The Revel Casino Hotel is nevertheless without an owner after yet another bankruptcy deal dropped through, even though two sides are reportedly nevertheless negotiating. (Image: abcnews.go.com)
It appears the Revel Casino Hotel’s bankruptcy proceedings might longer end up lasting compared to the resort ended up being actually open.
A judge ruled late last week to terminate a $95.4 million deal between Florida developer Glenn Straub and Revel in what is becoming just another ongoing saga in Atlantic City.
Based on US Bankruptcy Court Judge Gloria Burns, Straub violated the terms of agreement when he failed to shut the sale by 9th february.
Straub had requested an extension to your deadline to seek a lower cost, prompting Revel to file a petition to dismiss the sale. ‘ The history of this full case is long and tortured,’ Burns described during her ruling.
Late last year, the first bankruptcy auction was awarded to Canadian private-equity firm Brookfield Property Partners for $110 million. However, the agreement dropped through due to a conflict involving the potential buyer and the resort’s present utility suppliers.
When Brookfield backed away, Straub was known as the preferred bidder, putting him on the hook but at a cost he then deemed too high. Straub sought to postpone the deal, saying the place’s lack of transparency and energy disputes resulted in a less-desirable opportunity that is financial asking for the cost to be lowered to $87 million. In the interest of its tenants and former owners, Revel proceeded to request Judge Burns to kill the sale.
Straub’s argument for bringing down the cost also included the declare that no other potential bidders existed, meaning his firm shouldn’t need to pay dollar that is top. Attorneys for Revel dispute that claim, asserting several buyers that are potential recently renewed their interest in the purchase. Regardless of the bickering that is continued both parties, a deal could be reached.
The parties are continuing their discussion while the $95.4 million transaction is off the table. ‘We’re still negotiating. We never ever stopped negotiating. The purchase doesn’t stop us from negotiating,’ Straub attorney Stuart Moskovitz stated.
One other side concurred with Moskovitz. ‘we would be very amazed if Straub came right back and offered $95.4 million so we turned it straight down,’ Revel counsel Michael Viscount said. Revel is unquestionably motivated to strike an agreement, and one in the future that is near. Should the casino neglect to be auctioned, the property could be liquidated.
One Bad Hand After Another
The Revel Casino broke ground at the incorrect time in the incorrect place, and ever since the $2.4 billion resort opened its doorways, it’s been one colossal spiral that is downward.
2, 2012: Revel opens to the public april
February 15, 2014: NFL star Ray Rice faced with assault of his e that is then-fiancé following altercation in an elevator.
2, 2014: Revel closes september
November 20, 2014: Brookfield buys Revel for $110 million
12, 2014: Brookfield deal terminated after buyer discovers Revel owes utility bondholders of a facility that heats and cools the resort $118.6 million december
6, 2015: Straub approved as buyer for $95.4 million january
19, 2015: Straub deal terminated february
It seems as if Revel need the odds in its benefit, undoubtedly due for a hand that is winning. A deal would be good news for Revel, the investor acquiring a venue for a fraction of its original cost, and Atlantic City as a whole with both sides still discussing a potential acquisition.
Report Predicts On Line Gambling Expansion in USA
GamblingCompliance predicts that 0-2 states will enact online gambling legislation in 2015. (Image: indigotechnologies.co)
A new report by GamblingCompliance (GC) predicts that more states will consider on the web casino-bonus-free-money.com gambling in 2015, and that even in the case scenarios that are worst for the industry, efforts to ban online gambling at a federal level will fail.
The report, US Internet Gambling In Focus: 2014 and 2015, took a close view where the on the web gambling industry is within the usa and where it may head over the year to come.
GC laid out a few possible scenarios for where gambling that is online might go in the state front, while also pointing out that these predictions had been, at most readily useful, educated guesses.
‘We acknowledge that Interent gambling legislative forecasting is far more art than science,’ the report stated. ‘Yet endeavor to forecast we ought to.’
Online Gambling Ban Will Not Pass, GC Predicts
On that front, GC provided three scenarios that are potential may play down. The 2015 base-case scenario, this is the one they feel is most likely to reflect reality, would see one state to enact gambling that is online this season. They predict that this state would most likely be California, Pennsylvania, or the US Virgin Islands ( not just a state, however a US jurisdiction the report matters because of its purposes).
Those who are longing for faster expansion can glance at the bull-case situation. Under this rosy outlook, two new states would add online gaming this year, with those same typical suspects apt to be the beneficiaries.
However, this projection additionally accounts for the possibility that one of the ‘outlier’ states that is on the fringe of the online gaming debate, such as for instance Iowa, could instead be among the states that approves Internet wagering this present year.
Skeptics will probably find the bear-case scenario likely. This view that is pessimistic see no states enacting new online gambling legislation in 2015, something that willn’t shock many observers. However, probably the most important projection is that under every one of these scenarios, GC projects that a federal online gambling ban will not pass in 2015.
‘Federal consideration of online gambling tends that occurs late in the year that is second of two-year session of Congress,’ the report states. ‘Thus, our assumption of no legislative motion under any 2015 situation.’
Internet Lotteries Also More Likely to Expand
The GC report also projects that Web lottery sales will expand in 2015. Such sales are already available or authorized in a dozen states, and GC’s base-case scenario expects Kentucky to join this club throughout the year that is next.
Other states will at least consider expanding their online gambling options also: GC expects a few to explore Internet lottery sales, and that ‘between eight and 11’ states might find online gambling bills in their legislatures this year.
When online gambling expansion does come to pass, it’s likely that states will look at the experiences of Nevada, nj-new jersey and Delaware to structure their own markets. A look at their experiences might make states second-guess ‘poker-only’ models, as casino games be seemingly outperforming virtual poker spaces hence far.
The GC report singled out New Jersey to show how casino and poker profits have been diverging in the arena that is online. Since the initial online gambling sites started in New Jersey in December 2013, per capita casino revenues are up 93 per cent, showing growth that is robust. However, the per capita poker winnings is down 29 percent, with revenues falling after a strong begin.
‘In 2015, we expect the growth that is significant between New Jersey Internet casino win and Internet poker win to become a key talking point in states that are weighing whether to legalize Internet poker, only,’ the report stated.
Pakistani Cricket Official Sent Home From World Cup After Casino Visit
A Pakistani official happens to be delivered home after a visit up to a New Zealand casino in the wake of bad performances from the national team. (Image: icc-cricket.com)
Cricket never is apparently short of scandals pertaining to betting and match integrity, and while it isn’t clear if there are any actual problems at this year’s Cricket World Cup, it seems one nation is making sure to check out the first signs of smoke, just in case there is a fire.
The Pakistan Cricket Board (PCB) has sent house chief selector Moin Khan, the man responsible for selecting players for the country’s World Cup squad, after Moin visited a casino in Christchurch, New Zealand just two days before Pakistan was blown out by the West Indies in their second World Cup match.
‘There are widespread allegations in to the conduct for the chief selector having brought the image of Pakistan and PCB into disrepute,’ the PCB said in a statement.
Moin Never Denied Casino Visit
According to PCB chairman Shaharyar Khan, Moin has been at the start about visiting the casino, saying that he did so along with his wife, where the couple had dinner with a friend.
‘[Moin has] been recalled immediately so himself, and by which time we will also have a full picture,’ Shaharyar said that he can explain his position. ‘When I told Moin there are lots of allegations against you, and even members of this Upper House discussed it in parliament today, he told me that all the accusations are wrong.’
The trip to the casino may not are a problem at all were it not for the poor performances so far by Pakistan’s squad. The 150-run loss to the West Indies saw Pakistan’s first four batsmen make outs while combining to score just one single run: a fresh record for futility the lineup in one-day cricket.
The past record had been held by Canada, which scored just four runs while losing four wickets against Zimbabwe in 2006. The loss was the worst ever for Pakistan at the World Cup.
Specter of Previous Scandals Likely Factor in Strong Response
Between the uncharacteristically poor performance and Moin’s stop by at a casino simply before, it is probably not shocking that some would commence to question whether there was a connection. Most likely, Pakistan was home to a fixing scandal because recently as 2010, whenever people of the national group were convicted of using bribes from a bookmaker so as to under-perform in a Test match against England.
While no players were accused of deliberately tossing matches in that case, they certainly were found guilty of ‘spot fixing,’ as bowlers would arrange for certain results at specific points in a match to allow gamblers to place winning bets that are in-play.
Of course, there are various other explanations for Pakistan’s poor World Cup play as well. Since before the competition, taking place in New Zealand and Australia, there’s been talk of rifts one of the squad. However, Shaharyar has rejected these reports.
‘There is absolutely nothing of this type, it is just that the players haven’t performed well and they themselves know about exactly how they will have down let their supporters,’ he said. ‘ we talked to them and I told them they can still set things right and they have promised to boost their game.’
Australia is favored to win the 2015 Cricket World Cup, with brand New Zealand, Southern Africa, and Asia also considered most likely contenders. After their early losses, Pakistan is now considered a 33-1 long shot to win the title.