No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply days in short supply of a year since it started to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, based on federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the secret of high finance sleight-of-hand, some $1.5 billion in staggering financial obligation will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) takes the reins over of this faltering mare.

Resignations Certainly Are a deal that is good

Hartman takes over for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there would be abdominal entrails from the penthouse to the parking lot by now. Nope, this is America, the place where a smartly negotiated contract when you sign up gets that you well-paid ride when you’re axed; so DeSanctis and Garrity not merely get to stick to with the Revel brand, they can additionally look ahead to about $7 million in consulting fees for the remainder year. Is that each or together? We’re not yes, but our hat goes off to their lawyers: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to an ambiguous marketing p Sigue leyendo

Private Casino, Sir? Bellagio Raises the Bar for High-Roller Offerings with Villa Privé

Private Casino, Sir? Bellagio Raises the Bar for High-Roller Offerings with Villa Privé

Massive penthouse suites, personal butlers, professional chefs gourmet that is preparing right in your living space: that is nothing new to your high-rollers, (aka ‘whales’) of the gambling universe. Individuals who can manage to gamble anywhere from high six-figures appropriate on into the millions expect you’ll be courted such as the hottest chick in the class by casinos all over the world, and to the victor go the spoils. When you’re prepared to blow a half-million over a week-end’s gambling foray, gambling enterprises will become more than happy to make it since pleasant an event as possible, and nobody does this much better than the casinos of Las Vegas.

But now Bellagio, long-known as you of Sin City’s swanker joints, is offering something that just might create other casinos look a tad bourgeois: for an amount, you could have an entire casino designated just for you as well as your hand-selected, carefully monitored guests.

$300,000 Minimum to Book It

This sort of extravagance doesn’t however come cheap. ‘The customer must be willing to risk $300,000,’ said Debra Nutton, senior vice-president of casino relations at the Bellagio, where in actuality the decadent private salon, called Villa Privé, is located away from the hoi polloi, on the resort degree’s exclusive Villa grounds.

Turns out that’s not even the casino being greedy; it’s due to strict gaming regulat Sigue leyendo