No Smoking Revel Going Up in Smoke with Bankruptcy
Simply days short of a year since it opened to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, considering federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the miracle of high finance sleight-of-hand, some $1.5 billion in staggering debt will now be converted into $1 billion in equity for the casino’s eager creditors, and a brand new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take the reins over of this faltering mare.
Resignations Are a deal that is good
Hartman gets control for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there is abdominal entrails from the penthouse to the parking lot by now. Nope, this is America, the place where a smartly negotiated contract whenever you sign up gets you a well-paid ride when you’re axed; therefore DeSanctis and Garrity not only reach stay on with the Revel brand, they could also look forward to about $7 million in consulting charges for the remainder year. Is that each or together? We’re perhaps not sure, but our hat goes off to their attorneys: well-played, counselors, well-played!
Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to an uncertain marketing platform for co Continue reading article