Revel Reopening Could Negatively Impact Atlantic City’s Teetering Market, Experts Warn

February 29, 2020 at 2:52 pm

Revel R<span id="more-5765"></span>eopening Could Negatively Impact Atlantic City’s Teetering Market, Experts Warn

The Revel Casino in Atlantic City probably needs some sage, or a witch medical practitioner, or possibly an implosion. Whatever curse has lain like a black cloud over this once-touted property from Day One simply doesn’t be seemingly in almost any risk of going away.

Glenn Straub remains determined to reopen Atlantic City’s Revel Casino, regardless of the glaring lack of a gaming license. Professionals warn that the reopening could tilt the land video gaming market off-kilter.

According to reports from the Press of Atlantic City (PAC), the casino’s next stage spells even more disaster. But this right time, it’s for the other gaming houses nevertheless operating in city.

The casino that is 47-story, which cost $2.4 billion to build and was closed in 2014 having never once turned a penny’s profit, was purchased this past year by eccentric Florida property developer Glenn Straub for just $82 million, which is known as a fire purchase discount.

Straub initially said that he would reopen Revel perhaps not as a casino, but being an ‘elite university’ where the earth’s finest minds would be free to ruminate on re solving global issues such as famine, cancer, and waste storage that is nuclear. But then Straub changed his head and decided that he’d reopen it as being a casino after all.

To put a distinctive twist he said the new Revel U would offer such untraditional courses as scuba diving, windsurfing, cooking lessons, and a 13-floor endurance cycling course on it. Maybe Dan Bilzerian is interested in the latter.

Straub, who is engaged in licensing wrangles with New Jersey’s Casino Control Commission, would like to reopen the casino as quickly as possible. But analysts said this week it would have been better for the Atlantic City casino industry, which is enjoying a period of security after many years of decline, if he had stuck with the university idea that is wacky.

Noncompete Market

‘The market is rightsized,’ Colin Mansfield of Fitch Ratings told the PAC. ‘But any longer competition within the city would simply take shares through the existing properties.’

While Atlantic City itself is close to bankrupt, there is hope that the casino industry are at last showing signs of the bounce back after almost a decade on the skids. But Revel, coupled with a proposal to grow casino video gaming into North Jersey, could tip the marketplace back into oversaturation.

Mark Giannantonio recently warned that expansion into the north, that will be due to visit a referendum in November, would result into the closure of three to five Atlantic City casinos.

‘Our findings are quite clear,’ he told the East Coast Gaming Conference last month. ‘The fallout of those three to five gambling enterprises will potentially be, 23,000 work losses. Foreclosures will double, unemployment shall double.’

Revel Roadblocks

Straub has been arguing with New Jersey regulators because he will be leasing the casino area to a third-party operator that he shouldn’t need to apply for a gaming license. State regulators beg to differ.

‘Instead of welcoming this prospect, New Jersey’s Division of Gaming Enforcement has imposed a roadblock that is inappropriate and unnecessary,’ complained Straub within an formal statement last week.

Despite his disagreement using the regulators, Straub is decided to reopen Revel before summer time’s end.

Valve Sued for Facilitating Underage Gambling

Designer weapons, known as ‘skins,’ in Counter-Strike: Global Offensive, which could be used by minors as digital casino potato chips, according to a lawsuit against the game’s creator, Valve. (Image:

Valve, owner of the Steam online games distribution platform and creator of the Counter-Strike: Global Offensive (CS: GO) video game series, is being sued for allegedly facilitating unregulated, underage gambling.

The suit, filed with respect to Connecticut resident Michael John McLeod, accuses the video games giant of knowingly permitting an illegal online gambling market to cultivate up around the trading of CS: GO ‘skins’ on third-party websites. McLeod gambled on these markets and lost money, both as an adult and a minor, states the filing.

CS: GO is a shooter that is first-person which players play in teams either as terrorists or counter-terrorists. ‘Skins,’ meanwhile, are collectable designer tools which can be purchased in-game and traded for зеркало 1xbet мобильная версия genuine cash.

Digital Casino Chips

CS: GO, released in 2012, wasn’t initially a seller that is big the introduction of skins, which can be swapped and exchanged like baseball cards. But because skins have a real-world money value, they could also be used as digital money, and the fact that they can be transferred to third-party sites means they could be gambled with. A slew of skin gambling websites have sprung up, with no age-verification procedures or checks that are regulatory

The introduction of skins made the CS: GO one of the most popular games of all time despite its slow start. At any given moment, 380,000 people around the world are playing the game.

Valve, with all the Steam platform, the lawsuit alleges, maybe not only allowed this to take place but actively ‘sustained and facilitated’ it in order to profit from it. It’s calculated that over 3 million players bet $2.3 billion worth of skins on the result of e-sports matches in 2015

‘In the eSports gambling economy, skins are like casino chips that have monetary value beyond your game itself because of the cap ability to transform them directly into cash,’ the suit says.

All About the Betting

‘In amount, Valve owns the league, sells the casino potato chips, and receives an item of the casino’s income stream through foreign websites to be able to keep the charade that Valve is not promoting and profiting from online gambling, like a modern-day captain renault from Casablanca,’ it stated.

‘That most of the people in the CS: GO gambling economy are teenagers and under 21 makes Valve’s while the other Defendants’ actions also more unconscionable.’

Skin gambling sites incorporate software built by Valve, which takes 15 percent of every skin that’s bought or sold.

‘Nothing about Counter-Strike is about the game any longer,’ Moritz Maurer, head of e-sports integrity at gambling watchdog SportIM, told Bloomberg recently. ‘It’s exactly about winning and betting.’

US Supreme Court Steers Away From Tribal Casino Labor Question

The United States Supreme Court refused to be drawn into a scrap that is legal the question of whether the National Labor Relations Board (NLRB) has authority over tribal casino operators on their sovereign lands.

The US Supreme Court has declined to rule on whether the nationwide Labor Relations Act has authority over Indian gambling enterprises’ workers and practices. The tribes state that much confusion continues to surround this issue. (Image:

The court had been petitioned by two native casinos that are american the Little River Band of Ottawa Indians and the Saginaw Chippewa Indian Tribe.

At issue had been a potential judgment on a US Court of Appeals ruling that had sided with the NRLB in the last. The petition was declined without remark.

The Ottowa operate the Little River Resort, while the Saginaw Chippewas operate the Eagle that is soaring Resort. Both properties are in Michigan.

Conflicting Rulings

NRLB had traditionally stayed out from the affairs of tribal organizations operating on sovereign land, which were deemed outside the purview of federal laws. But in 2004, the proliferation of Indian gaming led the Board to deem that such enterprises had become ‘significant employers of non-Indians and serious rivals with non-Indian owned businesses.’

As such, NLRB believes this has jurisdiction throughout the labor practices of the tribe when the tribal business is commercial in nature, rather than governmental. This stance has made it easier for unions to organize labor motions at tribal casino properties. In 2013, NLRB ruled that the Saginaw Chippewas had unlawfully dismissed a housekeeper for talking about union-organizing at Soaring Eagle.

The clarification was looked for as a result of previous conflicting judgments offered by US circuit courts.

‘Does the National Labor Relations Act abrogate the sovereignty that is inherent of tribes and thus apply to tribal operations on Indian lands?’ the petition to the Supreme Court pondered.

Surprising Choice

‘Today, over a decade after the Board’s initial foray onto Indian reservations, the law in this area is, to place it charitably, chaos,’ said Paul Clement, attorney for the Saginaw Chippewa tribe.

‘It’s a small surprising the court didn’t take this on, because there is an obvious split into the circuits,’ Steve Biddle, a Phoenix-based partner at Littler Mendelson, told the National Law Journal on Monday.

‘No one quite knows what the answer is or what’s next. It leaves the individuals running casinos and the employees of those gambling enterprises into the dark. Depending on which circuit you’re in, you may manage to arrange or perhaps you might not,’ Biddle included.

In November, the US House of Representatives passed a bill that would effectively scrap the NLRB’s powers to modify tribal enterprises and would exempt any tribe, enterprise, or institution on tribal lands, from federal labor legislation. The bill has since stalled in the Senate.

Northwest Indiana Casinos Deliver $1.7 Billion in re Payments to regional Governments

The Horseshoe Hammond is one of four northwest Indiana casinos providing substantial funds for local governments. (Image:

Northwest Indiana casinos are playing a vital role in the location’s overall economy. Since the location’s first of four riverboats opened in 1996, the commercial casinos have provided $1.7 billion in revenues to regional governments.

Casinos continue to be viewed by numerous as a sin tax industry, not unlike liquor and cigarettes. But Northwest Indiana wants readers to know the advantage gambling has provided for their towns and cities.

Hammond’s Horseshoe, East Chicago’s Ameristar, the two Majestic Star riverboats, therefore the Blue Chip Casino have collectively benefited the neighborhoods in which they live. The Horseshoe, Ameristar, and Majestic venues have actually created $1.4 billion for Lake County, while the Blue Chip has delivered $302 million to LaPorte County.

In total, the four casino businesses have actually taken in some $20 billion over the 20-year period.

The revenue is employed by local governments in a number of ways infrastructure that is including, social services, and economic revitalization projects. Perhaps most notable is Lake County’s Hammond where in actuality the city uses casino capital to invest in college scholarships.

‘It’s been wonderful for Hammond,’ Hammond Mayor Thomas McDermott Jr. told the Northwest Indiana days. ‘ Without gaming revenue, we would never even be able to dream about having a scheduled program like university Bound.’

No more for a Boat

Since Indiana legalized casino gambling in 1993, the industry has been restricted to riverboats and racinos. That somewhat changed thanks to your French Lick Resort Casino, a storied property that allowed the small moat surrounding its casino to run dry in 2008.

In May 2015, Governor Mike Pence (R) said he’d not sign a bill to legalize casinos that are land-based but also would not stand in the legislation’s means. A State House bill became law without Pence’s signature without any action by the governor.

Home to 10 riverboat casinos throughout the state, Gary’s Majestic Star wasted no time in announcing plans to bring its casino ashore. Majestic is seeking to spend upwards of $135 million to construct a casino that is new its land acreage next to its docks.

With Hammond and Gary both less than 30 miles from downtown Chicago, grander land-based casinos should bring even more Illinoisans to the Hoosier State.

Trump Was Here

Gambling is just a component that is key northwest Indiana, but its initial foray into the market was as rocky as the waters of Lake Michigan. And yes, similar to things gambling in the mid-1990s, Donald Trump played a task.

The Majestic Star II originally opened in 1996 as the Trump Casino.

At that time the long run Republican Party nominee said, ‘Gary’s had some rough times over the years. This is really the beginning of the end of those rough times.’

Gary did not majestically turn into a blossoming powerhouse that is economic. However, Trump’s forecasts, while perhaps overstated, did to some degree come true.

Nine years after it launched, Trump offered the riverboat amid financial problems to Majestic owner Don Barden.

Now no longer confined to riverboats and buildings surrounded by almost comical moats, the more gambling that is favorable should lead to even higher revenues in the coming years for Indiana municipalities.

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