No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply days in short supply of a 12 months because it exposed to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, centered on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the secret of high finance sleight-of-hand, some $1.5 billion in staggering debt will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) takes over the reins of the faltering mare.

Resignations Are Really a deal that is good

Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there is entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract when you sign up gets you a well-paid trip when you’re axed; therefore DeSanctis and Garrity not merely reach remain on with the Revel brand, they can additionally look ahead to about $7 million in consulting charges for all of those other year. Is that each or together? We’re not yes, but our hat goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a financial nosedive recently (attributed to everything from Hurricane Sandy to an uncertain marketing Continue reading “No Smoking Revel Going Up in Smoke with Bankruptcy”

Hooray for Hollywood! Old Style Glamour for New San Diego Penn National Casino

Hooray for Hollywood! Old Style Glamour for New San Diego Penn National Casino

Straight Back into the time, Hollywood’s biggest movie stars would get away to Vegas for a weekend, and therefore came to be the original interweaving of show business with gambling business. Now Penn National Gaming, an industry that is pennsylvania-based (they own the upscale M Resort on nevada’ South Strip along with 21 other casinos across the U.S and Canada), will be bringing some of that ol’ show biz magic back with a fresh $360-million project slated for the Jamul Indian Village, a development about 20 miles east of San Diego’s downtown area. The task is expected to break ground later on this year.

Performing with Jamul Tribe

The casino (try we could not find a designated name for this ode to old Hollywood) will be a joint effort with the Jamul tribe, who are naturally quite delighted for the obvious reason that casinos are Native American cash cows anymore though we did.

‘Location, location, location,’ said Robert Mesa, executive councilman for the Jamul Indian Village. ‘ We apparently have the best location if we might get something built.’

Not Everyone is Happy

‘It’s planning to ruin the view and environment here; we don’t here need that,’ said Gilbert Morales, a resident.

‘It’s huge and that’s what we’re concerned about,’ said Marcia Spurgeon.

Morales and Spurgeon are part of the combined group Jamulians Against the Casino.

‘We actually took a survey with all registered voters in Jamul a Continue reading “Hooray for Hollywood! Old Style Glamour for New San Diego Penn National Casino”