No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Just times in short supply of a 12 months because it launched to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, based on federal securities regulators‘ disclosure statements the casino filed earlier this week. Through the magic of high finance sleight-of-hand, some $1.5 billion in staggering debt will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take over the reins of this faltering mare.

Resignations Are a Great Deal

Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there would be intestinal entrails from the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract whenever you sign up gets you a well-paid trip when you’re axed; so DeSanctis and Garrity not only arrive at stay on with the Revel brand, they could additionally look ahead to about $7 million in consulting charges for the rest of the year. Is that each or together? We’re not sure, but our hat goes off to their lawyers: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a economic nosedive recently (attributed to everything from Hurricane Sandy to a confusing marketing platform for conventions), some are still pointing fingers at DeSanctis and Garrity for producing the first-ever 100 % nonsmoking casino in AC. This is not really as wild and crazy a notion them to shut down, it didn’t seem to even put a small dent on business there as it may appear; poker rooms nationwide have been totally nonsmoking for more than a decade and until online poker’s Black Friday hit and forced many of. Nonetheless, investors had implored non-Chong and non-Cheech to switch straight back to a more traditional mostly smoking format, but alas, to no avail.

The issue may not actually be smoking vs. nonsmoking anyway; aside from the poker room analogy, also smoke-crazy Macau established a partial smoking ban as of January first, yet seems to be on track for a record month of profits for March of this season. More likely, it is an expression of Atlantic City’s general freefall, as the city has spiraled 41.5% in the direction that is wrong 2006, versus Las Vegas‘ 7.2% fall, and Sin City has had means more recessionary disasters to cope with than AC.

It Cann’t Mount Up

With a limited, enclosed smoking area now founded at the behest of anxious creditors, Revel says it could actually make money year that is next but that isn’t taking its debt servicing costs into account. Currently rated 10th out of 12 regarding the revenue scale of AC casinos, maybe what Revel really needs is an individual who can do math.

Hawaii Just Says No to Gambling Learn

You most likely wouldn’t be too surprised to learn that gambling of any type or kind is banned in Utah; in the end, the greatly Mormon state looks straight down on sinful activities of any kind. But Hawaii? Exactly How did the final state to join the Union get so persnickety when it comes to games of chance anyway?

No Resolution for Hawaii

Whatever the reason, the powers-that-be that is politicaln’t even want to consider adding gambling to the lures that might draw tourists to their sunny clime. The Hawaii House recently refused to approve an answer that needed the Aloha State to simply study the possible social and benefits that are economic detriments of bringing gambling on board legitimately there. Really? Not really a study? That seems rather closed-minded for destination where surfing is practically a religion and grass skirts are considered a fashion declaration.

‚ Too Expensive‘ to Study

According to Representative Clift Tsuji (D-Hilo_Waiakea-Keaukaha), the issue is financial. No, perhaps not the gambling part; the scholarly research part. Other politicians on their state’s Economic developing Committee denied the study proposal out of hand, saying it ‚would be too costly.‘ Okay, so wait, we’re confused: you’re designated to examine what would bring you more financial advantage, but have no money to determine just what would or what would not?? Fine, go have another cocktail or three on the taxpayer, cause we are not quite sure how you’re going to figure away anything if that is the situation.

It’s Just a Lottery

While they might look for a gambling research too pricey, apparently the state Senate had no dilemmas with a bill that is recent required a state Internet lottery and gaming entity become founded, with the purpose of finally appointing one lucky service provider to operate an online gambling site. (Yes, it’s a confusing that is little you would require a site operator when you can not even study whether or not you want to have gambling legalized in your backyard.) Hawaii’s House of Representatives additionally introduced a bill along equivalent lines early last 12 months, but it became popular like a grounded Concorde.

Of course, there’s plenty of underground gambling in Hawaii, as witness some major raids in recent months; is it possible that said operations are behind a groundswell to help keep it that method, as legalizing casinos would greatly influence their bottom lines? Surely not; we know no one ever takes bribes, overt or suggested, with regards to stuff like this.

Guess ‚Hawaii, the Gambling State‘ will not be minted for state license plates anytime soon.

Victory for Dan Shak at PartyPoker Premier League

Wall Street mogul Dan Shak has emerged as the victor of this PartyPoker Premier League VI at the Aspers Casino near London, taking the title after days of action and a hardcore heads-up round against Sam Trickett to finish up this tournament that is exciting.

As well as the prestigious name, Shak has walked away with a cool $450,000, leaving the Uk runner-up by having a pleasing $200,000 prize for 2nd destination.


Starting the last dining table in third position behind chip leader Tobias Reinkemeier and Jonathan Duhamel, Shak demonstrated great poker skills and patience while the hedge fund manager took down the chip leaders and emerged victorious.

Talal Shakerchi was initially to go out of the final table when actress Jennifer Tilly delivered him packing, picking up a pair of aces in the flop to beat his pocket kings out. But Tilly’s luck ran short as she was the next to hit the rail, and ended up being removed from the race by Duhamel. Shakerchi walked away with $45,000 while Tilly took home a prize of $60,000.

Eliminations Continue

Finishing in sixth place and home that is taking70,000, Reinkemeier had been also eliminated by Duhamel, despite his starting within the pole position. This elimination play thrust Duhamel to the position of chip leader and it began to look as though he could not be beat.

Fifth place went to Daniel Cates, the runner-up of last year’s tournament, after he had been eliminated by this present year’s winner. ‚I’m sorry, man,‘ announced Shak as he sent Cates home with $100,000 in their pocket.

Despite his impressive performance, it was Duhamel who completed in fourth place after Trickett left his chip stack dwindling. The Canadian can’t complain an excessive amount of however as it absolutely was the soon-to-be champ Shak that beat him out and he still pocketed a good $125,000.

Antonio Esfandiari then left the table, also at the mercy of Shak, and left Shak and Trickett to duke it out in the last heads-up, albeit with $150,000 in his pocket.

The Last Showdown

Shak went into the heads-up with a lead of 1.7 million to Trickett’s 871,000 potato chips. But, Trickett hammered away at Shak and actually stole the lead through the United states.

But alas, it was to not be Trickett’s night, as a later flush saw Shak sitting pretty with virtually every chip on the table in their possession. After that, there was little hope for the Brit and Shak emerged victorious while the winner for the PartyPoker Premier League VI.

This win brings Shak to an impressive $1.4 million in tournament wins so far in 2013, and sits him firmly in third position in the Global Poker Index Player associated with Year race. However, this Premier League win will not count towards the standings.

San Francisco Game Developers Conference Is Serious Company

If you have always wanted to be someone who designs those cool, high-tech casino slot games you’ve played, you better be booking a flight yesterday to the week’s Game Developers Conference (GDC) in San Francisco; but don’t go up there wanting work unless your resume is dazzling. Major recruiters like Bally’s Technologies aren’t playing around when they look for talent to create their games for clients.

Looking for ‚World-Class‘ Talent

Bally’s is only one of numerous organizations that’ll be looking for the very best of the greatest at the conference: the up-and-coming developer talent that will create the next generation of exciting high-tech games for them into the uber-competitive slot machine game and mobile app gaming market.

The part that is hard being able to match the never-ending need for newer, better, and more dazzling, according to Gary Kapral, Bally’s senior v.p. of operations and hr. ‚ The challenges are quality and volume,‘ Kapral stated. ‚We can’t get enough from the ads online,‘ he included as to why Bally’s is attending the seminar, searching for recruits.

Bally’s is just one of many companies looking to fill roles like mobile and interactive content developers, programmers, web designers, graphic artists, digital illustrators, motion-graphic artists, 3D animators and mathematicians. Yes, it pays to be always a imaginative nerd.

For the lucky few who end up landing a job at the conference, it may be a nice payday; present college grads could pull in $50-60K, while those with five years of expertise in the digital gaming industry might end up bringing home a paycheck pretty close to six numbers.

Conference is Growing

The now 26-year-old meeting has blossomed from a friendly gathering of developers over a week-end to a week-long event featuring more than 22,500 gaming industry insiders and attendees. It’s end up being the primary forum for programmers, artists, manufacturers, game developers, audio pros, and everyone else involved within the creation and development of interactive high-tech gaming to meet, brainstorm and mingle. UBM Tech Game Network produces the event that is annual.

GDC also features more than 400 lectures, panels, tutorials and round-table discussions about all things gaming by leading industry experts. This season’s GDC conference additionally features the Annual that is 14th Independent Festival, where game designers can display their original projects to possible publishers, and the 12th Annual Game Developers Choice Awards, sort of Oscars for the digital games industry via peer recognition.

‚I’d like to thank my mom and dad for permitting me are now living in their basement, rent-free, for 14 years,‘ is most likely an awards that are typical message, we’re guessing.

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