No Smoking Revel Going Up in Smoke with Bankruptcy

February 6, 2020 at 10:20 am

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply times short of a 12 months because it opened to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, predicated on federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the miracle 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 brand new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take over the reins of the faltering mare.

Resignations Are a Whole Lot

Hartman gets control for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there would be entrails that are intestinal the penthouse to the parking lot by now. Nope, this is America, the place where a smartly negotiated contract once you sign up gets you a well-paid trip when you’re axed; so DeSanctis and Garrity not merely arrive at stay on with the Revel brand, they could additionally look forward to about $7 million in consulting fees for the rest of the year. Is that each or together? We’re not certain, but our cap goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall was in a economic nosedive recently (attributed to everything from Hurricane Sandy to an unclear marketing platform for conventions), some are still pointing fingers at DeSanctis and Garrity for creating the first-ever 100 percent nonsmoking casino in AC. This is simply not really as wild and crazy a notion them to shut down, it didn’t seem to even put a small dent on business there as it may appear; poker rooms nationwide have been totally nonsmoking for more than a decade and until online poker’s Black Friday hit and forced many of. However, investors had implored non-Chong and non-Cheech to switch straight back up to a more traditional mostly smoking format, but alas, to no avail.

The issue may not really be smoking vs. nonsmoking anyway; besides the poker room analogy, also smoke-crazy Macau established a smoking that is partial as of January 1st, yet seems to be on course for a record month of profits for March of this season. Much more likely, it is an expression of Atlantic City’s general freefall, as the city has spiraled 41.5% in the direction that is wrong 2006, versus Las Vegas’ 7.2% drop, and Sin City has had means more recessionary disasters to cope with than AC.

It Willn’t Mount Up

With a limited, enclosed smoking area now founded at the behest of anxious creditors, Revel says it could actually turn a profit year that is next but that is not using its debt servicing costs into account. Currently rated 10th away from 12 in the revenue scale of AC casinos, maybe what Revel actually needs is somebody who can do math.

Hawaii Just Says No to Gambling Research

You most likely would not be too surprised to learn that gambling of any type or kind is banned in Utah; in the end, the heavily Mormon state looks straight down on sinful activities of all kinds. But Hawaii? How did the state that is last join the Union get so persnickety when it concerns games of chance anyhow?

No Resolution for Hawaii

Whatever the reason, the political powers-that-be don’t even desire to consider adding gambling towards the lures that might draw tourists for their sunny clime. The Hawaii House recently refused to approve a resolution that called for the Aloha State to simply learn the feasible social and benefits that are economic detriments of bringing gambling on board lawfully there. Really? Not a research? That seems rather closed-minded for an accepted place where surfing is practically a religion and grass skirts are considered a fashion declaration.

‘ Too Expensive’ to Study

According to Representative Clift Tsuji (D-Hilo_Waiakea-Keaukaha), the issue is monetary. No, perhaps not the gambling part; the scholarly research component. Other politicians on the state’s Economic developing Committee denied the study proposal out of hand, saying it ‘would be very costly.’ Okay, so wait, we’re confused: you’re designated to review what would bring you more financial advantage, but don’t have any money to determine just what would or what would not?? Fine, go have another cocktail or three in the taxpayer, cause we are not exactly sure how you’re going to figure down any such thing if that is the situation.

It’s Just a Lottery

While they might find a gambling research too pricey, apparently the state Senate had no issues with a recent bill that needed a state Internet lottery and gaming entity to be established, with the goal of fundamentally appointing one lucky solution provider to operate an on the web gambling site. (Yes, it’s a little confusing just how you would require a web site operator once you can’t even learn whether or not you wish to have gambling legalized in your yard.) Hawaii’s House of Representatives also introduced a bill along equivalent lines year that is early last nonetheless it took off like a grounded Concorde.

Of course, there’s plenty of underground gambling in Hawaii, as witness some raids that are major current months; is it possible having said that operations are behind a groundswell to help keep it that way, as legalizing casinos would significantly influence their bottom lines? Surely maybe not; we know no one ever takes bribes, overt or suggested, with regards to stuff like this.

Guess ‘Hawaii, the Gambling State’ defintely won’t be minted for state license plates anytime soon.

Victory for Dan Shak at PartyPoker Premier League

Wall Street mogul Dan Shak has emerged as the victor of this PartyPoker Premier League VI at the Aspers Casino near London, using the title after days of action and a hardcore heads-up round against Sam Trickett to finish up this exciting tournament.

Along with the title that is prestigious Shak has walked away with a cool $450,000, leaving the Uk runner-up with a pleasing $200,000 prize for second destination.


Starting the last table in third position behind chip frontrunner Tobias Reinkemeier and Jonathan Duhamel, Shak demonstrated great poker skills and patience as the hedge fund manager took down the chip leaders and emerged victorious.

Talal Shakerchi was initially to go out of the final dining table whenever actress Jennifer Tilly delivered him packing, picking up a set of aces in the flop to beat his pocket kings out. But Tilly’s luck ran short as she was the next to hit the rail, and had been taken out of the competition by Duhamel. Shakerchi walked away with $45,000 while Tilly took home a prize of $60,000.

Eliminations Continue

Finishing in sixth place and taking home $70,000, Reinkemeier was also eliminated by Duhamel, despite his beginning into the pole position. This elimination play thrust Duhamel to the position of chip leader and it began to look as if he could never be beat.

Fifth place went to Daniel Cates, the runner-up of last year’s tournament, after he had been eliminated by this present year’s winner. ‘I’m sorry, man,’ announced Shak as he delivered Cates home with $100,000 in their pocket.

Despite his impressive performance, it was Duhamel who completed in fourth place after Trickett left his chip stack dwindling. The Canadian can’t complain way too much however out and he still pocketed a nice $125,000 as it was the soon-to-be champion Shak that beat him.

Antonio Esfandiari then left the table, additionally at the mercy of Shak, and left Shak and Trickett to duke it out in the heads-up that is final albeit with $150,000 in his pocket.

The Ultimate Showdown

Shak went into the heads-up with a lead of 1.7 million to Trickett’s 871,000 chips. But, Trickett hammered away at Shak and really took the lead through the United states.

But alas, it had been never to be Trickett’s night, as a later flush saw Shak sitting pretty with virtually every chip up for grabs in his possession. After that, there was small a cure for the Brit and Shak emerged victorious whilst the champion associated with the PartyPoker Premier League VI.

This winnings brings Shak to an impressive $1.4 million in tournament wins up to now in 2013, and sits him firmly in third position in the Global Poker Index Player for the race year. Nevertheless, this Premier League win will not count towards the standings.

Bay Area Game Developers Conference Is Serious Company

If you have constantly wished to be someone who designs those cool, high-tech casino slot games you’ve played, you better be booking a flight yesterday to the week’s Game Developers Conference (GDC) in San Francisco; but do not get up there interested in work unless your resume is dazzling. Major recruiters like Bally’s Technologies aren’t playing around when they look for talent to create their games for clients.

Looking for ‘World-Class’ Talent

Bally’s is just one of many organizations which is searching for the best of the greatest at the conference: the up-and-coming developer talent that may create the following generation of exciting high-tech games for them into the uber-competitive slot machine and mobile app gaming market.

The hard component is being in a position to maintain the never-ending need for newer, better, and more dazzling, according to Gary Kapral, Bally’s senior v.p. of operations and recruiting. ‘ The challenges are volume and quality,’ Kapral said. ‘We can’t get enough from the ads online,’ he added as to why Bally’s is attending the seminar, looking for recruits.

Bally’s is just one of a lot of companies looking to fill positions like mobile and content that is interactive, programmers, web developers, graphic artists, digital illustrators, motion-graphic artists, 3D animators and mathematicians. Yes, it pays to become a imaginative nerd.

A paycheck pretty close to six figures for the lucky few who end up landing a job at the conference, it could be a nice payday; recent college grads could pull in $50-60K, while those with five years of experience in the digital gaming field might end up bringing home.

Conference is Growing

The conference that is now 26-year-old blossomed from an informal gathering of developers more than a weekend to a week-long event featuring significantly more than 22,500 gaming industry insiders and attendees. It’s become the forum that is primary programmers, artists, manufacturers, game developers, audio pros, and everyone involved within the creation and development of interactive high-tech video gaming to meet, brainstorm and mingle. UBM Tech Game Network produces the event that is annual.

GDC additionally features more than 400 lectures, panels, tutorials and discussions that are round-table all things gaming by leading industry experts. This season’s GDC conference additionally features the 14th Annual Independent Games Festival, where game designers can display their original projects to potential writers, and the 12th Annual Game Developers Choice Awards, sort of Oscars for the digital games industry via peer recognition.

‘I’d like to thank my mother and dad for permitting me are now living in their basement, rent-free, for 14 years,’ is most likely a typical prizes acceptance speech, we’re guessing.

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