Revel in Atlantic City on Auction Block for $90 Million Starter Bid

Revel in Atlantic City on Auction Block for $90 Million Starter Bid

Florida investor Glen Straub has kicked from the auction bidding on Revel for $90 million.

Atlantic City’s Revel Casino is up for auction grabs, and a Florida real estate developer has provided $90 million in money to acquire the property which was shut straight down for good week that is last. Glenn Straub, who owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now get to be the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other potential purchasers have until September 23 in order to make offers.

Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need right now; a new direction,’ he added. ‘Give us our six months, so we’ll really physically most probably. In two years, we’ll be 100 % open.’

Which begs the concern, just what are open, exactly? It seems unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge costs that are operational were hemorrhaging $2 million a week when it shut. And besides, it seems Straub includes a dislike that is personal of.

Casino Doctor

‘When everyone believes of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding that he dislikes the idea of Atlantic City as a casino city and would be uncomfortable with the thought of his family profiting from gambling. However, we’re not sure a polo club for the uber rich quite fits in utilizing the boardwalk vibe either.

Whatever Straub has in mind, he’s keeping buttoned up for now, but he says he’s got Atlantic City’s best interests in your mind. ‘ We feel the populous city needs what we do,’ he says. ‘Our company is like doctors whom turnaround patients that are sick. We turn around big properties.’

Although, in some of his past transactions, we’d endeavor to state that he is been similar to a vet putting down an animal that is sick. When he purchased the Miami Arena in 2004 for half the cost the cost it cost to construct, for example, he ultimately demolished it to make way for Grand Central Park.

That does not bode too well for Revel.

Intriguingly, nevertheless, Straub hinted in his interview that his plans include building high-speed train links Atlantic City, New York City and Philadelphia.

Other Bidders in the Mix

It’s early days, though, and Straub may well yet be outbid, as he was on a current venture when he experimented with buy the Versace Mansion in Miami Beach at another bankruptcy auction this past year.

There is, in accordance with sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to purchase the soon-to-be shuttered Trump Plaza year that is last. The proposed sale price ended up being $20 million, incidentally, however the deal fell through whenever Trump Entertainment was unable to get a release on its mortgage, as the senior lender refused to approve the sale at such a price that is low.

Meanwhile, investor Carl Icahn is also a possible contender. Icahn, while the holder of most of Trump Entertainment’s debt, stands to just take over both the Trump Plaza and Trump Taj Mahal as a consequence of the parent company’s bankruptcy filing this week.

Regardless of the outcome, however, the Straub deal benefits Revel and its particular creditors by setting a base price for the auction and ‘increasing the reality that the greatest purchase that is possible for the assets will be received,’ explained court documents. Straub has made a $10 million deposit and would receive a $3 million breakup fee if it is outbid at auction, based on proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Adverts

Regulators in the Netherlands say their campaign to limit sports betting sites in the country have now been successful. (Image: AP Photo/Peter Dejong)

Dutch regulators don’t want activities sites that are betting target consumers in the Netherlands, so they’ve gone after businesses that have tried to attract players there who want to be in on major events. Now, the Kansspelautoriteit (KSA) states that their efforts have been largely effective in reducing the experience from these rogue operators.

In line with the KSA, a letter-writing campaign that was aimed at warning operators against targeting Dutch citizens has limited what they called ‘excessive’ advertising of such services throughout the World Cup therefore the Tour de France, both events with major followings in the nation. In total, the KSA said they wrote letters to eight operators, and all sorts of eight have ceased the activities in question.

Companies Comply with Dutch Requests

According to the regulatory human body, each of the companies has stopped promoting their brand in the Netherlands. In addition, the companies have taken steps that are additional such as for instance closing promotional websites and Dutch-language Twitter reports that were created to attract players to their web sites.

Those actions had been evidently enough to satisfy the KSA. The regulator told the eight firms that no more actions would be taken against them, thanks to their compliance with the requests made from them. However, the KSA has additionally reminded operators that with the Netherlands expected to enact Web gambling legislation next year, operators should cease any marketing activities within the country until that time.

Poker Advertising a true point of Emphasis Going Forward

In particular, the KSA says that a look is being taken by it at poker marketing. They truly are also stepping up their efforts around the times during the major events: for instance, for poker advertising, they will be making sure to look closely at what’s happening around the final dining table of the World Series of Poker (WSOP), while recreations betting internet sites will face more scrutiny near major international sports.

‘The KSA does not expect that Dutch wagering ads will go away entirely from the Internet,’ the corporation penned. ‘But laws are increasingly being enforced, handling cases that may induce the biggest risks for consumers first.’

Affiliates are also targeted, and while their conformity wasn’t quite as swift, the KSA reports progress on that front at all. Since the crackdown, at least two new operators have actually attempted to move in to the now largely vacated market; the KSA says they are now being examined, because are affiliate networks.

KSA Has Reputation for Heavy-Handed Tactics

The KSA has made headlines recently for their hands-on way of enforcing gambling laws in the Netherlands. Last month, the regulatory human body levied an €80,000 ($103,000) fine against an elderly couple that organized a lottery for the home they owned in Southern Africa.

That lottery had been ultimately handled in Austria, and both members regarding the couple held Belgian passports (though one was also a Dutch citizen). Nonetheless, as the contest possessed a website that included information in Dutch, and as a result of a meeting about the lottery on Dutch radio, it had been felt by the KSA was in breach of Dutch gaming laws. The KSA reportedly also went therefore far as to locate blog posts to be able to establish that the lottery could be considered A dutch event.

‘Many people spoke if they were the ones who wrote them or even started the discussion,’ lawyer Bas Jongmans told PokerNews about it on the Internet, but the regulator has decided to blame the couple for all the comments, as.

NJ Sports Betting Challenge Has Hope for Other US States

New Jersey Acting Attorney General John Hoffman, upon whose legal opinion the challenge to PASPA is based. (Image: Star-Ledger)

Could the New Jersey recreations decision that is betting decriminalize wagering at casinos and racetracks in the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have come out to get New Jersey’s stance, and many more are going to be watching with interest while the state seeks clarification of its position in a federal court.

Currently only four US states, Nevada, Delaware, Montana, and Oregon, are able to offer sports betting legally under federal law. This is because of law called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which sought to define the status that is legal of wagering (in contrast to parimutuel horse and dog race) in the US, and efficiently outlawed it nationwide.

Exemptions were manufactured from the aforementioned states which had already declared activities betting to be legal inside their borders, while New Jersey was given a window that is one-year of, a deadline of January 1, 1993, to prepare and pass legislation permitting recreations wagering, an opportunity it chose not to grasp.

On the Cards

These were more days that are optimistic the Atlantic City casino industry, a period of growth and investment, also it seems the state felt it could do without. But today things are extremely different. Atlantic City’s economy is in crisis. Having a spate of casino closures, and 1000s of staff set off, it had been something that is clear and drastic ended up being needed.

It had been on the cards for a while. In 2011, New Jersey residents voted overwhelmingly in benefit of repealing PASPA. In response, nj-new Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports gambling at gambling enterprises and racetracks.

It was challenged by the sports that are professional, which reported that the Act was a violation of federal law and threatened the integrity of sport. Last year a federal judge agreed, putting the kibosh on the Sports Wagering Act once and for all. This led to the realization that, while PASPA banned the regulating and licensing of sports betting by individual states, there is nothing in that act that needed states to enforce prohibition.

Floodgates to start?

Nj Acting Attorney General John Hoffman reported his formal opinion that is legal week: ‘Sports swimming pools operated by racetracks and gambling enterprises continue steadily to be exempted from criminal liability under New Jersey legislation so long as no wagering happens on a college sport or athletic occasion that occurs in New Jersey or in which any New Jersey college team participates regardless of where the event takes place.

‘Accordingly, no law enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any person mixed up in operation of a sports pool by a casino or racetrack to your extent that such activity happens constant with this particular police force Directive,’ Hoffman added.

This, then, is nj-new Jersey’s position, of which it really is clarification that is seeking a federal court: to deregulate recreations betting totally and to ignore PASPA; a risky maneuver, that may undoubtedly be challenged into the courts by the sports leagues.

Nj-new jersey’s casinos are desperately in need of an advantage over the casinos that are competing neighboring states that have actually damaged the Atlantic City market. The decriminalization of sports betting may provide that edge, however for how long? The floodgates may open and there’s little to prevent other states, including the neighboring competition, from following suit if the state is successful in its challenge to PASPA.