Archive for the ‘XSlots’ Category

No Smoking Revel Going Up in Smoke with Bankruptcy

Donnerstag, Februar 6th, 2020

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 conv (mehr …)