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 property developer has provided $90 million in cash to shop for the house which was shut down for good a week ago. Glenn Straub, who has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now get to be the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other possible purchasers have until September 23 to help make offers.
Straub said this that his offer was ‘an opportunity to turn things around week. That’s what they need right now; a direction that is new’ he added. ‘Give us our six months, so we’ll actually actually be open. In two years, we’ll be 100 percent open.’
Which begs the relevant question, just what is going to be open, precisely? This indicates unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, ended up being a cataclysmic $2.4 billion failure with huge costs that are operational were hemorrhaging $2 million per week when it shut. And besides, it seems Straub has a dislike that is personal of.
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding which he dislikes the idea of Atlantic City as a casino town and could be uncomfortable with the idea of his family making money from gambling. However, we’re not sure a polo club for the uber rich quite fits in aided by the boardwalk vibe either.
Whatever Straub has in mind, he is keeping buttoned up for now, but he says he has Atlantic City’s best interests at heart. ‘ We feel the city needs what we do,’ he says. ‘we have been like physicians whom turn around sick patients. We turn around big properties.’
Although, in some of his past transactions, we’d venture to express that he’s been more like a vet putting down a sick 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, nonetheless, Straub hinted in his interview that his plans include building rail that is high-speed Atlantic City, nyc City and Philadelphia.
Other Bidders in the Mix
It’s very early days, though, 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, in accordance with sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to choose the soon-to-be shuttered Trump Plaza a year ago. The proposed sale price ended up being $20 million, incidentally, but the deal fell through when Trump Entertainment was unable to get a launch on its mortgage, as the senior lender declined to approve the sale at such a price that is low.
Meanwhile, investor Carl Icahn is additionally a contender that is possible. Icahn, as the 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 parent company’s bankruptcy filing this week.
Long lasting outcome, however, the Straub deal advantages Revel and its slotsforfun-ca.com creditors by establishing a base price for the auction and ‘increasing the likelihood that the most effective possible purchase price for the assets will be received,’ explained court documents. Straub has made a $10 million deposit and would receive a $3 million breakup fee whether or not it’s outbid at auction, based on proposals.
Dutch Regulators Warn Sports Betting Sites to Stop Ads
Regulators in the Netherlands say their campaign to limit activities betting sites in the country have already been successful. (Image: AP Photo/Peter Dejong)
Dutch regulators do not want sports sites that are betting target consumers in the Netherlands, so they’ve gone after organizations that have tried to attract players there who want to maintain on major events. Now, the Kansspelautoriteit (KSA) claims that their efforts have been largely effective in minimizing the activity from these rogue operators.
In line with the KSA, a letter-writing campaign which was aimed at warning operators against targeting Dutch citizens has restricted what they called ‘excessive’ advertising of such services through the World Cup and also the Tour de France, both occasions 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 Needs
In accordance with the regulatory human body, all of the companies has stopped promoting their brand into the Netherlands. In addition, the businesses have taken additional steps, such as for instance closing promotional websites and Dutch-language Twitter accounts that were created to attract players to their web sites.
Those actions had been evidently sufficient to fulfill the KSA. The regulator told the eight firms that no longer actions would be taken against them, thanks to their compliance with the requests made of them. Nonetheless, the KSA has also reminded operators that with the Netherlands expected to enact online gambling laws next 12 months, operators should cease any marketing activities in the country until that time.
Poker Advertising a true point of Emphasis Moving Forward
In particular, the KSA says that a look is being taken by it at poker advertising. They truly are also upgrading their efforts round the times of major events: for example, for poker advertising, they will be making sure to look closely at what’s happening around the final table of the World Series of Poker (WSOP), while activities betting web sites will face more scrutiny near major international sporting events.
‘The KSA does not be expectant of that Dutch betting ads will go away entirely from the web,’ the business penned. ‘But regulations are now being enforced, addressing instances which will cause the biggest risks for consumers first.’
Affiliates are also targeted, and while their conformity was not quite as swift, the KSA reports progress on that front side at all. Since the crackdown, at least two new operators have tried to step to the now market that is largely vacated the KSA states these are typically now being investigated, because are affiliate networks.
KSA Has Reputation for Heavy-Handed Strategies
The KSA has made headlines recently for their hands-on way of enforcing gambling regulations in the Netherlands. Last month, the regulatory human 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 ended up being ultimately managed in Austria, and both members associated with the couple held Belgian passports (though one was also a Dutch citizen). However, because the contest possessed a internet site that included information in Dutch, and due to a meeting about the lottery on Dutch radio, it was felt by the KSA was in violation of Dutch gaming laws. The KSA reportedly even went so far as to find we blog posts so that you can establish that the lottery could be viewed an event that is dutch.
‘Many people spoke about any of it on the web, nevertheless the regulator has decided to blame the couple for all the comments, as though these people were the people who wrote them and sometimes even started the discussion,’ lawyer Bas Jongmans told PokerNews.
NJ Sports Betting Challenge Has Hope for Other US States
New Jersey Acting Attorney General John Hoffman, upon whose opinion that is legal challenge to PASPA is based. (Image: Star-Ledger)
Could the brand New Jersey activities wagering 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 come out to get New Jersey’s stance, and lots of more is going to be viewing with interest since the state seeks clarification of its place in a federal court.
Currently only four states that are US Nevada, Delaware, Montana, and Oregon, have the ability to provide sports betting legally under federal law. That is because of legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to determine the legal status of activities gambling (compared to parimutuel horse and dog racing) within the US, and effectively outlawed it nationwide.
Exemptions were made of the aforementioned states which had already declared sports betting to be legal inside 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 wagering, an opportunity it chose not to grasp.
On the Cards
These were more days that are optimistic the Atlantic City casino industry, a period of growth and investment, and it appears the state felt it may do without. But today things are really different. Atlantic City’s economy is in crisis. By having a spate of casino closures, and a huge number of staff laid off, it had been something that is clear and extreme was needed.
It had been on the cards for a time. 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 wagering at gambling enterprises and racetracks.
This was challenged by the expert recreations leagues, which reported 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 on the Sports Wagering Act once and for all. This resulted in the understanding that, while PASPA banned the licensing and regulating of sports betting by individual states, there was nothing in that act that required states to enforce prohibition.
Floodgates to start?
Nj-new jersey Acting Attorney General John Hoffman stated his 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 as long as no wagering does occur on a college sport or athletic occasion that takes place in Nj-new jersey or by which any New Jersey college team participates aside from where the occasion takes place.
‘Accordingly, no legislation enforcement or prosecution agency or officer shall … make an arrest, register a complaint against, or prosecute any individual active in the operation of a sports pool by a casino or racetrack towards the extent that such task occurs constant with this particular Law Enforcement Directive,’ Hoffman added.
This, then, is New Jersey’s position, of which its clarification that is seeking a federal court: to deregulate recreations betting totally and to ignore PASPA; a risky maneuver, that may undoubtedly be challenged into the courts by the sports leagues.
New Jersey’s casinos are desperately in need of a benefit over the competing casinos in 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.