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No Smoking Revel Going Up in Smoke with Bankruptcy

Thursday, February 6th, 2020

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply days short of a year since it opened to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, based on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the magic 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 new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) takes the reins over of the faltering mare.

Resignations Are a deal that is good

Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there is entrails that are intestinal the penthouse to your parking lot by now. Nope, this is America, where a smartly negotiated contract whenever you sign up gets you a ride that is well-paid you are axed; so DeSanctis and Garrity not just arrive at stick to with the Revel brand, they are able to additionally look ahead to about $7 million in consulting fees for the remainder year. Is that each or together? We’re maybe not yes, but our hat goes off to their attorneys: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a nosedive that is financial (attributed to everything from Hurricane Sandy to an uncertain marketing platform for conventions), so (more…)