The Revel Casino Hotel is nevertheless with no owner after yet another bankruptcy deal dropped 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 longer than the resort had been actually open.
In what is now just another ongoing saga in Atlantic City, a judge ruled late last week to terminate a $95.4 million deal between Florida designer Glenn Straub and Revel.
According to US Bankruptcy Court Judge Gloria Burns, Straub violated the terms of contract when he failed to close the sale by February 9th.
Straub had requested an extension to your deadline to seek a lower purchase price, prompting Revel to file a petition to dismiss the sale. ‘ The reputation for this 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 firm Brookfield Property Partners for $110 million. However, the agreement fell through because of a conflict involving the buyer that is potential the resort’s present energy manufacturers.
When Brookfield backed down, Straub ended up being named the bidder that is preferred putting him in the hook but at a price he then deemed too high. Straub desired to wait the offer, saying the location’s lack of transparency and utility disputes lead in a less-desirable opportunity that is financial asking for the cost to be lowered to $87 million. In the interest of its tenants and former owners, Revel proceeded to request Judge Burns to kill the sale.
Straub’s argument for lowering the price also included the declare that no other possible bidders existed, meaning his firm shouldn’t have to pay dollar that is top. 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 be reached.
Whilst the $95.4 million transaction is off the dining table, the events are continuing their discussion. ‘We’re still negotiating. We never stopped negotiating. The purchase doesn’t stop us casino-bonus-free-money.com from negotiating,’ Straub attorney Stuart Moskovitz stated.
The other side concurred with Moskovitz. ‘we would be very amazed if Straub arrived back and offered $95.4 million and now we turned it down,’ Revel counsel Michael Viscount stated. Revel is unquestionably inspired to strike an agreement, and one in the future that is near. Should the casino fail to be auctioned, the property will be liquidated.
One Bad Hand After Another
The Revel Casino broke ground at the incorrect time in the wrong place, 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 public
February 15, 2014: NFL star Ray Rice charged with assault of his then-fiancée after an altercation in an elevator.
2, 2014: Revel closes september
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 should 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 Online 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 in the case scenarios that are worst for the industry, efforts to ban online gambling at a federal level will fail.
The report, US Internet Gambling In Focus: 2014 and 2015, took a look that is close in which the online gambling industry is within the usa and where it may head over the year in the future.
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 had been, at most useful, 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 Line Gambling Ban Will Not Pass, GC Predicts
On that front, GC provided three potential scenarios that may play away. The 2015 base-case situation, this is the one they feel is most likely to reflect reality, would see one state to enact online gambling legislation in 2010. They predict that this state would most be California, likely Pennsylvania, or the US Virgin Islands ( not just a state, but a US jurisdiction the report counts for its purposes).
Those who find themselves hoping for quicker expansion can consider 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.
Nevertheless, this projection additionally accounts for the likelihood that certain of the ‘outlier’ states that is regarding the fringe of the gaming that is online, such as for example Iowa, could instead be among the states that approves Internet gambling this season.
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 willn’t surprise many observers. However, probably the most important projection is that under most of these scenarios, GC projects that a federal online gambling ban will not pass in 2015.
‘Federal consideration of Web 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 legislative movement under any 2015 situation.’
Internet Lotteries Also More 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 scenario expects Kentucky to join this club on the year that is next.
A great 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 dsicover online gambling bills in their legislatures this year.
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 markets. 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 started 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 start that is strong.
‘In 2015, we expect the significant development disparity between nj-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, only,’ the report stated.
Pakistani Cricket Official Sent Home From World Cup After Casino Visit
A Pakistani official has been delivered home after a vacation to a brand New Zealand casino in the wake of bad performances from the nationwide team. (Image: icc-cricket.com)
Cricket never appears to be short of scandals related 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 is a fire.
The Pakistan Cricket Board (PCB) has sent home chief selector Moin Khan, the man responsible for selecting players for the country’s World Cup squad, after Moin visited a casino in Christchurch, New Zealand just two days before Pakistan was blown out by the West Indies in their World Cup that is second match.
‘There are widespread allegations to the conduct for 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 chairman Shaharyar Khan, Moin has been at the start about visiting the casino, saying that he did therefore along with his spouse, where the couple had dinner having a friend.
‘[Moin has] been recalled immediately so that he can explain their place himself, and by which time we are going to also have a full picture,’ Shaharyar said. ‘When I told Moin there are lots of allegations against you, and even members of the Upper House discussed it in parliament today, he told me that all the accusations are wrong.’
The day at the casino might not were an issue at all were 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 only one run: a fresh 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 at the World Cup.
Specter of Previous Scandals Likely Factor in Strong Response
Between the performance that is uncharacteristically poor Moin’s stop by at a casino simply before, it is perhaps maybe not shocking that some would begin to question whether there was a connection. After all, Pakistan was home to a fixing scandal because recently as 2010, when users of the national group were convicted of taking bribes from the bookmaker so as to under-perform in a Test match against England.
While no players had been accused of deliberately tossing matches in that case, these people were found guilty of ‘spot fixing,’ as bowlers would organize for certain results at specific points in a match to allow gamblers to place winning in-play bets.
Of course, there are other explanations for Pakistan’s poor World Cup play also. Since before the tournament, taking place in New Zealand and Australia, there has been talk of rifts one of the squad. However, Shaharyar has rejected these reports.
‘There is absolutely nothing of this kind, it is just that the players never have done well and they themselves know about how they will have down let their supporters,’ he said. ‘ we spoke to them and I told them they can still 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 additionally considered contenders that are likely. After their very early losses, Pakistan is now considered a 33-1 long shot to win the title.