Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a profit. (Image: cntraveler.com)
If the Revel Casino Hotel opened in Atlantic City in 2012, the city saw it as the start of a new age for the local gambling industry. Now, it appears as though the resort may decrease as one of the largest failures in American video gaming history.
The Revel Entertainment Group has filed for security from the 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 shut. According to Revel, that closing could happen in very little as two months in cases where a sale doesn’t proceed through. That will come as being a huge blow to the town, since well as the 3,140 employees that work on the Revel.
Little Value in Struggling Casino
Ownership states that they will have obtained a $125 million loan that may guarantee the venue can stay open until a buyer is discovered. But they aren’t anticipating getting much of a return on their investment: for a casino that cost $2.4 billion to perform just two years ago, estimates now have actually the property valued at less than $300 million. Some even think that the value that is true be less than $100 million, as it will likely be years before the location has to be able to turn a profit.
‘ We shall work to reach an agreement with a new owner who will assist ensure 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 activity,’ Revel CEO Scott Kreeger stated in a statement.
The move is the 2nd amount of time in the last two years that the organization has filed for bankruptcy protection. Based on the business, this was done ‘to address liquidity problems and facilitate a sale of substantially every one of Revel’s assets.’
No Luck for This Casino
Revel has experienced by way of a short but tortured existence. Initially, the concept for a contemporary resort casino that will revitalize Atlantic City arrived before the worldwide crisis that is financial. As soon as the economic situation became dire, Morgan Stanley backed out of financing construction. That generated the continuing state of New Jersey stepping in to give $260 million in 2011 to finally finish the casino.
But even once the Revel started, there had been little in the real way of good news. The center has apparently lost $260 million because it started, including a staggering $22 million in the quarter that is first of alone. Ownership is trying to sell the property or find an operating partner for at least a now year. At one point, it showed up as though tricky Rock International might step in, but negotiations fell aside early in the day this year.
There are definitely aspects to the Revel that allow it to be a appealing property. Its 57-story hotel is the biggest building in each of Atlantic City, and much associated with building has an attractive view of the Atlantic Ocean. But in a town 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 far more systemic issue for Atlantic City. Over the last seven years, gambling revenues in New Jersey have actually fallen over 40 percent, down to about $3 billion from a higher of $5.2 billion in 2006. Nor could it be the first Atlantic City casino to shut straight down this season, should that happen; in January, the iconic Atlantic Club bit the dust, putting over 1,650 workers out on the streets.
Ray Lesniak, Nj Maybe Not Giving Up on Sports Betting
Ray Lesniak believes New Jersey can still move forward in offering sports betting, provided that they don’t manage and license the experience. (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 authority that is legal the country. Even yet in the truth of nj’s push to legalize activities betting into the state, it appeared that the Supreme Court will be the final stop: Governor Chris Christie even famously said he ended up beingn’t going to interest ‘the galactic Supreme Court’ if they did not rule in his favor.
But not everybody in New Jersey feels like that. State Senator Raymond Lesniak (D-Union County) believes that the state can still locate a method by which to offer activities 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 after the Supreme Court declined to hear https://myfreepokies.com/lightning-link-slot-review/ the state’s appeal of the federal appeals court ruling that said brand New Jersey couldn’t regulate or legalize sports betting.
State Senate President Steve Sweeney (D-Cumberland County) consented, saying that brand New Jersey couldn’t manage to back down now.
‘ The impact that is economic sports wagering can have on brand New Jersey is far too important to just shrug our shoulders 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 for you to bring activities wagering to New Jersey.’
Ruling Provides Wiggle Room
Lesniak offered two reasons to believe sports betting could possibly be available in brand New Jersey in the future that is near though the two are not mutually exclusive and may 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 solely by the racetrack or casino shall not be considered gambling that is unlawful an individual 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 perhaps a casino,’ the bill states.
This proposition is based on arguments made by both edges and confirmed by the next Circuit Court’s opinion, which discovered that the 1992 pro and recreational Sports Protection Act didn’t stop New Jersey from repealing their own sports gambling prohibitions, even though the court discovered 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 simply enable unregulated wagers to go unpunished.
Many legal experts think this is a long shot at best, and another that will draw fire from both the federal government and major sports organizations.
But Lesniak additionally remarked that the Department of Justice could refrain from taking simply action if nj-new jersey started to allow gambling enterprises and race tracks to provide recreations gambling. 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. Nevertheless, the decriminalization aspect of state vs. federal pot laws mention areas that could be a tripping point for bettors in New Jersey, in the event that legislation is not changed at the level that is federal.
Changes to Federal Law Also Possible
While Lesniak looks to operate across 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 type of move.
‘As nj’s options for appeal in this lawsuit have actually now been exhausted, we implore our peers in Congress to support legislation that is federal enables the state of New Jersey to implement its law and authorize legalized sports wagering,’ they penned.
Luis Suárez World Cup Bite Becomes Payday for Lucky Gamblers
Suarez’s biting history led some gamblers to make a bet that 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 were outraged. When Diego Godin scored minutes later on, 3.3 million Uruguayans celebrated their team’s transfer to the tournament’s knockout stages. And for possibly 200 or so gamblers on different sports wagering web sites, Suárez’s appetite for Italian earned them some cash that is quick.
As 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. Happy people on Betsafe, Betsson, and perhaps other sites placed bets before the tournament that Suárez would bite at least one player, and are also now finding themselves more than a bucks that are few as a result.
A History of Biting Opponents
That might seem like a very unusual prop bet, but it makes much more sense if you are conscious 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 tutorial. Last year, he was transported 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 so that they can deliver a message that is strong his behavior.
Hundreds Money In
With that in mind, it’s unsurprising that a couple of gambling sites might let their clients have only a little fun with a prop bet on Suárez biting an opponent for a time that is third. And with odds of 174-1 or therefore, it could not even happen a wager that is awful 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 paid.
According to ESPN’s Darren Rovell, an overall total of 167 gamblers cashed in on bets at Betsson. Some winners revealed off their unlikely bets that are winning Twitter along with other social news sites, seemingly since surprised as anyone 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 actually the sort of bet that may potentially result in controversy ( there was no foul called on the play, though perhaps not rez that is even suá appears be denying it happened at this time), a spokesperson for the site assured bettors that they would be compensated off. In the end, they said, it was ‘obvious’ that Suárez bit Chiellini.
Although it’s all fun and games (and earnings) for the bettors who cashed in on the incident, it may not be a laughing matter for Suárez. FIFA is currently investigating the event, and another ban seems likely for Suárez, that could be devastating to Uruguay’s World Cup hopes. Meanwhile, 888 Poker has said that they’re reviewing their sponsorship relationship with Suárez.