Florida investor Glen Straub has kicked off the auction bidding on Revel for $90 million.
Atlantic City’s Revel Casino is up for auction grabs, and a Florida real estate designer has provided $90 million in money to acquire the home which was shut straight down for good a week ago. Glenn Straub, whom has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other prospective purchasers have until September 23 to produce offers.
Straub said this that his offer was ‘an opportunity to turn things around week. That’s what they need at this time; a direction that is new’ he included. ‘Give us our six months, so we’ll really physically most probably. In two years, we’ll be 100 % open.’
Which begs the relevant question, what are going to be open, precisely? This indicates unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, was a cataclysmic $2.4 billion failure with huge costs that are operational had been hemorrhaging $2 million per week when it shut. And besides, it seems Straub includes a dislike that is personal of.
‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the concept of Atlantic City as a casino city and will be uncomfortable with the notion of his family making money from gambling. However, we’re uncertain a polo club for the uber wealthy quite fits in because of the boardwalk vibe either.
Whatever Straub has in mind, he is maintaining buttoned up for now, but he says he has Atlantic City’s most useful interests in your mind. ‘ We feel the populous city needs what we do,’ he says. ‘We are like physicians who turnaround patients that are sick. We turn around big properties.’
Although, in some of his previous transactions, we’d endeavor to state that he is been more like a vet putting down a ill animal. It cost to build, for example, he eventually demolished it to make way for Grand Central Park when he bought the Miami Arena in 2004 for half the price the price.
That doesn’t bode too well for Revel.
Intriguingly, nevertheless, Straub hinted in his interview that his plans include building high-speed rail links Atlantic City, ny City and Philadelphia.
Other Bidders in the Mix
It’s early days, however, and Straub may well yet be outbid, as he ended up being on a current venture when he attempted to buy the Versace Mansion in Miami Beach at another bankruptcy auction a year ago.
There is, according to sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to choose the soon-to-be shuttered Trump Plaza last year. The proposed sale price was $20 million, incidentally, but the deal fell through whenever Trump Entertainment was struggling to get a release on its mortgage, because the senior lender declined to approve the sale at such a price that is low.
Meanwhile, investor Carl Icahn is also a contender that is possible. Icahn, since the holder of many of Trump Entertainment’s debt, stands to take over both the Trump Plaza and Trump Taj Mahal as a consequence of the parent company’s bankruptcy filing this week.
Long lasting outcome, however, the Straub deal benefits Revel and its own creditors by establishing a base price for the auction and ‘increasing the likelihood that top purchase that is possible for the assets will be received,’ explained court documents. Straub has made a $10 million deposit and would get a $3 million breakup fee if it’s outbid at auction, according to proposals.
Dutch Regulators Warn Sports Betting Sites to Stop Adverts
Regulators in the Netherlands say their campaign to limit recreations betting sites in the country happen successful. (Image: AP Photo/Peter Dejong)
Dutch regulators don’t want recreations sites that are betting target consumers in the Netherlands, so they’ve gone after organizations that have tried to attract players there who wish to maintain on major events. Now, the Kansspelautoriteit (KSA) says that their efforts have been largely effective in cutting down on the experience from these rogue operators.
In line with the KSA, a letter-writing campaign which was aimed at warning operators against targeting citizens that are dutch limited what they called ‘excessive’ advertising of such services during the World Cup and also the Tour de France, both events with major followings in the nation. In total, the KSA said they wrote letters to eight operators, and all eight have ceased the activities in question.
Companies Comply with Dutch Needs
Based on the regulatory human anatomy, each of the companies has stopped promoting their brand in the Netherlands. In addition, the companies have taken extra steps, such as for example closing promotional web sites and Dutch-language Twitter reports that were created to attract players to their web sites.
Those actions were apparently enough to fulfill the KSA. The regulator told the eight businesses that any further actions would be studied against them, thanks to their compliance with the requests made from them. Nevertheless, the KSA has also reminded operators that with the Netherlands expected to enact Internet gambling laws year that is next operators should cease any marketing tasks inside the country until that time.
Poker Advertising a true point of Emphasis In The Years Ahead
In particular, the KSA says that a look is being taken by it at poker marketing. They’re also upgrading their efforts around the times of major events: for example, for poker advertising, they’ll be making sure to focus on what are you doing around the table that is final of World number of Poker (WSOP), while sports betting internet sites will face more scrutiny near major international sports.
‘The KSA does not be expectant of that Dutch wagering ads will disappear entirely on the internet,’ the organization had written. ‘But regulations are being enforced, addressing cases which will trigger the largest risks for consumers first.’
Affiliates have also been targeted, and while their conformity was not quite as swift, the KSA reports progress on that front at all. Since the crackdown, at least two brand new operators have tried to step to the now largely vacated market; the KSA claims they have been now being investigated, since are some affiliate networks.
KSA Has Reputation for Heavy-Handed Techniques
The KSA has made headlines recently for their hands-on method of gambling that is enforcing in the Netherlands. Last month, the regulatory body levied an €80,000 ($103,000) fine against an elderly couple that organized a lottery for a home they owned in South Africa.
That lottery had been ultimately handled in Austria, and both members of the couple held Belgian passports (though one was also a Dutch citizen). However, because the contest had a site that included information in Dutch, and because of a meeting about the lottery on Dutch radio, the KSA felt it was in violation of Dutch gaming laws. The KSA reportedly even went so far as to locate blog posts so that you can establish that the lottery could be considered A dutch event.
‘Many people talked if they were the ones who wrote them or even started the discussion,’ lawyer Bas Jongmans told PokerNews about it on the Internet, but the regulator has decided to blame the couple for all the comments, as.
NJ Sports Betting Challenge Offers Hope for Other US States
New Jersey Acting Attorney General John Hoffman, upon whoever opinion that is legal challenge to PASPA is based. (Image: Star-Ledger)
Could the brand New Jersey sports betting decision to decriminalize wagering at casinos and racetracks in the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have recently come out in support of New Jersey’s stance, and lots of more would be viewing with interest as the state seeks clarification of its position in a federal court.
Currently only four states that are US Nevada, Delaware, Montana, and Oregon, have the ability to offer sports betting legitimately under federal legislation. This is certainly as a result of legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which sought to define the status that is legal of gambling (compared to parimutuel horse and dog race) into the US, and effectively outlawed it nationwide.
Exemptions were manufactured from the aforementioned states which had currently declared activities betting become legal of their borders, while nj was given a window that is one-year of, a deadline of January 1, 1993, to prepare and pass legislation permitting activities betting, an opportunity it chose not to grasp.
On the Cards
These were more days that are optimistic the Atlantic City casino industry, a time period of growth and investment, plus it seems the state felt quick hits slot machine free play it might do without. But today things are extremely various. Atlantic City’s economy is in crisis. With a spate of casino closures, and several thousand staff laid off, it had been something that is clear and extreme was needed.
It had been on the cards for a while. In 2011, nj-new Jersey residents voted overwhelmingly in favor of repealing PASPA. In response, nj-new Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports wagering at casinos and racetracks.
It was challenged by the sports that are professional, which advertised that the Act had been a violation of federal law and threatened the integrity of sport. This past year a federal judge agreed, putting the kibosh on the Sports Wagering Act once and for all. This generated the understanding that, while PASPA banned the regulating and licensing of sports betting by individual states, there clearly was nothing in that act that needed states to enforce prohibition.
Floodgates to start?
Nj Acting Attorney General John Hoffman reported their formal legal opinion this week: ‘Sports pools operated by racetracks and casinos continue steadily to be exempted from criminal liability under New Jersey law provided that no wagering does occur on a college sport or athletic occasion that happens in Nj-new jersey or in which any New Jersey college team participates regardless of where the occasion takes place.
‘Accordingly, no law enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any person mixed up in operation of a sports pool by a casino or racetrack to your extent that such task takes place constant with this Law Enforcement Directive,’ Hoffman added.
This, then, is New Jersey’s place, of which it is seeking clarification from a federal court: to deregulate sports betting totally and to ignore PASPA; a risky maneuver, which will undoubtedly be challenged into the courts by the sports leagues.
New Jersey’s casinos are desperately in need of an edge over the competing casinos in neighboring states that have actually damaged the Atlantic City market. The decriminalization of sports betting may provide that edge, however for how long? The floodgates may open and there’s little to prevent other states, including the neighboring competition, from following suit if the state is successful in its challenge to PASPA.