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 designer has offered $90 million in cash to acquire the property which was shut down for good a week ago. Glenn Straub, who has 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 possible buyers have until September 23 to help make offers.
Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need right now; a new direction,’ he added. ‘Give us our six months, and we’ll really actually most probably. In two years, we’ll be 100 percent open.’
Which begs the relevant question, just what will be open, precisely? It appears unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge costs that are operational were hemorrhaging $2 million per week when it closed. And besides, it seems Straub includes a personal dislike of gambling enterprises.
‘When everybody believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the concept of Atlantic City as a casino city and is uncomfortable with the idea of his family profiting from gambling. However, we’re not sure a polo club for the uber rich quite fits in with the boardwalk vibe either.
Whatever Straub has in mind, he’s maintaining buttoned up for now, but he says he’s Atlantic City’s most readily useful interests in your mind. ‘ We feel the populous city needs what we do,’ he says. ‘We are like physicians who turn around patients that are sick. We turn around big properties.’
Although, in some of his previous transactions, we would endeavor to state 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.
It doesn’t bode too well for Revel.
Intriguingly, however, 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, however, 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, in accordance with sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to purchase the soon-to-be shuttered Trump Plaza year that is last. The proposed sale price ended up being $20 million, incidentally, but the deal fell through when Trump Entertainment was unable to get a launch on its mortgage, as the senior lender declined to approve the purchase at such a price that is low.
Meanwhile, investor Carl Icahn is also a possible contender. Icahn, since the holder of many of Trump Entertainment’s financial obligation, stands to just take over both the Trump Plaza and Trump Taj Mahal as a consequence of the moms and dad company’s bankruptcy filing this week.
Whatever the outcome, however, the Straub deal advantages Revel as well as its creditors by setting a base price for the auction and ‘increasing the likelihood that the very best 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 if it’s outbid at auction, according to proposals.
Dutch Regulators Warn Sports Betting Sites to Stop Adverts
Regulators in the Netherlands say their campaign to limit sports sites that are betting the country happen successful. (Image: AP Photo/Peter Dejong)
Dutch regulators do not want recreations wagering web sites to target consumers in the Netherlands, so they’ve gone after organizations that have tried to attract players there who want to be in on major events. Now, the Kansspelautoriteit (KSA) states that their efforts have been largely effective in cutting down on the activity from all of these rogue operators.
In line with the KSA, a letter-writing campaign that was aimed at warning operators against targeting Dutch citizens has restricted what they called ‘excessive’ advertising of such services during 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 Demands
According to the body that is regulatory each of the companies has stopped promoting their brand into the Netherlands. In addition, the firms have taken extra steps, such as for instance closing promotional internet sites and Dutch-language Twitter reports that were designed to attract players to their sites.
Those actions had been evidently sufficient to meet the KSA. The regulator told the eight firms that no further actions would be used against them, thanks to their compliance with the requests made from them. But, the KSA has additionally reminded operators that with the Netherlands expected to enact Internet gambling legislation next 12 months, operators should cease any marketing activities within the country until that time.
Poker Advertising a true point of Emphasis In The Years Ahead
In particular, the KSA says that a look is being taken by it at poker advertising. They’re also improving their efforts across the times during the major events: for instance, for poker advertising, they will be making sure to look closely at what are you doing around the final table of the World Series of Poker (WSOP), while sports betting web sites will face more scrutiny near major international sports.
‘The KSA does not be expectant of that Dutch wagering ads will recede entirely from the web,’ the business wrote. ‘But laws are now being enforced, addressing cases that will trigger the largest risks for consumers first.’
Affiliates are also 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 move in to the now market that is largely vacated the KSA claims they are now being examined, as are affiliate networks.
KSA Has Reputation for Heavy-Handed Strategies
The KSA has made headlines recently for their hands-on way of gambling that is enforcing in the Netherlands. Last month, the regulatory body levied 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 handled in Austria, and both members associated with 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 an interview about the lottery on Dutch radio, it was felt by the KSA was in breach of Dutch gaming laws. The KSA reportedly also went therefore far as to locate blog posts in order to establish that the lottery could be viewed A dutch event.
‘Many people talked 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 Has 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 brand New Jersey recreations gambling decision to decriminalize wagering at casinos and racetracks within the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have come out in support of brand New Jersey’s stance, and many more are viewing with interest as the state seeks clarification of its position in a federal court.
Currently only four states that are US Nevada, Delaware, Montana, and Oregon, are able to offer activities betting legally under federal legislation. This is certainly due to a legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to define the status that is legal of wagering (as opposed to parimutuel horse and dog race) within the US, and efficiently outlawed it nationwide.
Exemptions were made of the aforementioned states which had already declared recreations betting to be legal of their borders, while New Jersey ended up being given an one-year window of opportunity, a deadline of January 1, 1993, to prepare and pass legislation permitting sports gambling, an opportunity it chose not to grasp.
On the Cards
These were more optimistic days for the Atlantic City casino industry, a period of growth and investment, and 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 set off, it was clear something different and extreme had been needed.
It had been on the cards for a 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 gambling enterprises and racetracks.
It was challenged by the expert sports leagues, which claimed that the Act had been a violation of federal law and threatened the integrity of sport. This past year a federal judge agreed, putting the kibosh regarding the Sports Wagering Act once and for all. This led to the understanding that, while PASPA banned the regulating and licensing of sports betting by specific states, there was clearly nothing in that act that needed states to enforce prohibition.
Floodgates to Open?
New Jersey Acting Attorney General John Hoffman reported his formal opinion that is legal week: ‘Sports swimming pools operated by racetracks and gambling enterprises continue steadily to be exempted from criminal liability under New Jersey legislation as long as no wagering does occur for a college sport or athletic occasion that takes place in Nj-new jersey or in which any New Jersey college team participates aside from where the event takes place.
‘Accordingly, no legislation enforcement or prosecution agency or officer shall … make an arrest, register a complaint against, or prosecute any person active in the operation of a sports pool by a casino or racetrack to the extent that such activity occurs consistent with this Law Enforcement Directive,’ Hoffman added.
This, then, is nj-new Jersey’s position, of which it is seeking clarification from a federal court: to deregulate sports betting completely and to ignore PASPA; a risky maneuver, that may undoubtedly be challenged within the courts by the sports leagues.
Nj-new jersey’s casinos are desperately in need of an edge over the competing casinos in neighboring states that have actually damaged slotsforfun-ca.com the Atlantic City market. The decriminalization of sports betting may provide that edge, however 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.