Experience Atlantic City on Auction Block for $90 Million Starter Bid

Experience Atlantic City on Auction Block for $90 Million Starter Bid

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 real estate developer has provided $90 million in cash to get the home which was shut straight down for good a week ago. Glenn Straub, who owns the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now end up being the ‘stalking horse,’ or bidder that is lead who may be outbid by competitors at an auction on September 24. Other buyers that are potential until September 23 to produce offers.

Straub said this week that his offer had been ‘an possibility to turn things around. That is what they need right now; a new direction,’ he included. ‘Give us our six months, and now we’ll actually actually likely be operational. In 2 years, we’ll be 100 percent open.’

Which begs the question, what will likely be open, exactly? It appears 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 per week when it closed. And besides, it seems Straub features a personal dislike of casinos.

Casino Doctor

‘When everybody thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding which he dislikes the notion of Atlantic City as a casino city and would be uncomfortable with the notion of his family making money from gambling. However, we’re uncertain a polo club for the uber wealthy quite fits in with the boardwalk vibe either.

Whatever Straub has in mind, he’s keeping buttoned up for now, but he says he’s Atlantic City’s most useful interests at heart. ‘ We feel the populous city needs what we do,’ he says. ‘Our company is like doctors whom turn around patients that are sick. We turn around big properties.’

Although, in some of his past transactions, we’d venture to say that he is been similar to a vet putting down an animal that is sick. 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 high-speed rail links Atlantic City, nyc City and Philadelphia.

Other Bidders in the Mix

It’s early days, though, and Straub may well yet be outbid, as he ended up being on a current venture when he attempted to buy the Versace Mansion in Miami Beach at another bankruptcy auction last year.

There is, in accordance with sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to buy the soon-to-be shuttered Trump Plaza this past year. The proposed sale price ended up being $20 million, incidentally, but the deal fell through when Trump Entertainment was not able to get a release on its mortgage, as the senior lender refused to approve the purchase at such a price that is low.

Meanwhile, investor Carl Icahn is also a contender that is possible. Icahn, due to the fact holder of most of Trump Entertainment’s debt, stands https://slotsforfun-ca.com/quick-hits-slot-review/ to just take over both the Trump Plaza and Trump Taj Mahal because of the parent company’s bankruptcy filing this week.

Whatever the outcome, however, the Straub deal benefits Revel as well as its creditors by establishing a base price for the auction and ‘increasing the likelihood that the greatest purchase that is possible 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, according to proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Ads

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

Dutch regulators do not want recreations sites that are betting target consumers in the Netherlands, so they’ve gone after companies that have tried to attract players there who wish to be in on major events. Now, the Kansspelautoriteit (KSA) says that their efforts have been largely effective in reducing the activity from these rogue operators.

In line with the KSA, a letter-writing campaign which was aimed at warning operators against targeting citizens that are dutch limited what they called ‘excessive’ advertising of such services through the World Cup as well as the Tour de France, both activities with major followings in the nation. 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 Needs

According to the body that is regulatory each of the companies has stopped promoting their brand into the Netherlands. In addition, the firms took extra actions, such as for example closing promotional internet sites and Dutch-language Twitter records that were created to attract players to their web sites.

Those actions were evidently sufficient to fulfill the KSA. The regulator told the eight companies that no further actions would be taken against them, thanks to their compliance with the requests made from them. Nevertheless, the KSA in addition has reminded operators that with the Netherlands expected to enact Web gambling rules year that is next operators should cease any marketing activities inside the country until that time.

Poker Advertising a true point of Emphasis Going Forward

In particular, the KSA says that a look is being taken by it at poker marketing. They’re additionally stepping up their efforts across the times during the major events: for instance, for poker advertising, they’ll certainly be making sure to focus on what’s happening around the final table of the World number of Poker (WSOP), while recreations betting internet sites will face more scrutiny near major international sports.

‘The KSA does not expect that Dutch betting ads will disappear entirely from the Internet,’ the organization composed. ‘But regulations are being enforced, addressing cases that may result in the biggest 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 minimum two brand new operators have actually attempted to move in to the now largely vacated market; the KSA claims they have been now being examined, as are some affiliate networks.

KSA Has Reputation for Heavy-Handed Techniques

The KSA has made headlines recently for their hands-on approach to enforcing gambling guidelines in the Netherlands. Last month, the body that is regulatory an €80,000 ($103,000) fine against an elderly couple that organized a lottery for a house 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). But, because the contest had a site that included information in Dutch, and because of a meeting about the lottery on Dutch radio, the KSA felt it was in breach of Dutch gaming laws. The KSA reportedly also went so far as to track down we blog posts to be able to establish that the lottery could be looked at A dutch event.

‘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 Offers Hope for any 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 brand New Jersey recreations 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 already come out to get New Jersey’s stance, and lots of more will be watching with interest once the state seeks clarification of its place in a federal court.

Currently only four US states, Nevada, Delaware, Montana, and Oregon, have the ability to offer sports betting legally under federal legislation. This is certainly as a result of legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to define the legal status of sports gambling (as opposed to parimutuel horse and dog race) into the US, and effortlessly outlawed it nationwide.

Exemptions were manufactured from the aforementioned states which had already declared activities betting to be legal inside their borders, while nj had been 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 days that are optimistic the Atlantic City casino industry, a period of growth and investment, plus it appears the state felt it may do without. But today things are extremely 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 drastic was needed.

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

This was challenged by the professional activities leagues, which reported that the Act was a violation of federal law and threatened the integrity of sport. Last year a federal judge agreed, putting the kibosh in the Sports Wagering Act for good. This led to the realization that, while PASPA banned the licensing and regulating of sports betting by specific states, there is nothing in that act that needed states to enforce prohibition.

Floodgates to Open?

Nj Acting Attorney General John Hoffman stated his formal opinion that is legal week: ‘Sports swimming pools operated by racetracks and gambling enterprises continue to be exempted from criminal liability under New Jersey legislation as long as no wagering happens on a college sport or athletic event that happens in Nj or by which any New Jersey college team participates irrespective 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 involved in the operation of a sports pool by a casino or racetrack to your extent that such activity occurs consistent with this particular Law Enforcement Directive,’ Hoffman added.

This, then, is New Jersey’s place, of which it really is seeking clarification from 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 activities leagues.

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

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