Despite offering luxurious accommodations and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to make a revenue. (Image: cntraveler.com)
If the Revel Casino Hotel opened in Atlantic City in 2012, the city saw it as the beginning of a new era for the local gambling industry. Now, it looks as if the resort might go down as certainly one of the largest problems in American video gaming history.
The Revel Entertainment Group has filed for protection from its creditors in a federal bankruptcy court, and has place the home up for auction in an effort to sell the casino before it is forced to shut. According to Revel, that closure could happen in very little as two months if a sale doesn’t go through. That will come as a huge blow to the town, because well as the 3,140 workers that just work at the Revel.
Little Value in Struggling Casino
Ownership says that they’ve obtained a $125 million loan which will guarantee the venue can stay open until a buyer 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 actually the property respected at significantly less than $300 million. Some even think that the value that is true be less than $100 million, as it is going to be a long period before the place has an opportunity to turn a profit.
‘ We will work to reach a contract with a new owner who will help guarantee Revel’s long-term financial stability and who shares our commitment to providing Revel’s guests and players an excellent experience in lodging, gaming entertainment and relaxation,’ Revel CEO Scott Kreeger said in a statement.
The move is the time that is second the very last two years that the business has filed for bankruptcy protection. According to the ongoing business, this was done ‘to address liquidity issues and facilitate a sale of substantially most of Revel’s assets.’
No Luck for This Casino
Revel has suffered via a short but tortured existence. Initially, the idea for a modern resort casino that would revitalize Atlantic City arrived before the international crisis that is financial. Once the economic situation became dire, Morgan Stanley backed out of financing construction. That resulted in the state of New Jersey stepping in to deliver $260 million in 2011 to finally complete the casino.
But even when the Revel opened, there was little in the real way of good news. The center has reportedly lost $260 million as it started, including an astounding $22 million in the quarter that is first of alone. Ownership is trying to sell the home or find an operating partner for at the very least a year now. At one point, it appeared as though complex Rock International might step in, but negotiations fell aside earlier this year.
There are definitely aspects to your Revel that make it a property that is attractive. Its 57-story hotel is the building that is largest in most of Atlantic City, and much associated with the building has an attractive view of the Atlantic Ocean. But in a city that gets most of its gaming business from trips, a luxury resort designed more for long-term stays may never have had a chance day.
Underlying the problems at Revel is a more issue that is systemic Atlantic City. Over the past seven years, gambling revenues in New Jersey have actually fallen over 40 per cent, right down to about $3 billion from a high of $5.2 billion in 2006. Nor might it be the first Atlantic City casino to shut down in 2010, should that happen; in January, the iconic Atlantic Club bit the dust, putting over 1,650 employees out on the roads.
Ray Lesniak, Nj Perhaps Not Stopping on Sports Betting
Ray Lesniak believes nj-new jersey can nevertheless progress in offering sports betting, so long as they don’t really manage and license the game. (Image: Tony Kurdzuk, The Star-Ledger)
Typically, an appeal to the Supreme Court for the United States is a resort that is last. After all, there’s no higher legal authority in the country. Even in the truth of nj-new jersey’s push to legalize recreations wagering in the state, it showed up that the Supreme Court is the final stop: Governor Chris Christie even famously said he had beenn’t going to appeal to ‘the galactic Supreme Court’ should they did not rule in his benefit.
But not everybody in New Jersey feels this way. State Senator Raymond Lesniak (D-Union County) believes that the state can still find a technique by which to offer recreations betting, either through legal technicalities or through the implicit cooperation of federal authorities.
State Senators Vow to Fight On
‘I plan on placing my bet that is first at 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 that said brand New Jersey couldn’t regulate or legalize recreations betting.
State Senate President Steve Sweeney (D-Cumberland County) consented, stating that brand New Jersey could not manage to back down now.
‘ The economic impact that sports wagering can have on New Jersey is much too important to simply shrug our arms and move ahead,’ Sweeney stated. ‘New Jersey has been held hostage by this law that is unfair the national sports associations long enough. It’s time to bring sports wagering to nj-new Jersey.’
Ruling Provides Wiggle Room
Lesniak offered two reasons to believe sports betting might be available in New Jersey in the near future, though 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 an individual shall never be subject to criminal or civil liability under the laws of this State for participating in, or conducting, sports wagering at a racetrack or even a casino,’ the bill states.
This proposition is based on arguments created by both sides and confirmed by the Third Circuit Court’s opinion, which unearthed that the 1992 expert and Amateur Sports Protection Act didn’t stop New Jersey from repealing their own sports gambling prohibitions, whether or not the court unearthed that the federal legislation would nevertheless apply. Essentially, they said that the legislation means states can’t issue licenses to encourage sports activity that is betting but they may be within their rights to merely allow unregulated wagers to go unpunished.
Many legal experts think this is certainly a long shot at most readily useful, and another that would draw fire from both the us government and major sports organizations.
But Lesniak additionally noticed that the Department of Justice could refrain from taking simply action if nj started to allow gambling enterprises and battle tracks to offer sports wagering. This is far from unheard of: the most notable example at the present time being the legalization of marijuana in Colorado and Washington, which federal authorities have not sought to prevent in situations where state legislation and federal oversight are in conflict. Nonetheless, the decriminalization aspect of state vs. federal pot laws explain areas that could also be a tripping point for bettors in New Jersey, if the law is not changed during the federal degree.
Modifications to Federal Law Also Possible
While Lesniak appears working around the ruling, others are suggesting a campaign to change law that is federal. Representatives Frank Pallone (D-New Jersey) and Frank LoBiondo (R-New Jersey) issued a statement that is joint demand this kind of move.
‘As nj-new jersey’s options for appeal in this lawsuit have actually now been exhausted, we implore our peers in Congress to aid federal legislation that will allow the state of nj-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 make a bet which he’d try 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 had been outraged. When Diego Godin scored minutes later on, 3.3 million Uruguayans celebrated their team’s move into the tournament’s knockout phases. And for possibly 200 or so gamblers on different sports betting 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 industry (or soccer pitch, that he might just get back to his chomping ways if you prefer), a few lucky bettors had the foresight to think. Lucky individuals on Betsafe, Betsson, and perhaps other internet sites placed bets before the tournament that Suárez would bite a minumum of one player, and tend to be now finding themselves more than a few bucks richer as an effect.
A History of Biting Opponents
That may seem like a very unusual prop bet, nonetheless it makes far more sense if you are aware of Suárez’s playing history. Back in 2010 while playing for Ajax, Suárez bit lightning link slot online free 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 learned his class. Last year, he had been transmitted to Liverpool of the English Premier League, and enjoyed two reasonably successful years with the club before biting Chelsea player Branislav Ivanovic in April 2013. This time, Suárez was prohibited for ten games so as to deliver a strong message about their behavior.
Hundreds Money In
With that in mind, it’s unsurprising that several gambling sites might let their customers have a little fun with a prop bet on Suárez biting an opponent for the third time. And with odds of 174-1 or so, it might not also were an awful wager, provided the player’s history.
As expected, many gamblers bit regarding the offering. And when Suárez bit on Chiellini’s neck, their faith in Suárez’s temperament repaid.
Based on ESPN’s Darren Rovell, a complete of 167 gamblers cashed in on bets at Betsson. Some winners revealed off their unlikely winning wagers on Twitter along with other social news sites, seemingly as surprised as other people that they won the bet. According to Rovell, one Norwegian won as much as $3,300, as a result of 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 here is the kind of bet that may potentially trigger controversy ( there was clearly no foul called on the play, though maybe not even Suárez appears to be denying it just happened at this time), a representative for the site assured bettors that they would be compensated off. All things considered, they said, 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 event, it might not be a laughing matter for Suárez. FIFA is investigating the incident, and another ban seems likely for Suárez, which could be damaging to Uruguay’s World Cup hopes. Meanwhile, 888 Poker has stated they are reviewing their sponsorship relationship with Suárez.
