No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply times in short supply of a 12 months as it exposed to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, centered on federal securities regulators‘ disclosure statements the casino filed earlier this week. Through the secret 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 (formerly of the Mohegan Sun in Connecticut) will take the reins over of the faltering mare.

Resignations Are a Lot

Hartman takes over for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there would be entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract whenever you sign up gets you a well-paid ride when you’re axed; therefore DeSanctis and Garrity not merely get to remain on with the Revel brand, they can additionally look forward to about $7 million in consulting fees for all of those other 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 has been in a monetary nosedive recently (attributed to everything from Hurricane Sandy to a not clear marketing platform for conventions), some are still pointing fingers at DeSanctis and Garrity for producing the first-ever 100 % nonsmoking casino in AC. This is not really as wild and crazy a notion as it may appear; poker rooms nationwide have actually been totally nonsmoking to get more than a ten years and until online poker’s Black Friday hit and forced many of them to power down, it did not seem to also put a tiny dent on business here. Nevertheless, investors had implored non-Chong and non-Cheech to switch right back up to a more traditional mostly smoking format, but alas, to no avail.

The issue may not really be smoking vs. nonsmoking anyway; aside from the poker room analogy, even smoke-crazy Macau established a partial smoking ban as of January first, yet seems to be on track for the record month of revenues for March of in 2010. Much more likely, it is a reflection of Atlantic City’s general freefall, as the city has spiraled 41.5percent in the wrong direction since 2006, versus Las Vegas‘ 7.2% fall, and Sin City has had means more recessionary catastrophes to deal with than AC.

It Doesn’t Add Up

With a limited, enclosed smoking area now established at the behest of anxious creditors, Revel says it could actually turn a profit year that is next but that isn’t taking its debt servicing costs into account. Currently ranked 10th away from 12 on the income scale of AC casinos, maybe what Revel actually needs is an individual who can do math.

Hawaii Just Says No to Gambling Study

You probably wouldn’t be too surprised to learn that gambling of any type or kind is banned in Utah; most likely, the greatly Mormon state looks straight down on sinful activities of any kind. But Hawaii? Exactly How did the last state to join the Union get so persnickety when it comes to games of chance anyhow?

No Resolution for Hawaii

Whatever the reason, the governmental powers-that-be don’t even want to consider adding gambling to the lures that might draw tourists to their sunny clime. The Hawaii House recently refused to accept an answer that called for the Aloha State to merely learn the feasible social and benefits that are economic detriments of bringing gambling agreeable legitimately there. Really? Not a study? That appears rather closed-minded for an accepted spot where surfing is practically a religion and grass skirts are considered a fashion declaration.

‚ Too Costly‘ to Study

According to Representative Clift Tsuji (D-Hilo_Waiakea-Keaukaha), the presssing issue is economic. No, maybe not the gambling part; the scholarly research part. Other politicians on the state’s Economic Development Committee denied the scholarly study proposal away from hand, saying it ‚would be too expensive.‘ Okay, so wait, we’re confused: you’re designated to review what would bring you more benefit that is economic but haven’t any money to find out just what would or just what wouldn’t?? Fine, go have another cocktail or three regarding the taxpayer, cause we are not exactly sure how you’re going to figure away anything if this is the situation.

It’s Just a Lottery

While they might locate a gambling study too pricey, apparently the state Senate had no issues with a recent bill that needed a state Internet lottery and gaming entity become established, with the aim of eventually appointing one lucky service provider to use an on line gambling site. (Yes, it’s a little confusing just how you would desire a site operator once you can not even learn whether or not you intend to have gambling legalized in your yard.) Hawaii’s House of Representatives additionally introduced a bill along similar lines year that is early last nonetheless it shot to popularity like a grounded Concorde.

Of course, there’s plenty of underground gambling in Hawaii, as witness some raids that are major current months; is it possible having said that operations are behind a groundswell to keep it that way, as legalizing casinos would greatly affect their bottom lines? Surely maybe not; we know no one ever takes bribes, overt or implied, with regards to things like this.

Guess ‚Hawaii, the Gambling State‘ will not be minted for state license plates anytime soon.

Victory for Dan Shak at PartyPoker Premier League

Wall Street mogul Dan Shak has emerged as the victor associated with the PartyPoker Premier League VI during the Aspers Casino near London, taking the title after days of action and a tough heads-up round against Sam Trickett to finish up this exciting tournament.

In addition to the title that is prestigious Shak has walked away by having a cool $450,000, leaving the British runner-up with a pleasing $200,000 prize for 2nd destination.


Starting the final dining table in third position behind chip frontrunner Tobias Reinkemeier and Jonathan Duhamel, Shak demonstrated great poker skills and patience as the hedge investment manager took down the chip leaders and emerged victorious.

Talal Shakerchi was first to leave the last table when actress Jennifer Tilly sent him packing, picking up a pair of aces in the flop to beat out his pocket kings. But Tilly’s luck ran short as she had been the next to hit the rail, and was taken out of the competition by Duhamel. Shakerchi walked away with $45,000 while Tilly took home a prize of $60,000.

Eliminations Continue

Finishing in sixth place and taking house $70,000, Reinkemeier ended up being also eliminated by Duhamel, despite his beginning in the pole position. This elimination play thrust Duhamel in to the position of chip leader and it began to look as if he could not be beat.

5th place went to Daniel Cates, the runner-up of last year’s tournament, after he was eliminated by this season’s winner. ‚I’m sorry, man,‘ announced Shak as he delivered Cates home with $100,000 in their pocket.

Despite his impressive performance, it was Duhamel who finished in fourth place after Trickett left their chip stack dwindling. The Canadian can’t complain excessively however out and he still pocketed a nice $125,000 as it was the soon-to-be champion Shak that beat him.

Antonio Esfandiari then left the table, additionally at the mercy of Shak, and left Shak and Trickett to duke it out in the last heads-up, albeit with $150,000 in his pocket.

The Last Showdown

Shak went into the heads-up with a lead of 1.7 million to Trickett’s 871,000 chips. But, Trickett hammered away at Shak and actually stole the lead through the American.

But alas, it had been to not be Trickett’s night, as a subsequent flush saw Shak sitting pretty with virtually every chip on the table in his possession. After that, there was hope that is little the Brit and Shak emerged victorious because the champion regarding the PartyPoker Premier League VI.

This win brings Shak to an impressive $1.4 million in tournament wins up to now in 2013, and sits him firmly in third position in the worldwide Poker Index Player regarding the Year race. But, this Premier League win will perhaps not count towards the standings.

San Francisco Bay Area Game Developers Conference Is business that is serious

If you have constantly wanted to be someone who designs those cool, high-tech casino slot games you’ve played, you better be booking a flight yesterday to this week’s Game Developers Conference (GDC) in San Francisco; but do not go up there looking work unless your resume is dazzling. Major recruiters like Bally’s Technologies aren’t playing around when they look for talent to create their games for clients.

Searching for ‚World-Class‘ Talent

Bally’s is only one of many companies which is searching for the best of the best at the conference: the up-and-coming developer talent that will create the next generation of exciting high-tech games for them into the uber-competitive slot machine and app gaming market that is mobile.

The hard part is being in a position to keep up with the never-ending need for newer, better, and more dazzling, according to Gary Kapral, Bally’s senior v.p. of operations and hr. ‚ The challenges are quality and volume,‘ Kapral stated. ‚We can’t get enough from the ads online,‘ he added as to why Bally’s is going to the seminar, looking for recruits.

Bally’s is just one of many companies looking to fill positions like mobile and interactive content developers, programmers, web developers, graphic artists, digital illustrators, motion-graphic artists, 3D animators and mathematicians. Yes, it pays to be always a creative nerd.

For the lucky few who become landing employment at the conference, it might be described as a nice payday; current college grads could pull in $50-60K, while those with five years of expertise in the digital gaming industry might end up bringing home a paycheck pretty near to six figures.

Conference is Growing

The now 26-year-old seminar has blossomed from an informal gathering of developers over a weekend to a week-long event featuring a lot more than 22,500 gaming industry insiders and attendees. It is end up being the primary forum for programmers, artists, producers, game developers, audio pros, and everyone else involved into the creation and development of interactive high-tech gaming to meet, brainstorm and mingle. UBM Tech Game system produces the annual event.

GDC additionally features more than 400 lectures, panels, tutorials and discussions that are round-table all things gaming by leading industry experts. In 2010’s GDC conference also features the 14th Annual Independent Games Festival, where game designers can showcase their original projects to prospective writers, and the 12th Annual Game Developers Choice Awards, sort of Oscars for the digital games industry via peer recognition.

‚I’d like to thank my mother and dad for permitting me live in their basement, rent-free, for 14 years,‘ is most likely a typical awards acceptance message, we’re guessing.

Leave a Reply

You must be logged in to post a comment.