Glenn Straub wants to take in up to 3,000 Syrian refugees at Revel but the city still considers the property become a dangerous fire risk.
Glenn Straub, the eccentric Florida real-estate developer whom bought the stricken Revel Casino in Atlantic City earlier in the day this year, is offering to turn it into a refugee center that is temporary.
Straub paid $82 million for the $2.4 billion property after the winner that is initial of bankruptcy auction, Brookfield Asset Management, pulled away from the offer.
However, the casino remains shuttered as Straub is mired in legal wrangles with Revel’s adjacent power provider.
Straub told KYW Newsradio that as the property ended up being empty he wanted to fill it with as much as 3,000 refugees that are syrian would be welcome to stay for 18 months.
The resort has 1,399 hotel rooms, but these wouldn’t be accessible to refugees; instead, they would be housed in Revel’s conference rooms, which could be’ converted into living rooms.’
Straub did not mention whether or not they would be able to take advantage of Revel’s two deserted nightclubs or multiple swimming pools.
$۳۶ Million Energy Bill
‘They really just need someplace to place safety, which we now have,’ Straub explained. ‘ I don’t discover how plenty of digital cameras and security locations, magnetic locks and everything that a casino has that we wouldn’t wish to have wandering around in the neighborhoods. that we can [use to] keep people’
Straub said that he had reached out to ‘presidential candidates’ to this impact.
The US state Department told the radio place it will be ‘pleased to place his offer or some other concerned American in touch along with their local resettlement agency, which can provide opportunities to assist refugees who’re resettled within their communities. that it had been unaware of Straub’s proposal but’
However, the small issue remains that Revel was recently branded a huge fire danger by the Atlantic City Fire Department.
Straub is refusing to pay the property’s astronomical energy bills, which stay at a mind-boggling and apparently non-negotiable $36 million a year.
In contrast, the Borgata’s power bill is just about $12 million per year, despite having almost twice as numerous hotel rooms and a bigger gaming floor.
Dangerous Fire Hazard
Revel’s energy plant was built specifically for purpose aided by the casino as its sole consumer. Revel AC Inc began building the plant whenever work started on the casino resort in 2008, but when it ran out of cash, the plant had been taken over by ACR LLC.
In return for bailing Revel away, the owners that are new a 15 per cent return on the equity in the first 5 years and 18 per cent from then on.
Straub is refusing to honor the contract therefore Revel’s energy has been cut. The fire department warned that, with no water flowing through the building’s pipes, and no electricity to allow firefighters access to the floors that are upper a fire outbreak could be potentially catastrophic.
Straub is currently powering the home by using portable generators, which city inspectors have said is dangerous in itself. The city is fining the home tycoon thousands of dollars for each that Revel remains shut off from the power plant day.
Straub has stated that he wants to variously reopen revel, as at the very top university, a casino devoted to life-extension science, and now an ‘extreme sports center.’
Maryland Casino Revenues Increase 9.2 Percent in October
The Horseshoe Baltimore Casino located south of the town center has rebounded after last spring’s protests, gambling as a whole jumping for all five Maryland casino places. (Image: Al Drago/Baltimore Sun)
The Maryland casino industry is flourishing, the state’s Lottery and Gaming Control Commission releasing financial information for last month that proves residents and nearby residents are enjoying the conveniences of getting gambling venues located in the Mid-Atlantic region.
Casino revenue statewide totaled $94,760,583 for the of October, a 9.2 increase year-to-year month. The growth represents an additional $7.9 million in returns for the five venues.
Gaming Atlantic President and Chief Analyst Dr. James Karmel told the Baltimore Sun that the numbers verify the ‘continuing strength’ of Maryland’s gambling industry. ‘Maryland is still well positioned to attract new players,’ Karmel stated.
Five of a Kind
Probably the most promising revelation from the data is that it’s not 1 or 2 casinos thriving but all five.
Casino October Revenue Percent Increase
Ocean Downs$4.7 million13.0
Rocky Gap$4.2 million10.8
Horseshoe Baltimore$24.7 million9.8
Maryland Live!$55 million9.3
Hollywood Perryville$6.2 million1.6
The strong financials are highlighted by a positive return for the Horseshoe Baltimore, the Caesars-owned home based in the town’s south part rebounding from final April and could’s protests that captivated the country and discouraged outsiders from visiting the downtown metropolis.
The Horseshoe opened in August of 2014 to rave reviews while the revenues quickly accompanied.
In March, the casino brought in $25.7 million. The following two months it just generated $22.9 million and $21.9 million as tensions caused less site visitors to travel into the Inner Harbor and surrounding areas.
Its resurgence is a sign that is positive limited to the gambling community but the general community of Baltimore in addition to tourism is reportedly going back to Charm City.
Atlantic City Impact
September had been a month that is exceptional gambling in Atlantic City, the inclusion associated with whole Labor Day holiday leading to an 11 percent increase for the eight remaining gambling enterprises.
However, year-to-date the industry remains down 8.4 % because the gambling that is former of the eastern coast continues to struggle.
Casinos operators have long blamed gambling legalization on behalf of neighboring states as the cause that is leading of town’s demise. No longer do residents in Pennsylvania, Maryland, or Delaware need certainly to travel to Atlantic City.
And if neighboring residents do certainly travel to Atlantic City, they’re rather unlikely to go back as the once-glistening resort city is just a shell of its past self.
‘It’s therefore sad to see what’s took place,’ GOP 2016 frontrunner Donald Trump told The Daily Beast final December. ‘I left years back. I obtained extremely happy. My timing was good, through skill or luck, I’m maybe not sure.’
An excursion to Atlantic City today is like traveling down memory lane, several regarding the Boardwalk’s crown jewels sitting unoccupied and silent.
New Jersey’s Division of Gaming Enforcement typically releases its gaming data in the middle of the month.
Only then will Atlantic City identify if the strong reports from Maryland represent an increase in gambling countrywide, or if it simply represents Maryland natives staying home for their gambling entertainment.
Pro-RAWA Kindt Requires US Ban on Slot Machines
Professor John Kindt, who testified for RAWA at the recent hearing that is congressional believes that gambling harms the economy. (Image: news.illinois.edu)
John Kindt, Professor of Business and Legal Policy during the University of Illinois and vocal anti-gambling campaigner, has called on the federal government to ‘re-criminalize’ electronic gambling machines (EGMs).
Composing an op-ed for the Southern Illinoisan, Kindt, who recently took the stand to testify for RAWA at the royal vegas casino com recent hearing that is congressional claims that the economic advantages of gambling enterprises are far outweighed by the social costs.
‘Gambling’s lobbyists allege brand new tax revenues, but academic studies indicate that the expenses of the crime that is gambling-caused bankruptcies, and other new social costs to the taxpayers are at least $3 for every $1 in new tax income,’ he writes.
‘In many states, the tax profits are slowly siphoned away from education and teachers and back in to gambling’s insiders, such as the recent New York Lottery scandal where $1.7 billion was allegedly misdirected.’
Unusually, for an academic, Kindt makes reference that is vague ‘studies,’ without citing sources, as in the estimate above, and right here: ‘Studies confirm that pupil populations are specially susceptible to EGM gambling addiction and can get hooked at double the adult addiction prices.’
While we’re very happy to take the good professor’s term because of it, we should aim down that during the RAWA hearing he was fond of quoting from a study that concluded that ‘internet gambling cannot be regulated.’ It is an ancient study from 1999 and the times of dial-up internet, whose authors had been not best placed to understand the dilemna.
In their op-ed Kindt claims that the US National Gambling Impact Study, additionally published in 1999, labelled slots, or even more specifically EGMs, once the ‘crack cocaine’ of gambling.
However, this is disingenuous; the study makes no such claim, simply quoting an impression of psychologist Dr Robert Hunter, who known it as a result in 1992.
Kindt additionally states that the United States National Gambling Impact Study ‘concluded that any states with EGMs convenient to the public required to re-criminalize those machines.’
Except it made no such recommendation. It merely advised that Congress should instigate ‘analysis of this growth of gambling difficulties associated with electronic gambling devices (EGD’s) and also the risk factors that accompany this evolution for customers many likely attracted to this form of gambling.’
‘EGMs shrink the consumer economy, denigrate quality of life, enhance taxes, and stigmatize governments,’ concludes Kindt. ‘Governments must change their image, re-criminalize EGMs, and ‘grow the economy’ to attract brand new consumer businesses, Otherwise, EGMs and associated gambling proponents will stay to deteriorate regional and state economies.’
Kindt’s main assertion, that gambling does not contribute to the economy, stays a hotly debated point.