Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a revenue. (Image:

If the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new era for the local gambling industry. Now, it looks as though the resort may go down 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 effort 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 could come as a blow that is huge the town, since well as the 3,140 workers that work at the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan which will make sure the venue can stay open until a customer is found. However they aren’t expecting to have 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 significantly less than $300 million. Some also think that the value that is true be less than $100 million, as it will likely be years before the place has a chance to turn a profit.

‚ We are going to work to attain a contract with an owner that is new will help ensure Revel’s long-term economic stability and who shares our commitment to providing Revel’s guests and players an exceptional experience in lodging, gaming entertainment and fun,‘ Revel CEO Scott Kreeger said in a declaration.

The move is the second time in the very last two years that the business has filed for bankruptcy protection. Based on the ongoing company, this is done ‚to address liquidity issues and facilitate a purchase of substantially all of Revel’s assets.‘

No Luck for This Casino

Revel has experienced by way of a short but existence that is tortured. Initially, the idea for a modern resort casino that could revitalize Atlantic City arrived before the global economic crisis. If the economic situation became serious, Morgan Stanley backed out of financing construction. That led to the continuing state of New Jersey stepping in to provide $260 million in 2011 to finally finish the casino.

But even if the Revel exposed, there had been little in the real way of good news. The facility has reportedly lost $260 million as it launched, including an astounding $22 million in the first quarter of 2014 alone. Ownership happens to be seeking to sell the property or find an operating partner for at the least a now year. At one point, it showed up as though Hard Rock International might step in, but negotiations fell aside previously this year.

There are truly 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 each of Atlantic City, and far associated with the building has a striking view of the Atlantic Ocean. But in a town that gets nearly all of its gaming company from time trips, a luxury resort created more for long-term stays may never have had the possibility.

Underlying the problems at Revel is a far more issue that is systemic Atlantic City. Over the last seven years, gambling revenues in New Jersey have actually dropped over 40 percent, right down to about $3 billion from a top of $5.2 billion in 2006. Nor could it be the first Atlantic City casino to shut straight down this present year, 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 New Jersey can nevertheless move forward in offering recreations betting, provided that they don’t really regulate and license the activity. (Image: Tony Kurdzuk, The Star-Ledger)

Typically, an appeal to the Supreme Court associated with the United States is a resort that is last. After all, there is no higher legal authority in the country. Even yet in the actual situation of New Jersey’s push to legalize activities gambling into the state, it showed up that the Supreme Court would be the last stop: Governor Chris Christie even famously said if they didn’t rule in his favor that he wasn’t going to appeal to ‚the galactic Supreme Court.

But not everyone in New Jersey feels that way. State Senator Raymond Lesniak (D-Union County) believes that the state can still look for 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 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 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 could not afford to back down now.

‚ The impact that is economic sports wagering can have on New Jersey is far too important to simply shrug our arms and move ahead,‘ Sweeney said. ‚New Jersey has been held hostage by this unfair legislation and the national sports associations long enough. It’s time for you to bring activities wagering to nj-new Jersey.‘

Ruling Provides Wiggle Room

Lesniak offered two reasons to believe sports betting could possibly be available in New Jersey within the near future, 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 entirely by the racetrack or casino shall maybe not be considered unlawful 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 a casino,‘ the bill states.

This proposition is based on arguments created by both sides and confirmed by the Third Circuit Court’s opinion, which unearthed that the 1992 expert and recreational Sports Protection Act didn’t stop New Jersey from repealing their very own sports gambling prohibitions, even if the court unearthed 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 could be in their rights to merely enable unregulated wagers to go unpunished.

Many legal experts think that is a long shot at best, and another that will draw fire from both the federal government and major sports organizations.

But Lesniak also remarked that the Department of Justice could refrain from taking simply action if nj started to allow casinos and battle songs to offer 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 pot laws point out areas that could be a tripping point for bettors in New Jersey, in the event that law is not changed during the level that is federal.

Modifications to Federal Law Also Possible

While Lesniak appears working across 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 joint statement to call for such a move.

‚As nj’s options for appeal in this lawsuit have now been exhausted, we implore our peers in Congress to support federal legislation that allows their state of nj-new Jersey to implement its law and authorize legalized sports wagering,‘ they published.

Luis Suárez World Cup Bite Becomes Payday for Lucky Gamblers

Suarez’s biting history led some gamblers to produce a bet that he’d repeat at the global World Cup. (Image:

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

As the entire world is outraged at Suárez’s behavior on the soccer field (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. Lucky individuals on Betsafe, Betsson, and perhaps other internet sites placed bets before the tournament that Suárez would bite at least one player, and tend to be now finding themselves more than a few bucks richer as an outcome.

A History of Biting Opponents

That may seem like an extremely unusual prop bet, but it makes a lot 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 lesson. In 2011, he was transmitted 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 prohibited for ten games so as to deliver a strong message about his 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 the time that is third. And with odds of 174-1 or therefore, it may perhaps not also happen a wager that is awful provided the player’s history.

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

Based on ESPN’s Darren Rovell, a complete of 167 gamblers cashed in on bets at Betsson. Some winners revealed off their unlikely winning bets on Twitter along with other social news internet sites, seemingly as surprised as anyone 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 form of bet that may potentially cause controversy ( there is no foul called on the play, though maybe not rez that is even su&aacute appears be denying it just happened at this aspect), a spokesperson for the site assured bettors they would be paid down. After all, they said, it had been ‚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 matter that is laughing Suárez. FIFA happens to be investigating the event, and another ban seems likely for Suárez, which could be damaging to Uruguay’s World Cup hopes. Meanwhile, 888 Poker has said they are reviewing their sponsorship relationship with Suárez.

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