February 6, 2020

No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Just times short of a year because it exposed to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, according to federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the secret of high finance sleight-of-hand, some $1.5 billion in staggering financial obligation 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 the reins over with this faltering mare.

Resignations Are a deal that is good

Hartman takes over for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there would be intestinal entrails from the penthouse to the parking lot by now. Nope, this is America, where a smartly negotiated contract when you sign up gets that you well-paid ride when you are axed; therefore DeSanctis and Garrity not merely arrive at remain on with the Revel brand, they are able to also look forward to about $7 million in consulting fees for the rest of the year. Is that each or together? We’re perhaps not sure, but our hat goes off to their attorneys: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to a confusing marketin (more…)

New Mexico Tribes Fight to Ban Online Gambling

New Mexico Tribes Fight to Ban Online Gambling

Blackmail is this kind of unsightly word, but it’s hard to notice a new Navajo Nations gambling compact with the state of New Mexico in any other light; the new agreement, now being negotiated, would effectively allow the tribe to withhold any slot machine revenue due the Land of Enchantment should state legislators put through laws that would allow for on line poker, or any other form of Internet casino gambling, for that matter.

Brand New Navajo Compact

The Navajos are agreeing perhaps not to offer online gambling by themselves without state or federal sanctioning of these off-reservation activity. As the chance of federal passage of almost any online gambling legislation becomes dimmer by the afternoon, it seems not likely the tribe will have to worry about renegotiating, but then review and revise the terms of their slots revenue-sharing deal with New Mexico if this ever occurs, they could.

Under the existing regards to the lightweight, non-tribal slots are restricted to simply racetracks and fraternal/veterans teams; poker, however, has no restrictions that are such. If the Navajo tribe decide to start their own gambling that is online, similar revenue-sharing arrangement with all the state would apply, excepting poker profits.

Governor’s Office Speaks Up

Sticking up for her bread-and-butter, New Mexico governor Susana Martinez recently told the Albuquerque Journal that she’s convinced the Navajo’s land gaming ventures will (more…)