Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a profit. (Image: cntraveler.com)

When the Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new period for the local gambling industry. Now, it looks as if the resort might go down as certainly one of the biggest 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 attempt to sell the casino before it is forced to close. According to Revel, that closure could happen in very little as two months if your sale doesn’t proceed through. That would come being a blow that is huge the city, because well as the 3,140 employees that just work at the Revel.

Little Value in Struggling Casino

Ownership claims that they will have obtained a $125 million loan that will guarantee the venue can stay open until a buyer is discovered. However they aren’t anticipating to have much of a return on their investment: for a casino that cost $2.4 billion to perform just two years ago, estimates now have the property respected at lower than $300 million. Some even believe that the real value could be less than $100 million, because it is going to be many years before the venue has the opportunity to turn a profit.

‘ We are going Read More

Las Las Vegas Cabbie Returns Huge Money Stash to Anonymous Poker Pro

Las Las Vegas Cabbie Returns Huge Money Stash to Anonymous Poker Pro

An honest Las vegas, nevada cabbie made a surprising find in the back of his cab this week (Image: Hendrik Holler / Getty Images)

UPDATE: December 27, 2013: for it: cab driver Gerardo Gamboa had a little merrier Christmas after receiving a $10,000 reward from the mystery poker player to whom the $300,000 in cash belonged, as well as another $1,000 from his employer Yellow Star cab and a $250 dining certificate although they usually say that no good deed goes unpunished, for once, someone who did the right thing has actually gotten rewarded.

Apparently like ransom money the cash, still bundled in those $5,000 wads, had been fallen off at undisclosed location by Mystery Poker Person for Gamboa’s good deed.

Day when you’re a Las Vegas cab driver, you never know who or what will end up in your taxi on any given. So veteran driver Gerardo Gamboa was unfazed each time a Bellagio hotel doorman, opening the cab’s rear home to assist a new customer in, noticed a brown paper bag left regarding the seat by the cab’s previous occupant, evidently. He didn’t even bother to check inside when the doorman wear it his passenger seat until he got to a light and fascination got the best of him. Guessing that chocolates lay in delay, a peek was taken by him inside, with illicit ideas in mind should his conjecture be correct.

‘What type of chocolates are they?’ Gamboa pondered. ‘Are they good ones that I really could buy some f Read More

Portugal Willing to Debate New On Line Gambling Laws

Portugal Willing to Debate New On Line Gambling Laws

Portugal is defined to debate a liberalization of the country’s online gambling marketplace.

While Portugal could have just suffered a stunning World that is 4-0 Cup to Germany, spirits are generally speaking saturated in the country. The Portuguese economy is looking up after a long recession, and the country appears ready to stand on its own legs in the place of relying any further on European assistance. Still, the nation looks as though it will consider one measure asked for by the international bodies that helped bail the country out last year: liberalizing the national online gambling marketplace.

According to reports, the Portuguese federal government has scheduled parliamentary time and energy to debate the issue of Internet betting prior to the end of the current session, that will conclude on July 10. The so-called ‘Troika’ ( composed of the International Monetary Fund, European Central Bank and the EU Commission) that sponsored the €78 billion bailout had asked Portugal to make modifications to its online gaming structure, with those requests becoming more fervent earlier this 12 months.

Legislation Would End Gambling Monopoly

The tax that is potential from an open and regulated online casino marketplace sometimes appears as an important income stream for Portugal going forward. The industry is dominated by a monopoly controlled by Santa Casa da Misericordia de Lisboa (SCML), a religious foundation tha Read More

Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious accommodations and marketing that is several, Atlantic City’s Revel Casino in New Jersey has failed to show a profit. (Image: cntraveler.com)

If the Revel Casino Hotel launched in Atlantic City in 2012, the city saw it as the beginning of a new period for the gambling industry that is local. Now, it looks as if the resort may go down as certainly one of the biggest failures in American gaming history.

The Revel Entertainment Group has filed for protection from its creditors in a federal bankruptcy court, and has place the property up for auction in an attempt to sell the casino before it is forced to close. According to Revel, that closing could happen in only a small amount as 8 weeks if your sale doesn’t proceed through. That will come as a huge blow to the city, because well as the 3,140 employees that work at the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan that will make sure the venue can stay open until a buyer is found. But they aren’t expecting to get 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 valued at significantly less than $300 million. Some also think that the value that is true be less than $100 million, since it will likely be several years before the venue has the opportunity to turn a revenue.

‘ We shall work to r Read More