The Revel Casino Hotel is still without an owner after yet another bankruptcy deal dropped through, although the two sides are apparently nevertheless negotiating. (Image: abcnews.go.com)
It appears the Revel Casino Hotel’s bankruptcy proceedings might end up lasting much longer compared to the resort had been actually available.
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 February 9th.
Straub had required an expansion towards the deadline to seek a reduced price, prompting Revel to file a petition to dismiss the sale. ‘ The history of this full case is long and tortured,’ Burns stated during her ruling.
Late year that is last the initial bankruptcy auction had been awarded to Canadian private-equity firm Brookfield Property Partners for $110 million. However, the agreement dropped through due to a conflict involving the buyer that is potential the resort’s current utility suppliers.
When Brookfield backed down, Straub had been named the preferred bidder, putting him on the hook but at a price he then deemed too high. Straub desired to wait the offer, saying the venue’s lack of transparency and utility conflicts lead in a less-desirable opportunity that is financial asking for the price 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 price also included the claim that no other possible bidders existed, meaning his firm shouldn’t have to spend dollar that is top. Attorneys for Revel dispute that claim, asserting several potential purchasers had recently renewed their interest in the acquisition. Regardless of the bickering that is continued both parties, a deal could be reached.
As the $95.4 million transaction is off the dining table, the parties are continuing their discussion. ‘We’re still negotiating. We never stopped negotiating. The purchase doesn’t stop us from negotiating,’ Straub attorney Stuart Moskovitz stated.
One other side concurred with Moskovitz. ‘I would be very surprised if Straub came right back and offered $95.4 million and now we turned it straight down,’ Revel counsel Michael Viscount stated. Revel is obviously motivated to strike an agreement, and one in the near future. Should the casino neglect to be auctioned, the house will be liquidated.
One Hand that is bad after
The Revel Casino broke ground at the incorrect time in the wrong place, and ever since the $2.4 billion resort opened its doors, it’s been one colossal downward spiral.
April 2, 2012: Revel opens to the public
February 15, 2014: NFL star Ray Rice faced with assault of his e that is then-fiancé following altercation in an elevator.
۲, ۲۰۱۴: Revel closes september
۲۰, ۲۰۱۴: Brookfield buys Revel for $110 million november
۱۲, ۲۰۱۴: Brookfield deal terminated after buyer discovers Revel owes utility bondholders of a facility that heats and cools the resort $118.6 million december
January 6, 2015: Straub authorized as buyer for $95.4 million
۱۹, ۲۰۱۵: Straub deal terminated february
It seems as if Revel must have the odds in its favor, undoubtedly due for a winning hand. With both sides nevertheless discussing a prospective acquisition, a deal would be good news for Revel, the investor acquiring a venue for a fraction of its original expense, and Atlantic City in general.
Report Predicts On The Web 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 gambling in 2015, and that even into the case scenarios that are worst for the industry, efforts to ban Internet gambling at a federal degree will fail.
The report, United States Internet Gambling In Focus: 2014 and 2015, took a close examine where the online gambling industry is in the united states of america and where it may head over the year in the future.
GC laid out several possible situations for where online gambling legislation might go in the state front, while also pointing out that these predictions were, at most 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.’
On The Web Gambling Ban Will Not Pass, GC Predicts
On that front, GC provided three potential scenarios that may play out. The 2015 base-case scenario, that is the one they feel is probably to reflect reality, would see one state to enact gambling that is online this present year. They predict that this state would most probably be Ca, Pennsylvania, or the US Virgin Islands ( not just a state, however a US jurisdiction the report counts because of its purposes).
Those who find themselves hoping for quicker expansion can go through the bull-case scenario. Under this rosy outlook, two new states would add online gaming this year, with those same typical suspects probably be the beneficiaries.
Nonetheless, this projection also accounts for the chance that certain of the ‘outlier’ states that is regarding the fringe of the gaming that is online, such as for instance Iowa, could instead be among the states that approves Internet betting this present year.
Skeptics will probably discover 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, the most important projection is that under each of these scenarios, GC projects that a federal online gambling ban will maybe not pass in 2015.
‘Federal consideration of Web gambling tends that occurs late in the second year of each two-year session of Congress,’ the report states. ‘Thus, our assumption of no movement that is legislative any 2015 scenario.’
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 over the next year.
A number of 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 will dsicover online gambling bills in their legislatures this 12 months.
When online gambling expansion does come to pass, it’s most likely that states will consider the experiences free slot play titanic of Nevada, New Jersey and Delaware to structure their markets that are own. A look at their experiences might make states second-guess ‘poker-only’ models, as casino games seem to be outperforming poker that is virtual hence far.
The GC report singled out New Jersey to show how casino and poker profits have actually been diverging in the online arena there. Since the first online gambling sites opened in New Jersey in December 2013, per capita casino revenues are up 93 percent, 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 significant growth disparity between New Jersey Internet casino win and Internet poker win to be always a key talking point in states that are weighing whether to legalize Internet poker, just,’ the report stated.
Pakistani Cricket Official Sent Home From World Cup After Casino Visit
A Pakistani official has been sent home after a trip to a New Zealand casino in the wake of bad shows from the national team. (Image: icc-cricket.com)
Cricket never appears to be short of scandals associated with betting and match integrity, and while it is not clear if there are any problems that are actual this year’s Cricket World Cup, it appears one nation is making certain to look into the first signs of smoke, in case there might be a fire.
The Pakistan Cricket Board (PCB) has sent home chief selector Moin Khan, the man in control of selecting players for the nation’s World Cup squad, after Moin visited a casino in Christchurch, New Zealand just two times before Pakistan was blown out by the West Indies in their second World Cup match.
‘There are widespread allegations 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 president Shaharyar Khan, Moin has been in advance about visiting the casino, saying that he did therefore together with wife, where the couple had dinner by having 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 in parliament today, he told me that all the accusations are wrong. against you, and even members regarding the Upper House discussed it’
The day at the casino may well not have already been an issue at all were it perhaps not for the performances that are poor far by Pakistan’s squad. The 150-run loss to the West Indies saw Pakistan’s very first four batsmen make outs while combining to score just one run: a brand new 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. Losing was the worst ever for Pakistan at the global World Cup.
Specter of Previous Scandals Likely Factor in Strong Response
Involving the performance that is uncharacteristically poor Moin’s stop by at a casino simply before, it could very well be perhaps not shocking that some would begin to question whether there had been a connection. All things considered, Pakistan was home to a scandal that is fixing recently as 2010, when users of the nationwide group were convicted of taking bribes from a bookmaker in order to under-perform in a Test match against England.
While no players had been accused of intentionally tossing matches if that’s the case, they were found accountable of ‘spot fixing,’ as bowlers would organize for several results at particular points in a match to allow gamblers to place winning bets that are in-play.
Needless to say, there are more 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 among the list of squad. However, Shaharyar has rejected these reports.
‘There is absolutely nothing of this sort, it is just that the players never have performed well and they themselves understand exactly how they’ve down let their supporters,’ he said. ‘ we talked to them and I told them they can nevertheless set things right and they have promised to improve their game.’
Australia is favored to win the 2015 Cricket World Cup, with brand New Zealand, South Africa, and India additionally considered contenders that are likely. After their early losses, Pakistan is now considered a 33-1 shot that is long win the title.