No Smoking Revel Going Up in Smoke with Bankruptcy
Just days short of a year because it launched to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking victory mansions 1984 to declare themselves bankrupt, according to 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 (formerly of the Mohegan Sun in Connecticut) will take over the reins with this faltering mare.
Resignations Are Really 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 would be abdominal entrails from the penthouse to your parking lot by now. Nope, this is America, where a smartly negotiated contract once you sign up gets you a ride that is well-paid you’re axed; so DeSanctis and Garrity not merely reach remain on with the Revel brand, they are able to also look ahead to about $7 million in consulting fees for the remainder year. Is that each or together? We’re not certain, but our cap goes off to their lawyers: well-played, counselors, well-played!
Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to a not clear marketing platform for conventions), some are still pointing fingers at DeSanctis and Garrity for creating the first-ever 100 % nonsmoking casino in AC. This is not really as wild and crazy a concept them to shut down, it didn’t seem to even put a small dent on business there as it may appear; poker rooms nationwide have been totally nonsmoking for more than a decade and until online poker’s Black Friday hit and forced many of. However, investors had implored non-Chong and non-Cheech to switch right back up to a more traditional mostly smoking format, but alas, to no avail.
The issue may not actually be smoking vs. nonsmoking anyway; aside from the poker room analogy, even smoke-crazy Macau established a partial smoking ban as of January 1st, yet seems to be on track for the record month of profits for March of this season. More likely, it’s an expression of Atlantic City’s general freefall, as the city has spiraled 41.5percent in the direction that is wrong 2006, versus Las Vegas’ 7.2% drop, and Sin City has had way more recessionary disasters to cope with than AC.
It Willn’t Mount Up
With a limited, enclosed smoking area now established at the behest of anxious creditors, Revel says it could actually turn a profit next year; but that isn’t taking its debt servicing costs into account. Currently rated 10th away from 12 in the revenue scale of AC casinos, maybe what Revel actually needs is someone who can do math.
Hawaii Just Says No to Gambling Research
You probably would not be too surprised to discover that gambling of any type or kind is banned in Utah; most likely, the greatly Mormon state appears straight down on sinful activities of all kinds. But Hawaii? How did the state that is last join the Union get so persnickety when it involves games of chance anyway?
No Resolution for Hawaii
Whatever the reason, the powers-that-be that is politicaln’t even wish to consider adding gambling towards the lures that might draw tourists with their sunny clime. The Hawaii House recently refused to approve a resolution that called for the Aloha State to merely learn the feasible social and benefits that are economic detriments of bringing gambling agreeable legitimately there. Really? Not really a research? That seems rather closed-minded for an accepted spot where surfing is practically a religion and grass skirts are considered a fashion declaration.
‘ Too Costly’ to Study
According to Representative Clift Tsuji (D-Hilo_Waiakea-Keaukaha), the presssing issue is economic. No, not the gambling part; the research component. Other politicians on the state’s Economic Development Committee denied the scholarly study proposal away from hand, saying it ‘would be too expensive.’ Okay, so wait, we’re confused: you’re designated to examine what would bring you more benefit that is economic but haven’t any money to ascertain what would or what would not?? Fine, go have actually another cocktail or three in the taxpayer, cause we are not quite sure how you will figure out anything if that’s the situation.
It is simply a Lottery
While they might look for a gambling study too pricey, apparently the state Senate had no dilemmas with a recent bill that called for a state Internet lottery and gaming entity to be established, with the aim of ultimately appointing one lucky solution provider to operate an on line gambling site. (Yes, it’s a little confusing just how you would desire a site operator whenever you can not even learn whether or not you need to have gambling legalized in your backyard.) Hawaii’s House of Representatives also introduced a bill along the exact same lines early last 12 months, but it shot to popularity like a grounded Concorde.
Of course, there’s plenty of underground gambling in Hawaii, as witness some major raids in present months; is it possible having said that operations are behind a groundswell to help keep it that method, as legalizing casinos would greatly impact their bottom lines? Surely not; we know no one ever takes bribes, implied or overt, with regards to things like this.
Guess ‘Hawaii, the Gambling State’ defintely won’t be minted for state license plates anytime soon.
Victory for Dan Shak at PartyPoker Premier League
Wall Street mogul Dan Shak has emerged as the victor associated with the PartyPoker Premier League VI at the Aspers Casino near London, taking the title after times of action and a hardcore heads-up round against Sam Trickett to complete up this tournament that is exciting.
Along with the title that is prestigious Shak has walked away having a cool $450,000, leaving the British runner-up with a pleasing $200,000 prize for 2nd destination.
Starting the final dining table in third position behind chip leader Tobias Reinkemeier and Jonathan Duhamel, Shak demonstrated great poker skills and patience whilst the hedge fund manager took down the chip leaders and emerged victorious.
Talal Shakerchi was first to go out of the final dining table when actress Jennifer Tilly delivered him packing, picking up a couple of aces on the flop to beat out his pocket kings. But Tilly’s luck ran short as she was the next to strike the train, and was removed from the race by Duhamel. Shakerchi walked away with $45,000 while Tilly took home a prize of $60,000.
Finishing in sixth place and home that is taking70,000, Reinkemeier was also eliminated by Duhamel, despite his starting within the pole position. This elimination play thrust Duhamel in to the position of chip leader and it began to look as though he could not be beat.
Fifth place went to Daniel Cates, the runner-up of final year’s tournament, after he had been eliminated by this present year’s winner. ‘I’m sorry, man,’ announced Shak as he delivered Cates home with $100,000 in their pocket.
Despite his performance that is impressive was Duhamel who completed in fourth place after Trickett left their chip stack dwindling. The Canadian can’t complain an excessive amount of however as it had been the soon-to-be champion Shak that beat him out and he nevertheless pocketed a good $125,000.
Antonio Esfandiari then left the table, also at the mercy of Shak, and left Shak and Trickett to duke it out in the final heads-up, albeit with $150,000 in his pocket.
The Ultimate Showdown
Shak went into the heads-up with a lead of 1.7 million to Trickett’s 871,000 chips. But, Trickett hammered away at Shak and really stole the lead through the United states.
But alas, it had been not to ever be Trickett’s night, as a flush that is later Shak sitting pretty with virtually every chip up for grabs in his possession. After that, there was hope that is little the Brit and Shak emerged victorious due to the fact winner regarding the PartyPoker Premier League VI.
This win brings Shak to an impressive $1.4 million in tournament wins so far in 2013, and sits him firmly in third position in the Global Poker Index Player associated with race year. Nevertheless, this Premier League win will perhaps not count towards the standings.
San Francisco Game Developers Conference Is Serious Business
If you’ve always wanted to be someone who designs those cool, high-tech casino slot games you’ve played, you better be booking a flight yesterday for this week’s Game Developers Conference (GDC) in San Francisco; but never go up there seeking work unless your resume is dazzling. Major recruiters like Bally’s Technologies aren’t playing around when they appear for talent to create their games for clients.
Looking for ‘World-Class’ Talent
Bally’s is only one of many companies that will be searching for the best of the best at the conference: the up-and-coming designer skill that can create the next generation of exciting high-tech games for them in the uber-competitive slot machine and app gaming market that is mobile.
The part that is hard being able to match the never-ending demand for newer, better, and more dazzling, according to Gary Kapral, Bally’s senior v.p. of operations and recruiting. ‘ The challenges are volume and quality,’ Kapral stated. ‘We can’t get enough from the ads online,’ he included as to why Bally’s is attending the meeting, searching for recruits.
Bally’s is just one of a lot of companies looking to fill roles like mobile and interactive content developers, programmers, web developers, graphic artists, digital illustrators, motion-graphic artists, 3D animators and mathematicians. Yes, it will pay to be a creative nerd.
For the lucky few who become landing employment at the conference, it might be a nice payday; current college grads could pull in $50-60K, while those with five years of experience in the digital video gaming field might end up bringing home a paycheck pretty close to six figures.
Conference is Growing
The now 26-year-old conference has blossomed from a friendly gathering of developers more than a weekend to a week-long event featuring more than 22,500 gaming industry insiders and attendees. It is become the forum that is primary programmers, artists, manufacturers, game developers, audio pros, and everyone else involved in the creation and development of interactive high-tech gaming to meet, brainstorm and mingle. UBM Tech Game system produces the annual occasion.
GDC additionally features more than 400 lectures, panels, tutorials and discussions that are round-table all things gaming by leading industry experts. This year’s GDC conference additionally features the 14th Annual Independent Games Festival, where game designers can display their original projects to potential publishers, and the 12th Annual Game Developers Choice Awards, sort of Oscars for the electronic games industry via peer recognition.
‘I’d like to thank my mother and dad for letting me reside in their basement, rent-free, for 14 years,’ is probably an awards that are typical message, we’re guessing.