Revel Casino Sale Could Still Happen Following Terminated Deal

Revel C<span id="more-2747"></span>asino Sale Could Still Happen Following Terminated Deal

The Revel Casino Hotel is nevertheless without an owner after yet another bankruptcy deal fell through, although the two sides are apparently nevertheless negotiating. (Image:

It appears the Revel Casino Hotel’s bankruptcy proceedings might longer end up lasting than the resort was actually available.

A judge ruled late last week to terminate a $95.4 million deal between Florida developer Glenn Straub and Revel in what is becoming just another ongoing saga in Atlantic City.

According to US Bankruptcy Court Judge Gloria Burns, Straub violated the terms of agreement when he failed to shut the sale by February 9th.

Straub had requested an expansion to your deadline to seek a reduced purchase price, prompting Revel to file a petition to dismiss the sale. ‘ The history of this full case is long and tortured,’ Burns pointed out during her ruling.

Late last year, the first bankruptcy auction was awarded to Canadian private-equity company Brookfield Property Partners for $110 million. However, the agreement dropped through due to a conflict involving the potential buyer and the resort’s present energy suppliers.

When Brookfield backed away, Straub had been called the preferred bidder, putting him in the hook but at a price he then deemed too high. Straub desired to delay the offer, saying the location’s lack of transparency and utility disputes resulted in a less-desirable financial opportunity, requesting the purchase price to be lowered to $87 million. In the attention of its tenants and owners that are former Revel proceeded to request Judge Burns to kill the sale.

Complete Contract?

Straub’s argument for reducing the price also included the claim 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 potential buyers had recently renewed their interest in the acquisition. Irrespective of the bickering that is continued both parties, a deal could still be reached.

The parties are continuing their discussion while the $95.4 million transaction is off the table. ‘We’re still negotiating. We never stopped negotiating. The purchase doesn’t stop us from negotiating,’ Straub attorney Stuart Moskovitz stated.

The other side concurred with Moskovitz. ‘i would be very surprised if Straub came back and offered $95.4 million and it was turned by us down,’ Revel counsel Michael Viscount said. Revel is 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 Hand that is bad after

The Revel Casino broke ground at the wrong time in the wrong spot, and ever since the $2.4 billion resort opened its doorways, it’s been one colossal downward spiral.

2, 2012: Revel opens to the public april

February 15, 2014: NFL star Ray Rice charged with assault of his e that is then-fianc&eacute following 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 must have the odds in its favor, undoubtedly due for a winning hand. With both sides still discussing a potential acquisition, a deal would be good news for Revel, the investor acquiring a venue for the fraction of its initial cost, and Atlantic City all together.

Report Predicts On Line Gambling Expansion in USA

GamblingCompliance predicts that 0-2 states will enact online gambling legislation in 2015. (Image:

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 degree will fail.

The report, US Internet Gambling In Focus: 2014 and 2015, took a close look at where the on line gambling industry is in the United States and where it may head over the year in the future.

GC laid out a few possible scenarios for where online gambling legislation might go in the state front, while also pointing out that these predictions were, 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 The Web Gambling Ban Will Not Pass, GC Predicts

On that front, GC provided three scenarios that are potential may play out. The 2015 base-case scenario, that’s the one they feel is probably to reflect reality, would see one state to enact gambling that is online this season. They predict that this state would most be California, likely Pennsylvania, or the US Virgin Islands ( not really a state, however a US jurisdiction the report matters for its purposes).

Those who are dreaming about quicker expansion can go through the bull-case scenario. Under this rosy outlook, two new states would add online video gaming this year, with those same typical suspects apt to be the beneficiaries.

However, this projection also accounts for the chance that certain of the ‘outlier’ states that is in the fringe of the online video gaming debate, such as Iowa, could instead be among the states that approves Internet gambling this present year.

Skeptics will likely discover the bear-case scenario likely. This view that is pessimistic see no states enacting new online gambling legislation in 2015, something that couldn’t surprise many observers. However, the absolute most important projection is that under every one of these scenarios, GC projects that a federal online gambling ban will maybe not pass in 2015.

‘Federal consideration of Web 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 More Likely to Expand

The GC report also projects that online 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 within the year that is next.

Many other states will at least consider expanding their online gambling options too: GC expects a few to explore Internet lottery sales, and that ‘between eight and 11’ states will discover online gambling bills in their legislatures this year.

When online gambling expansion does come to pass, it’s likely that states will glance at the experiences of Nevada, nj-new jersey 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 appear to be outperforming digital poker spaces hence far.

The GC report singled out New Jersey to show how casino and poker profits have actually been diverging in the online arena there. Since the initial online gambling sites exposed in New Jersey in December 2013, per capita casino revenues are up 93 percent, showing robust growth. However, the per capita poker winnings is down 29 percent, with revenues falling after a strong begin.

‘In 2015, we expect the significant development disparity between 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 was delivered home after a visit to a brand New Zealand casino in the wake of bad shows from the team that is national. (Image:

Cricket never ever seems to be short of scandals linked 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 appears one nation is making sure to research the first signs of smoke, in case there might be a fire.

The Pakistan Cricket Board (PCB) has sent house chief selector Moin Khan, the man in control of selecting players for the world’s World Cup squad, after Moin visited a casino in Christchurch, New Zealand just two times before Pakistan was blown out by the West Indies in their World Cup that is second match.

‘There are widespread allegations to the conduct of this 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 together with wife, where the few 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 numerous allegations against you, and even users regarding the Upper House discussed it in parliament today, he told me that most the accusations are wrong.’

The visit to 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 loss that is 150-run the West Indies saw Pakistan’s very first four batsmen make outs while combining to score only one run: a brand 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. The loss was the worst ever for Pakistan at the global World Cup.

Specter of Previous Scandals Likely Factor in Strong Response

Involving the uncharacteristically bad performance and Moin’s trip to a casino just before, it is probably perhaps not shocking that some would begin to question whether there had been a connection. In the end, Pakistan was home to a scandal that is fixing recently as 2010, when people of the national group were convicted of using bribes from a bookmaker in an effort to under-perform in a Test match against England.

While no players were accused of deliberately throwing matches if so, they were found responsible of ‘spot fixing,’ as bowlers would organize for many results at specific points in a match to allow gamblers to place winning in-play wagers.

Needless to say, there are other explanations for Pakistan’s poor World Cup play as well. Since before the competition, taking place in New Zealand and Australia, there is talk of rifts on the list of squad. However, Shaharyar has denied these reports.

‘There is absolutely nothing of this sort, it is just that the players have not performed 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 will have promised to enhance their game.’

Australia is favored to win the 2015 Cricket World Cup, with New Zealand, Southern Africa, and India also considered likely contenders. After their very early losses, Pakistan is now considered a 33-1 shot that is long win the title.

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