Revel in Atlantic City on Auction Block for $90 Million Starter Bid

Revel in Atlantic City on Auction Block for $90 Million Starter Bid

Florida investor Glen Straub has kicked from the auction bidding on Revel for $90 million.

Atlantic City’s Revel Casino is up for auction grabs, and a Florida real estate developer has offered $90 million in cash to shop for the home which was shut down for good week that is last. Glenn Straub, whom has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now end up being the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other buyers that are potential until September 23 in order to make offers.

Straub said this week that their offer had been ‘an possibility to turn things around. That’s what they need at this time; a direction that is new’ he included. ‘Give us our six months, and now we’ll really physically most probably. In 2 years, we’ll be 100 percent open.’

Which begs the relevant concern, what is going to be open, precisely? It seems unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge operational costs that had been hemorrhaging $2 million per week when it closed. And besides, it seems Straub includes a personal dislike of casinos.

Casino Physician

‘When everyone believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the idea of Atlantic City as a casino city and could be uncomfortable with the notion of his family profiting from gambling. However, we’re uncertain a polo club for the uber rich 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’s got Atlantic City’s best interests in your mind. ‘ We feel the populous city needs what we do,’ he says. ‘We are like medical practioners who turnaround patients that are sick. We turn around big properties.’

Although, in some of his past transactions, we would endeavor to express that he is been similar to a vet putting down an animal that is sick. When he bought the Miami Arena in 2004 for half the purchase price the cost it cost to build, for example, he ultimately demolished it to make way for Grand Central Park.

It doesn’t bode too well for Revel.

Intriguingly, but, Straub hinted in his interview that his plans include building high-speed train links Atlantic City, New York City and Philadelphia.

Other Bidders in the Mix

It’s very early days, however, and Straub may well yet be outbid, he attempted to buy the Versace Mansion in Miami Beach at another bankruptcy auction last year as he was on a recent venture when.

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 ended up being $20 million, incidentally, but the deal fell through whenever Trump Entertainment was not able to get a release on its mortgage, because the senior lender refused to approve the sale at such a low price.

Meanwhile, investor Carl Icahn is also a feasible contender. Icahn, due to the fact holder of most of Trump Entertainment’s financial obligation, stands to just take over both the Trump Plaza and Trump Taj Mahal due to the moms and dad company’s bankruptcy filing this week.

Whatever the outcome, however, the Straub deal benefits Revel and its creditors by setting 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 whether or not it’s outbid at auction, in accordance with proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Adverts

Regulators in the Netherlands say their campaign to limit recreations sites that are betting the country have been successful. (Image: AP Photo/Peter Dejong)

Dutch regulators do not want activities betting sites to target consumers in the Netherlands, so they’ve gone after companies that have tried to attract players there who would like to be in on major events. Now, the Kansspelautoriteit (KSA) claims that their efforts have been largely effective in minimizing the game from all of these rogue operators.

Based on the KSA, a letter-writing campaign that has been aimed at warning operators against targeting Dutch citizens has restricted what they called ‘excessive’ advertising of such services during the World Cup plus the Tour de France, both events with major followings in the world. In total, the KSA said they wrote letters to eight operators, and all eight have ceased the activities in question.

Companies Comply with Dutch Demands

Based on the regulatory human body, all of the companies has stopped promoting their brand into the Netherlands. In addition, the businesses have taken extra steps, such as closing promotional websites and Dutch-language Twitter records that were created to attract players to their web sites.

Those actions had been apparently enough to fulfill the KSA. The regulator told the eight companies that no more actions would be used against them, thanks to their compliance with the requests manufactured from them. Nevertheless, the KSA has also reminded operators that with the Netherlands expected to enact Web gambling laws next 12 months, operators should cease any marketing tasks inside the country until that time.

Poker Advertising a true point of Emphasis Going Forward

In particular, the KSA says that it really is having a look at poker marketing. They’re also improving their efforts across the times of major events: for instance, for poker advertising, they’ll certainly be making sure to look closely at what are you doing around the final dining table of the World group of Poker (WSOP), while sports betting internet sites will face more scrutiny near major international sporting events.

‘The KSA does not expect that Dutch wagering ads will go away entirely on the internet,’ the business wrote. ‘But regulations are being enforced, addressing situations that will trigger the largest risks for consumers first.’

Affiliates have also been targeted, and while their conformity wasn’t quite as swift, the KSA reports progress on that front side at all. Since the crackdown, at least two brand new operators have tried to step in to the now market that is largely vacated the KSA claims they’re now being examined, since are affiliate networks.

KSA Has Reputation for Heavy-Handed Strategies

The KSA has made headlines recently for their hands-on way of gambling that is enforcing in the Netherlands. Final month, the regulatory human body levied an €80,000 ($103,000) fine against an elderly couple that organized a lottery for a household they owned in Southern Africa.

That lottery ended up being ultimately managed in Austria, and both members of the couple held Belgian passports (though one was also a Dutch citizen). Nonetheless, since the contest had a web site that included information in Dutch, and due to a meeting about the lottery on Dutch radio, it ended up being felt by the KSA was in violation of Dutch gaming laws. The KSA reportedly also went so far as to locate we blog posts in order to establish that the lottery could be viewed an event that is dutch.

‘Many people spoke 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 Has Hope for any Other US States

New Jersey Acting Attorney General John Hoffman, upon whose legal opinion the challenge to PASPA is based. (Image: Star-Ledger)

Could the brand New Jersey sports decision that is betting 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 already come out in support of brand New Jersey’s stance, and lots of more is going to be watching with interest because the state seeks clarification of its position in a court that is federal.

Currently only four states that are US Nevada, Delaware, Montana, and Oregon, have the ability to offer activities betting lawfully under federal legislation. This might be due to a law called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to determine the status that is legal of wagering (in contrast to parimutuel horse and dog racing) into the US, and effortlessly outlawed it nationwide.

Exemptions were made of the aforementioned states which had already declared activities betting become appropriate inside their borders, while nj ended up being given a window that is one-year of, a deadline of January 1, 1993, to prepare and pass legislation permitting sports betting, an opportunity it chose not to grasp.

On the Cards

These were more positive days for the Atlantic City casino industry, a period of growth and investment, plus it seems the state felt it might do without. But today things are very different. Atlantic City’s economy is in crisis. Having a spate of casino closures, and several thousand staff laid off, it absolutely was something that is clear and extreme ended up being needed.

It had been on the cards for a while. In 2011, nj-new Jersey residents voted overwhelmingly in benefit of repealing PASPA. In reaction, nj-new Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports betting 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 judge that is federal, putting the kibosh regarding the Sports Wagering Act for good. This led to the understanding that, while PASPA banned the licensing and regulating of sports betting by individual states, there was nothing in that act that needed states to enforce prohibition.

Floodgates to start?

Nj-new jersey Acting Attorney General John Hoffman reported their official opinion that is legal week: ‘Sports pools operated by racetracks and gambling enterprises continue to be exempted from criminal liability under New Jersey law provided that no wagering does occur on a college sport or athletic event that takes place in New Jersey or in which any New Jersey college team participates regardless of where the event takes place.

‘Accordingly, no law enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any individual active in the operation of a sports pool by a casino or racetrack to your extent that such activity happens constant with this particular police Directive,’ Hoffman added.

This, then, is New Jersey’s position, of which its seeking clarification from a federal court: to deregulate sports betting entirely and to ignore PASPA; a risky maneuver, which will undoubtedly be challenged within the courts by the recreations leagues.

Nj-new jersey’s casinos are desperately in need of an advantage over the casinos that are competing neighboring states that have damaged the Atlantic City market. The decriminalization of sports betting may provide that edge, but also 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.



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