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 money to shop for the home which was shut straight down for good week that is last. Glenn Straub, who owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become the ‘stalking horse,’ or bidder that is lead who may be outbid by competitors at an auction on September 24. Other potential buyers have until September 23 to produce offers.

Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need now; a direction that is new’ he added. ‘Give us our six months, and now we’ll really actually be open. In 2 years, we’ll be 100 % open.’

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

Casino Doctor

‘When everybody thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding he dislikes the concept of Atlantic City as a casino town and is uncomfortable with the thought of his family profiting from gambling. However, we’re unsure a polo club for the uber rich quite fits in with the boardwalk vibe either.

Whatever Straub has in mind, he’s keeping buttoned up for now, but he says he has Atlantic City’s best interests in your mind. ‘ We feel the city needs what we do,’ he says. ‘Our company is like physicians who change patients that are sick. We turn around big properties.’

Although, in some of his past dealings, we’d venture to state that he is 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, nevertheless, Straub hinted in his interview that his plans include building rail that is high-speed Atlantic City, ny City and Philadelphia.

Other Bidders in the Mix

It’s 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, based on sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to choose the soon-to-be shuttered Trump Plaza this past year. The proposed sale price was $20 million, incidentally, but the deal fell through whenever Trump Entertainment was not able to get a launch on its mortgage, because the senior lender refused to approve the purchase at such a low cost.

Meanwhile, investor Carl Icahn is also a contender that is possible. Icahn, due to the fact 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.

Regardless of the outcome, however, the Straub deal advantages Revel and its particular creditors by establishing a base price for the auction and ‘increasing the likelihood that the very best possible purchase price 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, in accordance with proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Advertisements

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

Dutch regulators don’t want activities betting websites to 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) says that their efforts have been largely effective in minimizing the activity from these rogue operators.

According to 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 throughout the World Cup while the Tour de France, both activities with major followings in the world. In total, the KSA said they wrote letters to eight operators, and all sorts of eight have ceased the activities in question.

Companies Comply with Dutch Requests

In accordance with the regulatory body, every one of the companies has stopped promoting their brand in the Netherlands. In addition, the businesses took extra steps, such as closing promotional sites and Dutch-language Twitter reports that were created to attract players to their internet sites.

Those actions were evidently enough to satisfy the KSA. The regulator told the eight firms that any further actions would be used against them, thanks to their compliance with the requests made of them. Nevertheless, the KSA has additionally reminded operators that with the Netherlands expected to enact Web gambling rules year that is next operators should cease any marketing activities within the country until that time.

Poker Advertising A point of Emphasis Moving Forward

In particular, the KSA says that it’s having a look at poker advertising. They are additionally stepping up their efforts across the times of major events: for instance, for poker advertising, they’ll certainly be making sure to focus on what’s going on around the table that is final of World group of Poker (WSOP), while sports betting sites will face more scrutiny near major international sporting events.

‘The KSA does not really expect that Dutch wagering ads will recede entirely on the internet,’ the corporation penned. ‘But regulations are now being enforced, handling cases that may trigger the greatest risks for consumers first.’

Affiliates have also been targeted, and while their compliance was not quite as swift, the KSA reports progress on that front at all. Since the crackdown, at least two new operators have attempted to step in to the now largely vacated market; the KSA claims they’re now being investigated, because are some 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. Final month, the body that is regulatory an €80,000 ($103,000) fine against an elderly couple that organized a lottery for a home they owned in South Africa.

That lottery was ultimately managed in Austria, and both members regarding the couple held Belgian passports (though one was also a Dutch citizen). Nevertheless, because the contest had a web site that included information in Dutch, and because of a meeting about the lottery on Dutch radio, it had been felt by the KSA was in violation of Dutch gaming laws. The KSA reportedly even went therefore 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 this on the web, nevertheless the regulator has decided to blame the couple for all the remarks, just as if these people were the ones who wrote them and on occasion even began the discussion,’ lawyer Bas Jongmans told PokerNews.

NJ Sports Betting Challenge Offers Hope for Other US States

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

Could the New Jersey activities decision that is betting decriminalize wagering at casinos and racetracks into 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 are viewing with interest while the state seeks clarification of its place in a court that is federal.

Currently only four states that are US Nevada, Delaware, Montana, and Oregon, are able to offer recreations betting legitimately under federal law. This is certainly because of law called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to define the legal status of activities gambling (as opposed to parimutuel horse and dog racing) within the US, and efficiently outlawed it nationwide.

Exemptions were manufactured from the aforementioned states which had already declared recreations betting to be legal of their borders, while New Jersey had been 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 positive days for the Atlantic City casino industry, a period of growth and investment, also it appears the state felt it might do without. But today things are extremely various. Atlantic City’s economy is in crisis. Having a spate of casino closures, and a large number of staff laid off, it was clear something different and drastic had been needed.

It had been on the cards for some time. In 2011, nj-new Jersey residents voted overwhelmingly in favor of repealing PASPA. In response, New Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports gambling at casinos and racetracks.

It was challenged by the professional recreations leagues, which stated that the Act had been a violation of federal law and threatened the integrity of sport. Last year a federal judge agreed, putting the kibosh on the Sports Wagering Act for good. This generated the realization that, while PASPA banned the licensing and regulating 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 claimed his formal opinion that is legal week: ‘Sports pools operated by racetracks and casinos continue steadily to be exempted from criminal liability under New Jersey legislation as long as no wagering does occur on a college sport or athletic occasion that happens in Nj or by which any New Jersey college team participates regardless of where the occasion takes place.

‘Accordingly, no legislation 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 the extent that such activity takes place consistent with this police force Directive,’ Hoffman added.

This, then, is nj-new Jersey’s position, of which it’s seeking clarification from a federal court: to deregulate recreations betting totally and to ignore PASPA; a risky maneuver, that will undoubtedly be challenged within the courts by the activities leagues.

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? If the state is effective in its challenge to PASPA, the floodgates may open and there’s little to prevent other states, including the neighboring competition, from after suit.


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