The Revel Casino Hotel is still lacking any owner after yet another bankruptcy deal fell through, although the two sides are apparently nevertheless negotiating. (Image: abcnews.go.com)
It appears the Revel Casino Hotel’s bankruptcy proceedings might longer end up lasting compared to the resort was actually open.
In what is becoming just another ongoing saga in Atlantic City, a judge ruled late a week ago to terminate a $95.4 million deal between Florida developer Glenn Straub and Revel.
According to US Bankruptcy Court Judge Gloria Burns, Straub violated the terms of contract when he failed to shut the sale by 9th february.
Straub had required an extension 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 original bankruptcy auction had been awarded to Canadian private-equity company Brookfield Property Partners for $110 million. However, the agreement dropped through due to a conflict involving the buyer that is potential the resort’s present energy suppliers.
When Brookfield backed out, Straub was named the bidder that is preferred putting him regarding the hook but at a cost he then deemed too high. Straub sought to postpone the offer, saying the location’s lack of transparency and utility disputes lead in a less-desirable opportunity that is financial requesting 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 reducing the cost also included the claim that no other potential bidders existed, meaning his company shouldn’t have to pay top dollar. Attorneys for Revel dispute that claim, asserting several buyers that are potential recently renewed their interest in the acquisition. Regardless of the bickering that is continued both parties, a deal could still be reached.
While the $95.4 million transaction is off the dining table, the parties are continuing their discussion. ‘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 astonished if Straub came right back and offered $95.4 million and now we turned it down,’ Revel counsel Michael Viscount said. Revel is certainly motivated to strike an agreement, and one in the future that is near. Should the casino neglect to be auctioned, the property is liquidated.
One Bad Hand After Another
The Revel Casino broke ground at the incorrect time in the wrong spot, and ever since the $2.4 billion resort opened its doorways, it’s been one colossal downward spiral.
April 2, 2012: Revel opens to the general public
February 15, 2014: NFL star Ray Rice charged with assault of his then-fiancée following an altercation in an elevator.
September 2, 2014: Revel closes
November 20, 2014: Brookfield buys Revel for $110 million
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
19, 2015: Straub deal terminated february
It seems as if Revel must have the odds in its benefit, 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 gambling that is online in 2015. (Image: indigotechnologies.co)
A new report by GamblingCompliance (GC) predicts that more states will consider on line gambling in 2015, and that even in the case scenarios that are worst for the industry, efforts to ban online gambling at a federal level will fail.
The report, United States Internet Gambling In Focus: 2014 and 2015, took a look that is close in which the on line gambling industry is in the United States and where it may head over the year to come.
GC laid out a few possible situations for where gambling that is online might get in the state front, while also pointing out that these predictions were, at best, educated guesses.
‘We acknowledge that Interent gambling forecasting that is legislative far more art than science,’ the report stated. ‘Yet endeavor to forecast we must.’
Online Gambling Ban Will Not Pass, GC Predicts
On that front, GC provided three potential situations that may play down. The 2015 base-case situation, that is the one they feel is probably to reflect reality, would see one state to enact online gambling legislation this season. They predict that this state would most be California, likely Pennsylvania, or the US Virgin Islands ( not just a state, however a US jurisdiction the report counts for its purposes).
Those people who are longing for faster expansion can glance at the bull-case situation. Under this rosy outlook, two new states would add online video gaming this year, with those exact same typical suspects likely to be the beneficiaries.
Nonetheless, this projection also accounts for the chance 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 betting in 2010.
Skeptics will probably get the bear-case scenario most likely. This pessimistic view would see no states enacting new online gambling legislation in 2015, something that wouldn’t shock many observers. However, the absolute most important projection is that under most of these scenarios, GC projects that a federal online gambling ban will perhaps not pass in 2015.
‘Federal consideration of online gambling tends to occur late in the year that is second of two-year session of Congress,’ the report states. ‘Thus, our assumption of no legislative movement under any 2015 scenario.’
Internet Lotteries Also Likely to Expand
The GC report additionally projects that Internet lottery sales will expand in 2015. Such sales are already available or authorized in a dozen states, and GC’s base-case situation expects Kentucky to join this club throughout the the following year.
Many other states will at least consider expanding their online gambling options also: GC expects a handful 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 most likely that states will consider the experiences of Nevada, nj 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 be seemingly 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 arena that is online. Since the initial online gambling sites opened in New Jersey in December 2013, per capita casino revenues are up 93 per cent, showing robust growth. However, the per capita poker win is down 29 percent, with profits falling after a strong start.
‘In 2015, we expect the growth that is significant between nj-new Jersey Web casino win and Internet poker win to be 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 was sent home after a trip to a brand New Zealand casino in the wake of poor shows from the national team. (Image: icc-cricket.com)
Cricket never ever appears to be short of scandals related to betting and match integrity, and while it is not clear if there are any actual problems at this 12 months’s Cricket World Cup, it seems one nation is making sure to look into the first signs of smoke, in case there could be a fire.
The Pakistan Cricket Board (PCB) has sent house chief selector Moin Khan, the man in charge of selecting players for the country’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 president Shaharyar Khan, Moin has been in advance about visiting the casino, saying that he did therefore with his 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 against you, and even people of this Upper House discussed it in parliament today, he told me that all the accusations are wrong.’
The day at the casino may not have already been an issue at all had been it not for the performances that are poor far by Pakistan’s squad. The 150-run loss to the West Indies saw Pakistan’s first four batsmen make outs while combining to score only one run: a 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 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 could very well be maybe not shocking that some would start to question whether there was a connection. All things considered, Pakistan was home to a fixing scandal because recently as 2010, whenever people of the nationwide group 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 tossing matches if so, these were discovered responsible of ‘spot fixing,’ as bowlers would arrange for certain results at particular 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 also. Since before the tournament, 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 have not done well and they themselves understand just how they have down let their supporters,’ he said. ‘ I spoke to them and I told them they can still set things right and they’ve promised to boost their game.’
Australia is favored to win the 2015 Cricket World Cup, with brand New Zealand, South Africa, and India also considered contenders that are likely. After their very early losses, Pakistan is now considered a 33-1 long shot to win the title.