No Smoking Revel Going Up in Smoke with Bankruptcy
Just times short of a year as it opened to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, predicated 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 financial obligation will now be converted into $1 billion in equity for the casino’s eager creditors, and a brand new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) takes over the reins of this faltering mare.
Resignations Are Really a deal that is good
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 is entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract when you sign up gets that you ride that is well-paid you’re axed; therefore DeSanctis and Garrity not only get to remain on with the Revel brand, they can also look ahead to about $7 million in consulting charges for the rest of the year. Is that each or together? We’re maybe not yes, but our hat goes off to their lawyers: well-played, counselors, well-played!
Although Atlantic City overall has been in a monetary nosedive recently (attributed to everything from Hurricane Sandy to an ambiguous marketing platf (more…)