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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 since it exposed to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, predicated on federal securities regulators‘ disclosure statements the casino filed early in the day this week. Through the secret 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 new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) takes over the reins with this faltering mare.

Resignations Certainly Are a Lot

Hartman gets control 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 abdominal entrails from the penthouse to your parking lot by now. Nope, this is America, where a smartly negotiated contract once you sign up gets you a ride that is well-paid you’re axed; so DeSanctis and Garrity not merely get to remain on with the Revel brand, they are able to also look forward to about $7 million in consulting fees for the remainder year. Is that each or together? We’re maybe not certain, but our hat goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a monetary nosedive recently (attributed to everything from Hurricane Sandy to an uncertain mark (mehr …)