Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in New Jersey has failed to show a profit. (Image: cntraveler.com)
Whenever Revel Casino Hotel launched in Atlantic City in 2012, the city saw it as the beginning of a new era for the regional gambling industry. Now, it appears as though the resort may go down as one of the largest failures in American video gaming history.
The Revel Entertainment Group has filed for security from its creditors in a federal bankruptcy court, and has put the home up for auction in an effort to sell the casino before it is forced to close. According to Revel, that closure could happen in only a small amount as two months in case a sale doesn’t go through. That will come as a blow that is huge the town, since well as the 3,140 employees that work at the Revel.
Little Value in Struggling Casino
Ownership claims that they have obtained a $125 million loan that will ensure the venue can stay open until a customer is found. However they aren’t expecting getting much of a return on their investment: for a casino that cost $2.4 billion to complete just two years ago, quotes now have the property valued at lower than $300 million. Some even think that the true value could be less than $100 million, since it will likely be many years before the venue has to be able to turn a revenue.
‘ We will work to achieve a contract with an owner that is new will assist guarantee Revel’s long-term economic stability and who shares our commitment to providing Revel’s guests and players an exceptional experience in lodging, gaming entertainment and relaxation,’ Revel CEO Scott Kreeger stated in a statement.
The move is the time that is second the past two years that the company has filed for bankruptcy protection. According to the ongoing company, this is done ‘to address liquidity issues and facilitate a purchase of substantially most of Revel’s assets.’
No Luck for This Casino
Revel has experienced by way of a short but tortured presence. Initially, the concept for a modern resort casino that would revitalize Atlantic City arrived before the worldwide financial meltdown. When the economic situation became serious, Morgan Stanley backed out of financing construction. That led to the continuing state of New Jersey stepping in to supply $260 million in 2011 to finally complete the casino.
But even once the Revel launched, there was little in the way of good news. The center has reportedly lost $260 million because it started, including an astounding $22 million in the quarter that is first of alone. Ownership has been trying to offer the property or find an operating partner for at the least a now year. At one point, it appeared as though complex Rock International might step in, but negotiations fell apart earlier this 12 months.
There are certainly aspects to your Revel that make it a property that is attractive. Its 57-story hotel is the building that is largest in each of Atlantic City, and far of the building has a gorgeous view of the Atlantic Ocean. But in a town that gets most of its gaming company from trips, a luxury resort designed more for long-term stays may never have had a chance day.
Underlying the problems at Revel is an even more issue that is systemic Atlantic City. Over the past seven years, gambling revenues in New Jersey have fallen over 40 percent, down to about $3 billion from a top of $5.2 billion in 2006. Nor could it be the first Atlantic City casino to shut down this season, should that happen; in January, the iconic Atlantic Club bit the dust, putting over 1,650 employees out on the roads.
Ray Lesniak, New Jersey Perhaps Not Stopping on Sports Betting
Ray Lesniak believes New Jersey can move forward in still offering recreations betting, provided that they don’t really regulate and license the game. (Image: Tony Kurdzuk, The Star-Ledger)
Typically, an appeal to the Supreme Court associated with the United States is a final measure. After all, there’s no higher legal authority in the country. https://myfreepokies.com/lightning-link-slot-review/ Even yet in the scenario of New Jersey’s push to legalize sports wagering in the state, it showed up that the Supreme Court would be the last stop: Governor Chris Christie also famously said if they didn’t rule in his favor that he wasn’t going to appeal to ‘the galactic Supreme Court.
But not everybody in New Jersey feels this way. State Senator Raymond Lesniak (D-Union County) believes that the state can still locate a technique by which to provide recreations gambling, either through legal technicalities or through the implicit cooperation of federal authorities.
State Senators Vow to Fight On
‘I plan on placing my first bet at Monmouth Racetrack on September 8th for the Giants to beat the spread against the Lions on Monday Night Football,’ Lesniak told reporters following the Supreme Court declined to hear the state’s appeal of a federal appeals court ruling having said that New Jersey couldn’t regulate or legalize sports betting.
State Senate President Steve Sweeney (D-Cumberland County) agreed, saying that brand New Jersey could not manage to back down now.
‘ The impact that is economic sports wagering can have on New Jersey is much too important to simply shrug our arms and move on,’ Sweeney stated. ‘New Jersey has been held hostage by this unjust legislation and the national sports associations long enough. It’s time for you to bring sports wagering to New Jersey.’
Ruling Provides Wiggle Room
Lesniak offered two reasons to believe sports betting might be available in brand New Jersey in the near future, although the two are not mutually exclusive and could work in concert.
On afternoon, just hours after the Supreme Court announced they would not hear New Jersey’s case, he introduced legislation that wouldn’t legalize sports betting in the state, but rather decriminalize it monday.
‘Sports wagering conducted at a racetrack or casino under procedures developed entirely by the racetrack or casino shall not be considered gambling that is unlawful a person shall not be subject to criminal or civil liability under the laws of this State for participating in, or conducting, sports wagering at a racetrack or a casino,’ the bill states.
This proposal is based on arguments created by both edges and confirmed by the Third Circuit Court’s opinion, which unearthed that the 1992 Professional and Amateur Sports Protection Act didn’t stop New Jersey from repealing their own sports gambling prohibitions, regardless if the court discovered that the federal legislation would nevertheless apply. Essentially, they stated that the law means states can’t issue licenses to encourage sports activity that is betting but they could be within their rights to just allow unregulated wagers to go unpunished.
Many legal experts think that is a long shot at best, and another that could draw fire from both the federal government and major sports organizations.
But Lesniak additionally pointed out that the Department of Justice could simply refrain from taking action if nj-new jersey began to allow gambling enterprises and race tracks to provide sports betting. In situations where state legislation and federal oversight are in conflict, this is certainly not even close to unheard of: the perhaps most obviously instance at the present time being the legalization of marijuana in Colorado and Washington, which federal authorities have not sought to prevent. Nonetheless, the decriminalization aspect of state vs. federal cooking pot laws explain areas that may be a tripping point for bettors in New Jersey, if the legislation is not changed at the level that is federal.
Modifications to Federal Law Also Possible
While Lesniak appears to the office across the ruling, others are suggesting a campaign to change federal legislation. Representatives Frank Pallone (D-New Jersey) and Frank LoBiondo (R-New Jersey) issued a joint statement to demand this kind of move.
‘As New Jersey’s options for appeal in this lawsuit have actually now been exhausted, we implore our peers in Congress to support legislation that is federal allows their state of New Jersey to implement its law and authorize legalized sports wagering,’ they wrote.
Luis Suárez World Cup Bite Becomes Payday for Lucky Gamblers
Suarez’s biting history led some gamblers to produce a bet that he’d do it again at the World Cup. (Image: Express.co.uk)
When Luis Suárez bit Giorgio Chiellini during Uruguay’s World Cup match against Italy, 60 million Italians were outraged. When Diego Godin scored minutes later on, 3.3 million Uruguayans celebrated their team’s move into the tournament’s knockout phases. As well as for possibly 200 or so gamblers on various sports gambling web sites, Suárez’s appetite for Italian earned them some quick cash.
Even though the entire world is outraged at Suárez’s behavior on the soccer field (or football pitch, that he might just get back to his chomping ways if you prefer), a few lucky bettors had the foresight to think. Fortunate individuals on Betsafe, Betsson, and perhaps other sites placed bets before the tournament that Suárez would bite at least one player, and they are now finding themselves more than a few bucks richer as an effect.
A History of Biting Opponents
That may appear like an extremely prop that is unusual, but it makes much more sense if you are mindful of Suárez’s playing history. Back in 2010 while playing for Ajax, Suárez bit PSV player Otman Bakkal on the shoulder. The Royal Dutch Football Association would suspend him for seven games, and Suárez apologized.
But apparently, he hadn’t discovered his class. Last year, he was transferred to Liverpool of the English Premier League, and enjoyed two years that are reasonably successful the club before biting Chelsea player Branislav Ivanovic in April 2013. This time, Suárez was prohibited for ten games in an attempt to send a strong message about his behavior.
Hundreds Cash In
With that in mind, it’s unsurprising that a couple of gambling sites might let their clients have just a little fun with a prop bet on Suárez biting an opponent for a 3rd time. And with odds of 174-1 or therefore, it might probably perhaps not even have now been an awful wager, provided the player’s history.
As expected, many gamblers bit regarding the offering. And whenever Suárez bit on Chiellini’s neck, their faith in Suárez’s temperament paid off.
According to ESPN’s Darren Rovell, a total of 167 gamblers cashed in on bets at Betsson. Some winners showed off their unlikely winning wagers on Twitter as well as other social news web sites, seemingly as surprised as someone else that they won the bet. According to Rovell, one Norwegian won as much as $3,300, thanks to the bite.
Similar stories came in from Betsafe. At that web site, about 40 more players cashed in on Suárez bite bets, with one winning nearly $3,000. And while this is the type of bet that can potentially induce controversy ( there was clearly no foul called on the play, though not rez that is even suá appears be denying it simply happened at this aspect), a representative for the site assured bettors that they would be compensated down. After all, they stated, it absolutely was ‘obvious’ that Suárez bit Chiellini.
Although it’s all fun and games (and profits) for the bettors who cashed in on the incident, it may possibly not be a matter that is laughing Suárez. FIFA is investigating the event, and another ban seems likely for Suárez, which may be damaging to Uruguay’s World Cup hopes. Meanwhile, 888 Poker has stated they are reviewing their sponsorship relationship with Suárez.