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 from 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 provided $90 million in money to shop for the property which was shut straight down for good week that is last. Glenn Straub, who 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’s what they need at this time; a direction that is new’ he added. ‘Give us our six months, and now we’ll really physically most probably. In 2 years, we’ll be 100 % open.’

Which begs the relevant question, just what will be open, precisely? It appears unlikely that Straub will reopen Revel as a casino; the Revel Casino project, after all, was a cataclysmic $2.4 billion failure with huge costs that are operational were hemorrhaging $2 million a week when it closed. And besides, it seems Straub has a personal dislike of casinos.

Casino Physician

‘When everybody believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding that he dislikes the idea of Atlantic City as a casino town and would be uncomfortable with the thought of his family making money from gambling. However, we’re not sure a polo club for the uber rich quite fits in because of the boardwalk vibe either.

Whatever Straub has in mind, he’s keeping buttoned up for now, but he says he’s Atlantic City’s most readily useful interests in mind. ‘ We feel the populous city needs what we do,’ he says. ‘Our company is like physicians who turnaround sick patients. We turn around big properties.’

Although, in some of his past transactions, we would venture to state that he is been similar to a vet putting down a sick animal. 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, 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 buy the soon-to-be shuttered Trump Plaza year that is last. The proposed sale price ended up being $20 million, incidentally, nevertheless the deal fell through whenever Trump Entertainment was not able to get a release on its mortgage, since the senior lender refused to approve the sale at such a low cost.

Meanwhile, investor Carl Icahn is additionally a feasible contender. Icahn, due to the fact holder of many of Trump Entertainment’s debt, stands to just 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 and its creditors by setting a base price for the auction and ‘increasing the reality that top purchase that is possible 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, according to proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Adverts

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

Dutch regulators don’t want activities gambling internet sites to target consumers in the Netherlands, so they’ve gone after companies that have tried to attract players there who wish to maintain on major events. Now, the Kansspelautoriteit (KSA) states that their efforts have been largely effective in minimizing the game from these rogue operators.

In line with 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 during the World Cup while the Tour de France, both events with major followings in the nation. 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 body, all of the companies has stopped promoting their brand in 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 had been evidently sufficient to satisfy the KSA. The regulator told the eight companies that no further actions would be studied 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 Internet gambling rules next year, operators should cease any marketing activities in the country until that time.

Poker Advertising a true point of Emphasis Moving Forward

In particular, the KSA says that its taking a look at poker marketing. They truly are also upgrading their efforts round the times during the major events: for example, for poker advertising, they will be making sure to focus on what are you doing around the final table of the World number of Poker (WSOP), while recreations betting web sites will face more scrutiny near major international sporting events.

‘The KSA does not be expectant of that Dutch wagering ads will go away entirely from the Internet,’ the corporation had written. ‘But laws are being enforced, handling instances that will result in the largest risks for consumers first.’

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 least two brand new operators have actually attempted to move to the now market that is largely vacated the KSA states they’ve been now being examined, as are some affiliate networks.

KSA Has Reputation for Heavy-Handed Strategies

The KSA has made headlines recently for their hands-on method 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 house they owned in Southern Africa.

That lottery was ultimately handled in Austria, and both members regarding the couple held Belgian passports (though one was also a Dutch citizen). However, since the contest had a web site that included information in Dutch, and because of an interview about the lottery on Dutch radio, it ended up being felt by the KSA was in breach of Dutch gaming laws. The KSA reportedly even went therefore far as to locate we blog posts so that you can establish that the lottery could be looked at an event that is dutch.

‘Many people talked about it on the Internet, however the regulator has decided to blame the couple for all the reviews, just as if they certainly were the ones who wrote them and sometimes even began 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 whose opinion that is legal challenge to PASPA is based. (Image: Star-Ledger)

Could the brand New Jersey activities decision that is betting decriminalize wagering at casinos and racetracks in the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have come out in support of New Jersey’s stance, and many more would be watching with interest once the state seeks clarification of its place in a federal court.

Currently only four US states, Nevada, Delaware, Montana, and Oregon, are able to offer sports betting lawfully under federal law. This might be due to a legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which desired to define the status that is legal of wagering (as opposed to parimutuel horse and dog racing) in the US, and effectively outlawed it nationwide.

Exemptions were made from the aforementioned states which had already declared sports betting to be legal within their borders, while nj-new jersey was given a window that is one-year of, a deadline of January 1, 1993, to prepare and pass legislation permitting sports wagering, an opportunity it chose not to grasp.

On the Cards

These were more days that are optimistic the Atlantic City casino industry, a period of growth and investment, and it appears the state felt it may do without. But today things are very different. Atlantic City’s economy is in crisis. By having a spate of casino closures, and a huge number of staff set off, it absolutely was clear different things and extreme had been needed.

It had been on the cards for some time. In 2011, New Jersey residents voted overwhelmingly in benefit of repealing PASPA. In reaction, New Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports wagering 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 federal judge agreed, putting the kibosh regarding the Sports Wagering Act for good. This generated the realization that, while PASPA banned the regulating and licensing of sports betting by specific states, there clearly was nothing in that act that needed states to enforce prohibition.

Floodgates to Open?

Nj Acting Attorney General John Hoffman claimed their formal legal opinion this week: ‘Sports pools operated by racetracks and casinos continue steadily to be exempted from criminal liability under New Jersey legislation provided that no wagering happens on a college sport or athletic occasion that occurs in Nj-new jersey or in which any New Jersey college team participates regardless of where the occasion takes place.

‘Accordingly, no law enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any person mixed up in operation of a sports pool by a casino or racetrack towards the extent that such activity occurs constant with this particular police Directive,’ Hoffman added.

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This, then, is nj-new Jersey’s position, of which it really is clarification that is seeking a federal court: to deregulate recreations betting entirely and to ignore PASPA; a risky maneuver, which will undoubtedly be challenged within the courts by the sports leagues.

Nj-new jersey’s gambling enterprises are desperately in need of an edge 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? If the state is successful in its challenge to PASPA, the floodgates may open and there is little to prevent other states, including the neighboring competition, from after suit.

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