The Revel Casino Hotel is nevertheless without an owner after yet another bankruptcy deal fell through, even though the two sides are reportedly nevertheless negotiating. (Image: abcnews.go.com)
It appears the Revel Casino Hotel’s bankruptcy proceedings might end up lasting much longer than the resort had been actually open.
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.
According to US Bankruptcy Court Judge Gloria Burns, Straub violated the terms of agreement when he failed to close the sale by 9th february.
Straub had requested an extension towards the deadline to seek a reduced price, 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 year that is last the first bankruptcy auction had been awarded to Canadian private-equity firm Brookfield Property Partners for $110 million. However, the agreement fell through due to a conflict involving the buyer that is potential the resort’s current utility vendors.
When Brookfield backed down, Straub was called the preferred bidder, putting him in the hook but at a cost he then deemed too high. Straub desired to wait the deal, saying the venue’s lack of transparency and energy conflicts resulted in a less-desirable opportunity that is financial asking for the cost 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 decreasing the price also included the declare that no other potential bidders existed, meaning his firm should not have to pay top buck. Attorneys for Revel dispute that claim, asserting several potential buyers had recently renewed their interest in the purchase. Irrespective of the continued bickering by 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 stopped negotiating. The order 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 back and offered $95.4 million and it was turned by us 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 home could be liquidated.
One Hand that is bad after
The Revel Casino broke ground at the incorrect time in the wrong destination, and ever since the $2.4 billion resort opened its doors, it’s been one colossal spiral that is downward.
2, 2012: Revel opens to the public april
February 15, 2014: NFL star Ray Rice charged with assault of his then-fiancée after an altercation in an elevator.
September 2, 2014: Revel closes
20, 2014: Brookfield buys Revel for $110 million november
12, 2014: Brookfield deal terminated after buyer discovers Revel owes utility bondholders of a facility that heats and cools the resort $118.6 million december
6, 2015: Straub approved as buyer for $95.4 million january
February 19, 2015: Straub deal terminated
It seems as if Revel must have the odds in its favor, undoubtedly due for a hand that is winning. With both sides nevertheless discussing a potential acquisition, a deal would be good news for Revel, the investor acquiring a venue for a fraction of its initial price, and Atlantic City as a whole.
Report Predicts On The Web Gambling Expansion in USA
GamblingCompliance predicts that 0-2 states will enact gambling that is online 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 check where the on the web gambling industry is in the united states of america and where it may head over the year to come.
GC laid out several possible situations for where gambling that is online might go regarding the state front, while also pointing out that these predictions were, at best, educated guesses.
‘We acknowledge that Interent gambling legislative forecasting is far more art than science,’ the report stated. ‘Yet endeavor to forecast we must.’
On The Web 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 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 Ca, Pennsylvania, or the US Virgin Islands ( not just a state, however a US jurisdiction the report counts for its purposes).
Those people who are hoping for quicker expansion can glance at the bull-case scenario. This year, with those same usual suspects likely to be the beneficiaries under this rosy outlook, two new states would add online gaming.
But, this projection also accounts for the likelihood that certain of the ‘outlier’ states that is in the fringe of the gaming that is online, such as for example Iowa, could instead be among the states that approves Internet gambling in 2010.
Skeptics will probably get the bear-case scenario probably. This view that is pessimistic see no states enacting new online gambling legislation in 2015, something that willn’t surprise many observers. However, the most important projection is that under each of these scenarios, GC projects that a federal online gambling ban will not pass in 2015.
‘Federal consideration of Internet gambling tends titanic slot machine that occurs late in the second year of each two-year session of Congress,’ the report states. ‘Thus, our assumption of no legislative motion under any 2015 situation.’
Internet Lotteries Also 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 within the the following year.
Other states will at least consider expanding their online gambling options too: GC expects a handful to explore Internet lottery sales, and that ‘between eight and 11’ states will see online gambling bills in their legislatures this 12 months.
When online gambling expansion does come to pass, it’s likely that states will go through the experiences of Nevada, New Jersey and Delaware to structure their own areas. A look at their experiences might make states second-guess ‘poker-only’ models, as casino games be seemingly outperforming digital poker spaces thus far.
The GC report singled out New Jersey to show how casino and poker revenues have been diverging in the arena that is online. Since the first online gambling sites exposed in New Jersey in December 2013, per capita casino revenues are up 93 %, showing robust growth. However, the per capita poker win is down 29 percent, with revenues falling after a strong begin.
‘In 2015, we expect the significant growth disparity between nj-new Jersey Internet casino win and Internet poker win to become 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 delivered home after a vacation to a New Zealand casino in the wake of bad performances through the nationwide team. (Image: icc-cricket.com)
Cricket never seems to be short of scandals linked to betting and match integrity, and while it’s not clear if there are any problems that are actual this 12 months’s Cricket World Cup, it seems one nation is making certain to check out the first signs of smoke, just in case there might be a fire.
The Pakistan Cricket Board (PCB) has sent house chief selector Moin Khan, the man responsible for 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 World Cup that is second match.
‘There are widespread allegations into the conduct associated with 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 at the start about visiting the casino, saying that he did therefore along with his spouse, where the few had dinner having a friend.
‘[Moin has] been recalled immediately so that he can explain their position himself, and by which time we’ll also have full picture,’ Shaharyar said. ‘When I told Moin there are numerous allegations against you, and even people of the Upper House discussed it in parliament today, he told me that most the accusations are wrong.’
The day at the casino may well not have been a problem at all were it maybe not for the performances that are poor far by Pakistan’s squad. The loss that is 150-run 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 record that is previous been held by Canada, which scored just four runs while losing four wickets against Zimbabwe in 2006. Losing was the worst ever for Pakistan during the World Cup.
Specter of Previous Scandals Likely Factor in Strong Response
Between your uncharacteristically bad performance and Moin’s visit to a casino just before, it could very well be not shocking that some would begin to question whether there had been a connection. All things considered, Pakistan was home to a fixing scandal because recently as 2010, when people of the nationwide team were convicted of using bribes from a bookmaker in order to under-perform in a Test match against England.
While no players had been accused of intentionally throwing matches in that case, these people were discovered guilty of ‘spot fixing,’ as bowlers would organize for certain results at specific points in a match to allow gamblers to spot winning in-play bets.
Of course, there are some other explanations for Pakistan’s poor World Cup play aswell. Since before the tournament, taking place in New Zealand and Australia, there has 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 have not performed well and they themselves are aware of just how they’ve let their supporters down,’ he said. ‘ we talked to them and I told them they can nevertheless set things right and they’ve promised to boost their game.’
Australia is favored to win the 2015 Cricket World Cup, with New Zealand, Southern Africa, and India also considered most likely contenders. After their very early losses, Pakistan is now considered a 33-1 long shot to win the title.