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 offered $90 million in cash to get the home which was shut down for good week that is last. Glenn Straub, whom has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now get to be the ‘stalking horse,’ or bidder that is lead who may be outbid by competitors at an auction on September 24. Other possible purchasers have until September 23 to create offers.
Straub said this week that their offer had been ‘an opportunity to turn things around. That’s what they need now; a direction that is new’ he added. ‘Give us our six months, and now we’ll really physically be open. In 2 years, we’ll be 100 % open.’
Which begs the concern, just what are open, precisely? It appears unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, ended up being a cataclysmic $2.4 billion failure with huge operational costs that were hemorrhaging $2 million a week when it shut. And besides, it seems Straub includes a personal dislike of casinos.
‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding which he dislikes the idea of Atlantic City as a casino city and would be uncomfortable with the notion of his family making money from gambling. However, we’re unsure a polo club for the uber rich quite fits in with all the boardwalk vibe either.
Whatever Straub has in mind, he is keeping buttoned up for now, but he says he’s Atlantic City’s most useful interests in your mind. ‘ We feel the populous city needs what we do,’ he says. ‘we have been like health practitioners whom turnaround sick patients. We turn around big properties.’
Although, in some of his past transactions, we’d 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.
That does not bode too well for Revel.
Intriguingly, however, Straub hinted in his interview that his plans include building high-speed train links 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 choose the soon-to-be shuttered Trump Plaza year that is last. The proposed sale price had been $20 million, incidentally, however the deal fell through whenever Trump Entertainment was unable to get a launch on its mortgage, as the senior lender refused to approve the sale at such a low cost.
Meanwhile, investor Carl Icahn is additionally a possible contender. Icahn, as the holder of most of Trump Entertainment’s debt, stands to take over both the Trump Plaza and Trump Taj Mahal as a consequence of the parent company’s bankruptcy filing this week.
Whatever the outcome, however, the Straub deal benefits Revel as well as its creditors by establishing a base price for the auction and ‘increasing the likelihood that the 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 whether or not it’s outbid at auction, according to proposals.
Dutch Regulators Warn Sports Betting Sites to Stop Advertisements
Regulators in the Netherlands say their campaign to limit sports sites that are betting the country have now been successful. (Image: AP Photo/Peter Dejong)
Dutch regulators do not want activities 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) says that their efforts have been largely effective in reducing the game from 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 therefore the Tour de France, both events with major followings in the world. In total, the KSA stated they wrote letters to eight operators, and all eight have ceased the activities in question.
Companies Comply with Dutch Demands
Based on the regulatory human anatomy, all of the companies has stopped promoting their brand in the Netherlands. In addition, the businesses took steps that are additional such as for instance closing promotional websites and Dutch-language Twitter reports that were created to attract players to their internet sites.
Those actions were evidently enough to meet the KSA. The regulator told the eight companies that no longer actions would be used against them, thanks to their compliance with the requests manufactured from them. Nevertheless, the KSA in addition has reminded operators that with the Netherlands expected to enact online gambling regulations year that is next operators should cease any marketing tasks inside the country until that time.
Poker Advertising A point of Emphasis In The Years Ahead
In particular, the KSA says that it really is taking a look at poker marketing. They’re additionally stepping up their efforts across the times during the major events: for example, for poker advertising, are going to making sure to focus on what are you doing around the table that is final of World group of Poker (WSOP), while recreations betting web sites will face more scrutiny near major international sports.
‘The KSA does not expect that Dutch wagering ads will recede entirely on the internet,’ the organization composed. ‘But regulations are being enforced, handling instances which will trigger the largest risks for consumers first quick hits free slot play.’
Affiliates have also been targeted, and while their compliance hasn’t been quite as swift, the KSA reports progress on that front at all. Since the crackdown, at minimum two new operators have actually tried to move into the now market that is largely vacated the KSA says they’re now being examined, because are affiliate networks.
KSA Has Reputation for Heavy-Handed Techniques
The KSA has made headlines recently for their hands-on method 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 the home they owned in South Africa.
That lottery ended up being ultimately managed in Austria, and both members associated with the couple held Belgian passports (though one was also a Dutch citizen). However, because the contest possessed a website that included information in Dutch, and due to a meeting about the lottery on Dutch radio, the KSA felt it was in breach of Dutch gaming laws. The KSA reportedly even went therefore far as to find blog posts to be able to establish that the lottery could be viewed an event that is dutch.
‘Many people talked about any of it on the Internet, but the regulator has decided to blame the couple for all the commentary, as if they certainly were the people who wrote them or even started the discussion,’ lawyer Bas Jongmans told PokerNews.
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 brand New Jersey sports wagering decision to decriminalize wagering at casinos and racetracks into the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have already come out to get brand New Jersey’s stance, and lots of more will be watching with interest once the state seeks clarification of its place in a court that is federal.
Currently only four US states, Nevada, Delaware, Montana, and Oregon, have the ability to provide activities betting legitimately under federal legislation. This really is due to a legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which sought to determine the legal status of sports gambling (compared to parimutuel horse and dog race) within the US, and effortlessly outlawed it nationwide.
Exemptions were manufactured from the aforementioned states which had currently declared recreations betting to be appropriate within their borders, while nj had been 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 optimistic days for the Atlantic City casino industry, a period of growth and investment, also it seems the state felt it could do without. But things are very different today. Atlantic City’s economy is in crisis. With a spate of casino closures, and a huge number of staff set off, it had been clear something different and extreme was needed.
It had been on the cards for a time. 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 gambling enterprises and racetracks.
This is challenged by the sports that are professional, which stated that the Act had been a violation of federal law and threatened the integrity of sport. This past year a judge that is federal, putting the kibosh on the Sports Wagering Act once and for all. This generated the understanding that, while PASPA banned the regulating and licensing of sports betting by specific states, there clearly was nothing in that act that required states to enforce prohibition.
Floodgates to Open?
Nj Acting Attorney General John Hoffman claimed their official opinion that is legal week: ‘Sports pools operated by racetracks and gambling enterprises continue steadily to be exempted from criminal liability under New Jersey legislation provided that no wagering does occur on a college sport or athletic event that happens in New Jersey or by which any New Jersey college team participates aside from where the event takes place.
‘Accordingly, no law enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any individual mixed up in operation of a sports pool by a casino or racetrack to the extent that such task happens constant with this particular police Directive,’ Hoffman added.
This, then, is nj-new Jersey’s place, of which its clarification that is seeking a federal court: to deregulate sports betting entirely and to ignore PASPA; a risky maneuver, that may undoubtedly be challenged within the courts by the activities leagues.
Nj-new jersey’s gambling enterprises are desperately in need of a benefit 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 for how long? If the state is effective in its challenge to PASPA, the floodgates may open and there’s little to prevent other states, including the neighboring competition, from after suit.