Revel Casino in Atlantic City Files for Second Bankruptcy

Revel Casino in Atlantic City Files for Second Bankruptcy

Despite providing luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to turn a revenue. (Image: cntraveler.com)

Whenever Revel Casino Hotel exposed in Atlantic City in 2012, the city saw it as the beginning of a new era for the regional gambling industry. Now, it appears as though the resort might drop as one of the largest problems in American video gaming history.

The Revel Entertainment Group has filed for protection from its creditors in a federal bankruptcy court, and has place the home up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closure could happen in only a small amount as 8 weeks in case a sale doesn’t proceed through. That could come as a huge blow to the town, since well as the 3,140 workers that just work at the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan that will guarantee the venue can stay open until a buyer is discovered. But they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, estimates now have actually the property valued at lower than $300 million. Some even believe the real value could be less than $100 million, since it will likely be a long period before the place has to be able to turn a revenue.

‘ We are going to work to achieve Continue reading “Revel Casino in Atlantic City Files for Second Bankruptcy”

Portugal Ready to Debate Brand New On The Web Gambling Laws

Portugal Ready to Debate Brand New On The Web Gambling Laws

Portugal is placed to debate a liberalization of the nation’s online gambling marketplace.

While Portugal might have just suffered a stunning World that is 4-0 Cup to Germany, spirits are generally saturated in the country. The Portuguese economy is searching for after a recession that is long and the country seems ready to face on its very own feet in place of relying any further on European support. Nevertheless, the country looks as though it will consider one measure expected for by the international bodies that helped bail the country out in 2011: liberalizing the nationwide online gambling marketplace.

According to reports, the Portuguese federal government has scheduled parliamentary time for you to debate the problem of online betting before the end regarding the current session, which will conclude on July 10. The so-called ‘Troika’ ( made up of the International Monetary Fund, European Central Bank and the Commission that is EU sponsored the €78 billion bailout had asked Portugal to make changes to its online gaming structure, with those requests becoming more fervent earlier this 12 months.

Legislation Would End Gambling Monopoly

The tax that is potential from an open and regulated online casino marketplace is seen as an important income stream for Portugal going forward. At the moment, the industry is dominated by a monopoly controlled by Santa Casa da Misericordia de Lisboa (SCML), a religious f Continue reading “Portugal Ready to Debate Brand New On The Web Gambling Laws”

UK Bookmakers Threatened with Mandatory New Levy

UK Bookmakers Threatened with Mandatory New Levy

UK Shadow heritage Secretary Harriet Harman, whom week that is last her plans for a supplementary levy on all kinds of activities betting, online and off. (Image: theguardian.com)

The stock market had reacted defectively to news that the UK Labour Party is arranging a levy that is multimillion-pound all sports betting, online and off, should it is elected in 2015. Ladbrokes plc dropped 3.16 percent, while William Hill plc fell 2.88 percent immediately following the statement by Labour’s Shadow Culture Secretary Harriet Harman final week. The levy will be much like that currently applied to horseracing betting, the revenue from which, some £82 million ($139.314 million) in 2014, is ploughed back in the horseracing industry.

More Money, More Sports

The scheme that is new section of Labour’s ‘More Sport for All’ incentive, that may see the extra income raised from sports gambling going primarily to the growth of grassroots activities, with some going to your treatment of problem gambling. Harman also said she is taking into consideration the introduction of a ‘proper levy’ on income derived by the Premier League from the sale of soccer television legal rights, which will likely be spent on developing grassroots soccer.

‘We were all proud to host the Olympics and Paralympic Games in London 2 yrs ago but rather of seeing increased participation, things have got worse especially amongst young adults as being a outcome of the Continue reading “UK Bookmakers Threatened with Mandatory New Levy”

Support Dropping for Massachusetts Casinos, Poll Says

Support Dropping for Massachusetts Casinos, Poll Says

Even yet in the very best of times, the idea of allowing casino that is large in Massachusetts was a controversial one. Still, the residents of this state seemed to support the idea generally at least until recently. Now, a poll that is new shown just how far support for the casino law has fallen.

Anti-casino sentiment is growing throughout Massachusetts. (Image: AP)

In accordance with a poll released this week by Suffolk University and the Boston Herald, only 37 % of Massachusetts voters now support having casinos within the state, while 47 % oppose the idea (15 per cent were undecided). That’s a shakeup that is huge the state’s opinion of expanded gambling: as recently as February, 51 % of voters said that they were and only this new casinos.

Potential Repeal Vote Looms

That view could easily change later this year if the general public’s opinion of the casino law wasn’t considered particularly important in the past. Massachusetts’ Supreme Judicial Court is debating whether a measure to repeal the casino law should be allowed for a ballot that is statewide November, and also the new numbers suggest that voters might kick the casinos out of the state if offered the chance.

‘It appears like you’ve possessed a major shift in opinion while the reality of casinos and the regressive nature of what are the results with the placement of gambling enterprises in Massachusetts in addition with a associated with the social d Continue reading “Support Dropping for Massachusetts Casinos, Poll Says”