Enjoy 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 provided $90 million in money to purchase the property 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 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 in order to make offers.
Straub said this week that their offer was ‘an opportunity to turn things around. That’s what they need now; a new direction,’ he included. ‘Give us our six months, and now we’ll really actually likely be operational. In two years, we’ll be 100 percent open.’
Which begs the relevant concern, what will be open, precisely? This indicates unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, was a cataclysmic $2.4 billion failure with huge costs that are operational were hemorrhaging $2 million a week when it shut. And besides, it seems Straub includes a dislike that is personal of.
‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding which he dislikes the concept of Atlantic City as a casino city and could be uncomfortable with the idea of his family profiting from gambling. However, we’re unsure a polo club for the uber rich quite fits in aided by the boardwalk vibe either.
Whatever Straub has in mind, he’s maintaining buttoned up for now, but he says he’s Atlantic City’s best interests at heart. ‘ 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 past dealings, we’d endeavor to state that he is been similar to a vet putting down an animal that is sick. When he purchased the Miami Arena in 2004 for half the price the price it cost to construct, for example, he fundamentally demolished it to make way for Grand Central Park.
It doesn’t bode too well for Revel.
Intriguingly, but, Straub hinted in his interview that his plans include building high-speed rail links Atlantic City, ny City and Philadelphia.
Other Bidders in the Mix
It’s very early days, though, and Straub may well yet be outbid, as he was on a recently available venture when he experimented with buy the Versace Mansion in Miami Beach at another bankruptcy auction last year.
There is, according to sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to choose the soon-to-be shuttered Trump Plaza year that is last. The proposed sale price was $20 million, incidentally, however the deal fell through when Trump Entertainment was unable to get a launch on its mortgage, because the senior lender refused to approve the purchase at such a low price.
Meanwhile, investor Carl Icahn is also a contender that is possible. Icahn, because the holder of many of Trump Entertainment’s financial obligation, stands to 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 benefits Revel and its creditors by setting a base price for the auction and ‘increasing the likelihood that top purchase that is possible for the assets will be received,’ explained court documents. Straub has made a $10 million deposit and would be given a $3 million breakup fee whether or not it’s outbid at auction, based on proposals.
Dutch Regulators Warn Sports Betting Sites to Stop Adverts
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 recreations sites that are betting target consumers in the Netherlands, so they’ve gone after companies that have tried to attract players there who would like to be in on major events. Now, the Kansspelautoriteit (KSA) claims that their efforts have been largely effective in cutting down on the activity from all of these rogue operators.
Based on the KSA, a letter-writing campaign that has been aimed at warning operators against targeting Dutch citizens has limited what they called ‘excessive’ advertising of such services through the World Cup as well as the Tour de France, both events with major followings in the country. 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
According to the body that is regulatory all of the companies has stopped promoting their brand in the Netherlands. In addition, the companies took extra steps, such as for instance closing promotional web sites and Dutch-language Twitter reports that were created to attract players to their web sites.
Those actions were apparently enough to satisfy the KSA. The regulator told the eight companies that no further actions would be taken against them, thanks to their compliance with the requests manufactured from them. Nevertheless, the KSA has also reminded operators that with the Netherlands expected to enact online gambling regulations next 12 months, operators should https://slotsforfun-ca.com/quick-hits-slot-review/ 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 advertising. They’re additionally improving their efforts round the times during the major events: for example, for poker advertising, they’ll certainly be making sure to focus on what’s going on around the final table of the World group of Poker (WSOP), while sports betting internet sites will face more scrutiny near major international sporting events.
‘The KSA does not really expect that Dutch betting ads will recede entirely on the internet,’ the organization published. ‘But regulations are increasingly being enforced, addressing cases that will cause the largest risks for consumers first.’
Affiliates are also targeted, and while their compliance hasn’t been quite as swift, the KSA reports progress on that front side at all. Since the crackdown, at minimum two new operators have tried to step to the now market that is largely vacated the KSA states they truly are now being examined, as are affiliate networks.
KSA Has Reputation for Heavy-Handed Techniques
The KSA has made headlines recently for their hands-on approach to enforcing gambling laws 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 the house they owned in Southern Africa.
That lottery had been ultimately managed in Austria, and both members for the couple held Belgian passports (though one was also a Dutch citizen). Nevertheless, as the contest had a web site that included information in Dutch, and as a result of an interview about the lottery on Dutch radio, it had been felt by the KSA was in violation of Dutch gaming laws. The KSA reportedly also went so far as to find we blog posts to be able to establish that the lottery could be viewed 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 New Jersey recreations decision that is betting 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 New Jersey’s stance, and several more will likely be viewing with interest once the state seeks clarification of its position in a court that is federal.
Currently only four states that are US Nevada, Delaware, Montana, and Oregon, are able to offer recreations betting legally under federal law. This might be due to a law called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to define the status that is legal of betting (as opposed to parimutuel horse and dog racing) within the US, and effectively outlawed it nationwide.
Exemptions were manufactured from the aforementioned states which had currently declared recreations betting become appropriate inside their borders, while nj-new jersey was 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 positive days for the Atlantic City casino industry, a time period of growth and investment, plus it seems the state felt it may do without. But today things are really various. Atlantic City’s economy is in crisis. Having a spate of casino closures, and tens of thousands of staff laid off, it had been something that is clear and extreme had been needed.
It had been on the cards for a while. In 2011, New Jersey residents voted overwhelmingly in favor of repealing PASPA. In reaction, nj-new Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports betting at casinos and racetracks.
This was challenged by the sports that are professional, 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 on the Sports Wagering Act once and for all. This generated the realization that, while PASPA banned the regulating and licensing of sports betting by individual states, there clearly was nothing in that act that needed states to enforce prohibition.
Floodgates to start?
New Jersey Acting Attorney General John Hoffman claimed his official appropriate opinion this week: ‘Sports pools operated by racetracks and gambling enterprises continue steadily to be exempted from criminal liability under New Jersey law as long as no wagering does occur for a college sport or athletic occasion that happens in New Jersey or by which any New Jersey college team participates irrespective of where the occasion takes place.
‘Accordingly, no law enforcement or prosecution agency or officer shall … make an arrest, register a complaint against, or prosecute any person involved in the operation of a sports pool by a casino or racetrack to the extent that such activity takes place constant using this police force Directive,’ Hoffman added.
This, then, is nj-new Jersey’s place, of which it’s clarification that is seeking a federal court: to deregulate sports betting totally and to ignore PASPA; a risky maneuver, that will undoubtedly be challenged into the courts by the sports leagues.
Nj-new jersey’s gambling enterprises are desperately in need of an advantage over the casinos that are competing neighboring states that have actually 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 is little to prevent other states, including the neighboring competition, from following suit.