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No Smoking Revel Going Up in Smoke with Bankruptcy

Donnerstag, Februar 6th, 2020

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 (mehr …)