Suárez. FIFA happens to be investigating the incident, and another ban seems likely for Suárez, which may be devastating to Uruguay’s World Cup hopes. Meanwhile, 888 Poker has said that they’re reviewing their sponsorship relationship with Suárez.

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