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