The Revel Casino Hotel is still without an owner after yet another bankruptcy deal fell through, even though two sides are apparently still negotiating. (Image: abcnews.go.com)
It appears the Revel Casino Hotel’s bankruptcy proceedings might longer end up lasting than the resort ended up being 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 9th february.
Straub had requested an extension to the deadline to seek a reduced cost, prompting Revel to file a petition to dismiss the sale. ‘ The history of this case is long and tortured,’ Burns described during her ruling.
Late last year, the first bankruptcy auction ended up being awarded to Canadian private-equity company Brookfield Property Partners for $110 million. However, the agreement dropped through because of a conflict between your buyer that is potential the resort’s current energy suppliers.
When Brookfield backed out, Straub was known as the favored bidder, putting him on the hook but at a price he then deemed too high. Straub desired to delay the deal, saying the location’s lack of transparency and energy disputes resulted in a less-desirable financial opportunity, seeking the price to be lowered to $87 million. In the attention of its tenants and former owners, Revel proceeded to request Judge Burns to kill the sale.
Straub’s argument for bringing down the purchase price also included the declare that no other potential bidders existed, meaning his firm should not have to spend top dollar. Attorneys for Revel dispute that claim, asserting several buyers that are potential recently renewed their interest in the purchase. Irrespective of the bickering that is continued both parties, a deal could be reached.
The parties are continuing their discussion while the $95.4 million transaction is off the table. ‘We’re still negotiating. We never ever stopped negotiating. The purchase doesn’t stop us from negotiating,’ Straub attorney Stuart Moskovitz stated.
One other side concurred with Moskovitz. ‘I would be really amazed if Straub came right back and offered $95.4 million so we turned it straight down,’ Revel counsel Michael Viscount said. Revel is unquestionably motivated to strike an agreement, and one in the near future. Should the casino fail to be auctioned, the property will be liquidated.
One Bad Hand After Another
The Revel Casino broke ground at the wrong time in the wrong spot, and ever since the $2.4 billion resort opened its doors, it’s been one colossal spiral that is downward.
April 2, 2012: Revel opens to the public
February 15, 2014: NFL star Ray Rice charged with assault of his e that is then-fiancé following altercation in an elevator.
2, 2014: Revel closes september
20, 2014: Brookfield buys Revel for $110 million november
December 12, 2014: Brookfield deal terminated after buyer discovers Revel owes utility bondholders of a center that heats and cools the resort $118.6 million
6, 2015: Straub approved as buyer for $95.4 million january
February 19, 2015: Straub deal terminated
It seems as if Revel need the odds in its favor, undoubtedly due for a hand that is winning. A deal would be good news for Revel, the investor acquiring a venue for a fraction of its original cost, and Atlantic City as a whole with both sides still discussing a potential acquisition.
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 online gambling in 2015, and that even into the worst case scenarios for the industry, efforts to ban Web gambling at a federal level will fail.
The report, United States Internet Gambling In Focus: 2014 and 2015, took a close glance at where the online gambling industry is in the usa and where it may head over the year to come.
GC laid out a few possible situations for where online gambling legislation might go regarding the state front, while also pointing out that these predictions were, at most useful, educated guesses.
‘We acknowledge that Interent gambling forecasting that is legislative far more art than science,’ the report stated. ‘Yet endeavor to forecast we ought to.’
On Line Gambling Ban Will Not Pass, GC Predicts
On that front, GC provided three scenarios that are potential may play away. The 2015 base-case scenario, that’s the one they feel is most probably to reflect reality, would see one state to enact online gambling legislation this present year. They predict that this state would most likely be California, Pennsylvania, or the US Virgin Islands ( not really a state, but a US jurisdiction the report counts for the purposes).
Those who are dreaming about quicker expansion can look at the bull-case situation. Under this rosy outlook, two new states would add online gaming this year, with those exact same typical suspects probably be the beneficiaries.
But, this projection additionally accounts for the likelihood any particular one of the ‘outlier’ states that is regarding the fringe of the online gaming debate, such as for instance Iowa, could instead be among the states that approves Internet gambling in 2010.
Skeptics will probably get the bear-case scenario likely. This pessimistic view would see no states enacting new online gambling legislation in 2015, something that wouldn’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 Internet gambling tends to happen late in the year that is second of two-year session of Congress,’ the report states. ‘Thus, our assumption of no movement that is legislative any 2015 situation casino-bonus-free-money.com.’
Internet Lotteries Also More Likely to Expand
The GC report additionally projects that Internet lottery sales will expand in 2015. Such product sales are already available or authorized in a dozen states, and GC’s base-case scenario expects Kentucky to join this club over the the following year.
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 discover online gambling bills in their legislatures this 12 months.
When online gambling expansion does come to pass, it’s likely that states will look at the experiences 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 appear to be outperforming digital poker rooms hence far.
The GC report singled out New Jersey to show how casino and poker revenues have actually been diverging in the online arena there. Since the initial online gambling sites opened in New Jersey in December 2013, per capita casino revenues are up 93 %, showing growth that is robust. However, the per capita poker win is down 29 percent, with profits falling after a start that is strong.
‘In 2015, we expect the significant growth disparity between New Jersey online 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 happens to be sent home after a trip up to a New Zealand casino in the wake of poor performances through the team that is national. (Image: icc-cricket.com)
Cricket never appears to be short of scandals pertaining to betting and match integrity, and while it isn’t clear if there are any actual problems at this year’s Cricket World Cup, it seems one nation is making certain to check out the first signs of smoke, just in case there could be a fire.
The Pakistan Cricket Board (PCB) has sent house chief selector Moin Khan, the man in control of selecting players for the world’s World Cup squad, after Moin visited a casino in Christchurch, New Zealand simply two times before Pakistan was blown out by the West Indies in their World Cup that is second match.
‘There are widespread allegations in to the conduct associated with 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 chairman Shaharyar Khan, Moin has been at the start about visiting the casino, saying that he did therefore together with his spouse, where the few had dinner with a friend.
‘[Moin has] been recalled immediately so that he can explain his position himself, and by which time we’ll also have a full picture,’ Shaharyar said. ‘When I told Moin there are several allegations against you, and even people associated with Upper House discussed it in parliament today, he told me that all the accusations are wrong.’
The visit to the casino may not are an issue at all had been 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 single run: a fresh 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. The loss was the worst ever for Pakistan at the global World Cup.
Specter of Previous Scandals Likely Factor in Strong Response
Between the performance that is uncharacteristically poor Moin’s visit to a casino just before, it is perhaps not shocking that some would commence to question whether there was a connection. All things considered, Pakistan was home to a scandal that is fixing recently as 2010, whenever members of the nationwide group were convicted of using bribes from a bookmaker so as to under-perform in a Test match against England.
While no players were accused of intentionally throwing matches if so, these people were found responsible of ‘spot fixing,’ as bowlers would organize for many results at specific points in a match to allow gamblers to place winning bets that are in-play.
Needless to say, there are other explanations for Pakistan’s poor World Cup play too. Since before the competition, taking place in New Zealand and Australia, there is talk of rifts among the list of squad. However, Shaharyar has denied these reports.
‘There is nothing of this type, it is just that the players haven’t done well and they themselves understand how they’ve down let their supporters,’ he said. ‘ I spoke to them and I told them they can nevertheless set things right and they have promised to boost their game.’
Australia is favored to win the 2015 Cricket World Cup, with New Zealand, Southern Africa, and Asia also considered most likely contenders. After their very early losses, Pakistan is now considered a 33-1 long shot to win the title.