Enjoy 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 developer has offered $90 million in cash to shop for the home which was shut straight down for good a week ago. Glenn Straub, whom has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now become the ‘stalking horse,’ or bidder that is lead who may be outbid by competitors at an auction on September 24. Other potential buyers have until September 23 to produce offers.

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

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

Casino Doctor

‘When everyone thinks of Atlantic City, they think of casinos,’ Straub told USA Today, adding he dislikes the concept of Atlantic City as a casino city and could be uncomfortable with the notion of his family making money from gambling. However, we’re uncertain a polo club for the uber wealthy quite fits in because of the boardwalk vibe either.

Whatever Straub has in mind, he is maintaining buttoned up for now, but he says he’s Atlantic City’s best interests at heart. ‘ We feel the city needs what we do,’ he says. ‘We are like medical practioners whom change sick patients. We turn around big properties.’

Although, in some of his previous dealings, we would venture to state that he’s been more like a vet putting down an animal that is sick. When he bought the Miami Arena in 2004 for half the purchase price the price it cost to construct, for example, he sooner or later demolished it to make way for Grand Central Park.

That does not bode too well for Revel.

Intriguingly, nonetheless, Straub hinted in his interview that his plans include building rail that is high-speed Atlantic City, nyc City and Philadelphia.

Other Bidders in the Mix

It’s early days, however, and Straub may well yet be outbid, as he was on a current venture when he attempted to buy the Versace Mansion in Miami Beach at another bankruptcy auction last year.

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

Meanwhile, investor Carl Icahn is additionally a possible contender. Icahn, since the holder of most of Trump Entertainment’s financial obligation, 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.

Regardless of the outcome, however, the Straub deal advantages Revel and its creditors by establishing 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 receive a $3 million breakup fee whether or not 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 sports sites that are betting the country have now been successful. (Image: AP Photo/Peter Dejong)

Dutch regulators do not want recreations sites that are betting target consumers in the Netherlands, so they’ve gone after businesses that have tried to attract players there who wish to be in on major events. Now, the Kansspelautoriteit (KSA) says that their efforts have been largely effective in minimizing the game from all of these rogue operators.

According to the KSA, a letter-writing campaign which 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 activities with major followings in the country. In total, the KSA stated they wrote letters to eight operators, and all eight have ceased the activities in question.

Companies Comply with Dutch Requests

According to the body that is regulatory each of the companies has stopped promoting their brand in the Netherlands. In addition, the companies took steps that are additional such as for instance closing promotional websites and Dutch-language Twitter records that were designed to attract players to their internet sites.

Those actions had been apparently enough to satisfy the KSA. The regulator told the eight firms that no more actions would be studied against them, thanks to their compliance with the requests manufactured from them. But, the KSA has additionally reminded operators that with the Netherlands expected to enact online gambling regulations year that is next operators should cease any marketing activities inside the country until that time.

Poker Advertising A point of Emphasis Moving Forward

In particular, the KSA says that a look is being taken by it at poker advertising. They truly are also stepping up their efforts around the times of major events: for example, for poker advertising, they’ll certainly be making sure to focus on what’s happening around the table that is final of World variety of Poker (WSOP), while activities betting web sites will face more scrutiny near major international sporting events.

‘The KSA does not really expect that Dutch wagering ads will go away entirely on the internet,’ the organization penned. ‘But laws are increasingly being enforced, handling instances that may trigger the greatest risks for consumers first.’

Affiliates have also been targeted, and while their conformity wasn’t quite as swift, the KSA reports progress on that front at all. Since the crackdown, at least two brand new operators have tried to step in to the now largely vacated market; the KSA claims they are now being investigated, because are affiliate networks.

KSA Has Reputation for Heavy-Handed Strategies

The KSA has made headlines recently for their hands-on method of enforcing gambling laws and regulations 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). Nonetheless, as the contest possessed a site that included information in Dutch, and because of an interview about the lottery on Dutch radio, the KSA felt it was in breach of Dutch gaming laws. The KSA reportedly also went therefore far as to find blog posts to be able to establish that the lottery could be considered A dutch event.

‘Many people spoke if they were the ones who wrote them or even started the discussion,’ lawyer Bas Jongmans told PokerNews about it on the Internet, but the regulator has decided to blame the couple for all the comments, as.

NJ Sports Betting Challenge Has 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 activities decision that is betting 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 come out to get brand New Jersey’s stance, and lots of more would be viewing with interest because 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 law. That is as a result of legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which sought to determine the legal status of recreations gambling (in contrast to parimutuel horse and dog race) within the US, and efficiently outlawed it nationwide.

Exemptions were manufactured from slotsforfun-ca.com the aforementioned states which had already declared sports betting become legal within their borders, while New Jersey had been given an one-year window 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 period of growth and investment, also it seems the state felt it may do without. But things are very different today. Atlantic City’s economy is in crisis. Having a spate of casino closures, and several thousand staff set off, it had been something that is clear and drastic was needed.

It had been on the cards for a while. In 2011, New Jersey residents voted overwhelmingly in favor of repealing PASPA. In response, New Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports wagering at casinos and racetracks.

It was challenged by the sports that are professional, which reported that the Act had been a violation of federal law and threatened the integrity of sport. This past year a federal judge agreed, putting the kibosh in 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 was clearly nothing in that act that required states to enforce prohibition.

Floodgates to Open?

New Jersey Acting Attorney General John Hoffman reported his official legal opinion this week: ‘Sports pools operated by racetracks and casinos continue to be exempted from criminal liability under New Jersey legislation as long as no wagering occurs for a college sport or athletic occasion that takes place in New Jersey or by which any New Jersey college team participates regardless of where the occasion takes place.

‘Accordingly, no legislation 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 towards the extent that such task takes place consistent with this specific police force Directive,’ Hoffman added.

This, then, is New Jersey’s place, of which it’s clarification that is seeking a federal court: to deregulate recreations betting completely and to ignore PASPA; a risky maneuver, that may undoubtedly be challenged in the courts by the recreations 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 for how long? If the state is successful in its challenge to PASPA, the floodgates may open and there’s little to prevent other states, including the neighboring competition, from after suit.

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

Leave a Reply

Your email address will not be published. Required fields are marked *