Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious rooms and several advertising overhauls, Atlantic City’s Revel Casino in New Jersey has failed to make a profit. (Image: cntraveler.com)

Once the Revel Casino Hotel started in Atlantic City in 2012, the city saw it as the beginning of a new age for the gambling industry that is local. Now, it looks as though the resort might go down as one of the largest failures in American gaming history.

The Revel Entertainment Group has filed for protection from the creditors in a bankruptcy that is federal, and has place the home up for auction in an attempt to sell the casino before it is forced to close. According to Revel, that closing could happen in only a small amount as 8 weeks in cases where a sale doesn’t undergo. That could come being a blow that is huge the town, as well as the 3,140 workers that work on the Revel.

Little Value in Struggling Casino

Ownership claims that they will have obtained a $125 million loan that will make sure the venue can stay open until a buyer is discovered. However they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, quotes now have actually the property valued at less than $300 million. Some even genuinely believe that the real value could be less than $100 million, as it will likely be a long period before the venue has to be able to turn a revenue.

‘ We shall work to reach Continue reading “Revel Casino in Atlantic City Files for Second Bankruptcy”

Scenic Orange County is the most-prized area in the battle over New York State casino licenses.

Scenic Orange County is the most-prized area in the battle over New York State casino licenses.

In the event that you want to operate a casino in New York State, you will have to compete against some real lightning link slot 2018 heavyweights to do so. Major casino firms including Caesars Entertainment, the Genting Group and Penn National Gaming are among 17 applications which have been received by the newest York State Gaming Commission in the race for up to four available licenses in the Empire State.

A total of 16 companies are now associated with the licensing, as Genting was responsible for 2 for the applications. All three of the available licensing areas are being contested, though it’s clear that some areas are considered more lucrative than other people.

Competition Focused into the Catskills

As expected, the Catskills-Hudson Valley region will discover the fiercest competition. Nine of the proposals are positioned in this area, where Orange County is seen as the location that is best near new york currently available to developers. Interested companies include Caesars, Genting, Penn, and Empire Resorts.

Caesars, for example, has proposed Caesars that is building New in Woodbury, a town in Orange County. In their 6,000-page application, Caesars proposed building an $880-million casino resort in the town that is sleepy located about 50 miles north of new york.

‘ We have an opportunity that is tremendous bring the Caesars brand to New York State and produce a world-class entertainment f Continue reading “Scenic Orange County is the most-prized area in the battle over New York State casino licenses.”

Portugal Willing to Debate Brand New Online Gambling Laws

Portugal Willing to Debate Brand New Online Gambling Laws

Portugal is defined to debate a liberalization of the nation’s online gambling marketplace.

While Portugal may have just suffered a stunning World that is 4-0 Cup to Germany, spirits are generally speaking high in the nation. The Portuguese economy is searching for after a recession that is long and the country appears prepared to face on its very own foot as opposed to relying any further on European help. Nevertheless, the nation looks as though it’s going to consider one measure expected for by the international bodies that helped bail the country out in 2011: liberalizing the national online gambling marketplace.

According to reports, the Portuguese government has booked time that is parliamentary debate the issue of Web betting before the end for the current session, that may conclude on July 10. The so-called ‘Troika’ ( comprised of the International Monetary Fund, European Central Bank and the Commission that is EU sponsored the €78 billion bailout had asked Portugal to make modifications to its online video gaming structure, with those requests becoming more fervent earlier this year.

Legislation Would End Gambling Monopoly

The potential taxation windfall from an open and regulated online casino marketplace is seen as an important income stream for Portugal going forward. The industry is dominated by a monopoly controlled by Santa Casa da Misericordia de Lisboa (SCML), a religious foundation that has h Continue reading “Portugal Willing to Debate Brand New Online Gambling Laws”