Experience Atlantic City on Auction Block for $90 Million Starter Bid

Experience Atlantic City on Auction Block for $90 Million Starter Bid

Florida investor Glen Straub has kicked off 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 money to acquire the property which was shut straight down for good last week. Glenn Straub, whom 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 to make offers.

Straub said this that his offer was ‘an opportunity to turn things around week. That is what they need at this time; a direction that is new’ he included. ‘Give us our six months, so we’ll really physically most probably. In 2 years, we’ll be 100 % open.’

Which begs the concern, exactly what is going to be open, precisely? This indicates unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, had been a cataclysmic $2.4 billion failure with huge operational costs that had been hemorrhaging $2 million a week when it closed. And besides, it seems Straub includes a dislike that is personal of.

Casino Doctor

‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told United States Of America Today, adding that he dislikes the notion of Atlantic City as a casino city and will be uncomfortable with the idea of his family profiting from gambling. However, we’re not sure a polo club for the uber wealthy 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 got Atlantic City’s best interests in your mind. ‘ We feel the city needs what we do,’ he says. ‘we have been like health practitioners who turnaround sick patients. We turn around big properties.’

Although, in some of his previous transactions, we’d venture to say 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, nonetheless, Straub hinted in his interview that his plans include building high-speed rail links Atlantic City, New York City and Philadelphia.

Other Bidders in the Mix

It’s early days, however, and Straub may well yet be outbid, as he had been on a recently available venture when he attemptedto buy the Versace Mansion in Miami Beach at another bankruptcy auction a year ago.

There is, based on sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to buy the soon-to-be shuttered Trump Plaza year that is last. The proposed sale price ended up being $20 million, incidentally, however the deal fell through whenever Trump Entertainment was not able to get a release on its mortgage, since the senior lender declined to approve the sale at such a price that is low.

Meanwhile, investor Carl Icahn is also a contender that is possible. Icahn, due to the fact holder of most of Trump Entertainment’s financial obligation, stands to take over both the Trump Plaza and Trump Taj Mahal as a result of the moms and dad company’s bankruptcy filing this week.

Long lasting outcome, however, the Straub deal benefits Revel as well as its creditors by setting a base price for the auction and ‘increasing the reality that the most effective feasible purchase price 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 if it’s outbid at auction, in accordance with proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Ads

Regulators in the Netherlands say their campaign to limit recreations sites that are betting the country are successful. (Image: AP Photo/Peter Dejong)

Dutch regulators don’t want sports betting sites to target consumers in the Netherlands, so they’ve gone after organizations 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 activity from all of these rogue operators.

According to the KSA, a letter-writing campaign that was aimed at warning operators against targeting Dutch citizens has limited what they called ‘excessive’ advertising of such services throughout the World Cup as well as the Tour de France, both events 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 Requests

According to the regulatory body, each of the companies has stopped promoting their brand into the Netherlands. In addition, the companies took steps that are additional such as closing promotional sites and Dutch-language Twitter accounts that were designed to attract players to their web sites.

Those actions were evidently sufficient to meet the KSA. The regulator told the eight companies that no more actions would be used against them, thanks to their compliance with the requests made from them. But, the KSA has also reminded operators that with the Netherlands expected to enact Web gambling guidelines year that is next operators should cease any marketing tasks within the country until that time.

Poker Advertising A point of Emphasis Going Forward

In particular, the KSA says that its taking a look at poker marketing. They truly are also improving their efforts across the times of major events: for example, for poker advertising, they’ll be making sure to look closely at what are you doing around the table that is final of World number of Poker (WSOP), while activities betting internet sites will face more scrutiny near major international sports.

‘The KSA does not expect that Dutch betting ads will recede entirely from the web,’ the business composed. ‘But regulations are being enforced, addressing instances that will trigger the biggest risks for consumers first.’

Affiliates have also been targeted, and while their conformity hasn’t been quite as swift, the KSA reports progress on that front at all. Since the crackdown, at least two new operators have actually attempted to step in to the now largely vacated market; the KSA says they have been now being examined, since are some affiliate networks.

KSA Has Reputation for Heavy-Handed Tactics

The KSA has made headlines recently for their hands-on way of gambling that is enforcing in the Netherlands. Last month, the body that is regulatory an €80,000 ($103,000) fine against an elderly couple that organized a lottery for a home they owned in Southern Africa.

That lottery was ultimately managed in Austria, and both members associated with the couple held Belgian passports (though one was also a Dutch citizen). But, because the contest possessed a website 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 breach of Dutch gaming laws. The KSA reportedly also went so far as to track down blog posts so that you can establish that the lottery could be viewed A dutch event.

‘Many people spoke about any of it on the net, however the regulator has decided to blame the couple for all the responses, as if these people were the ones who wrote them and sometimes even started the discussion,’ lawyer Bas Jongmans told PokerNews.

NJ Sports Betting Challenge Has Hope for Other US States

New Jersey Acting Attorney General John Hoffman, upon whoever opinion that is legal challenge to PASPA is based. (Image: Star-Ledger)

Could the brand New Jersey sports 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 recently come out to get brand New Jersey’s stance, and lots of more are watching with interest since the state seeks clarification of its place in a federal court.

Currently only four states that are US Nevada, Delaware, Montana, and Oregon, are able to offer sports betting legitimately under federal law. This is certainly as a result of law called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to determine the legal status of activities betting (compared to parimutuel horse and dog race) in the US, and effortlessly outlawed it nationwide.

Exemptions were manufactured from the aforementioned states which had already declared activities betting to be appropriate within their borders, while New Jersey ended up being given an one-year screen of opportunity, a deadline of January 1, 1993, to prepare and pass legislation permitting recreations wagering, an opportunity it chose not to grasp.

On the Cards

These were more days that are optimistic the Atlantic City casino industry, a time period of growth and investment, and it appears the state felt it might do without. But today things are extremely various. Atlantic City’s economy is in crisis. By having a spate of casino closures, and several thousand staff laid off, it absolutely was clear something different and drastic ended up being needed.

It had been on the cards for a time. In 2011, New Jersey residents voted overwhelmingly in benefit of repealing PASPA. In reaction, nj-new Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports gambling at casinos and racetracks.

This is challenged by the expert activities leagues, which stated that the Act was a violation of federal law and threatened the integrity of sport. This past year a judge that is federal, putting the kibosh regarding the Sports Wagering Act once and for all. This led to the realization that, while PASPA banned the regulating and licensing of sports betting by individual states, there is nothing in that act that needed states to enforce prohibition.

Floodgates to Open?

New Jersey Acting Attorney General John Hoffman reported their official legal opinion this week: ‘Sports swimming pools operated by racetracks and casinos continue steadily to be exempted from criminal liability under New Jersey law provided that no wagering does occur on a college sport or athletic occasion that occurs in Nj or in which any New Jersey college team participates regardless of 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 individual involved in the operation of a sports pool by a casino or racetrack to the extent that such activity happens constant with this Law Enforcement Directive,’ Hoffman added.

This, then, is New Jersey’s position, of which it’s clarification that is seeking a federal court: to deregulate activities betting totally and to https://slotsforfun-ca.com/quick-hits-slot-review/ ignore PASPA; a risky maneuver, which will undoubtedly be challenged into the courts by the sports leagues.

Nj-new jersey’s casinos are desperately in need of a benefit over the competing casinos in neighboring states that have damaged the Atlantic City market. The decriminalization of sports betting may provide that edge, but also for how long? The floodgates may open and there’s little to prevent other states, including the neighboring competition, from following suit if the state is successful in its challenge to PASPA.

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