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

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

Straub said this that his offer was ‘an opportunity to turn things around week. That’s what they need at this time; a direction that is new’ he added. ‘Give us our six months, and now we’ll actually physically likely be operational. In 2 years, we’ll be 100 percent open.’

Which begs the concern, what is going to be open, exactly? It seems 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 operational costs that had been hemorrhaging $2 million a week when it closed. And besides, it seems Straub features a personal dislike of casinos.

Casino Physician

‘When everyone believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding which he dislikes the concept of Atlantic City as a casino city and will be uncomfortable with the thought of his family profiting from gambling. However, we’re not sure a polo club for the uber rich quite fits in aided by the boardwalk vibe either.

Whatever Straub has in mind, he’s maintaining buttoned up for now, but he says he’s Atlantic City’s most readily useful interests in mind. ‘ We feel the populous city needs what we do,’ he says. ‘Our company is like doctors who change patients that are sick. We turn around big properties.’

Although, in some of his previous transactions, we would endeavor to state that he’s been similar to a vet putting down a ill animal. It cost to build, for example, he eventually demolished it to make way for Grand Central Park when he bought the Miami Arena in 2004 for half the price the price.

It doesn’t bode too well for Revel.

Intriguingly, however, Straub hinted in his interview that his plans include building high-speed rail links Atlantic City, New York City and Philadelphia.

Other Bidders in the Mix

It’s early days, though, and Straub may well yet be outbid, as he was on slotsforfun-ca.com a recent venture when he attemptedto buy the Versace Mansion in Miami Beach at another bankruptcy auction this past year.

There is, based on sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to buy the soon-to-be shuttered Trump Plaza last year. The proposed sale price had been $20 million, incidentally, nevertheless the deal fell through whenever Trump Entertainment was unable to get a release on its mortgage, since the senior lender declined to approve the sale at such a price that is low.

Meanwhile, investor Carl Icahn is additionally a feasible contender. Icahn, since the holder of most of Trump Entertainment’s debt, stands to take over both the Trump Plaza and Trump Taj Mahal due to the parent company’s bankruptcy filing this week.

Regardless of the outcome, however, the Straub deal advantages Revel as well as its creditors by establishing a base price for the auction and ‘increasing the reality that the very best purchase that is possible for the assets will be received,’ explained court documents. Straub has made a $10 million deposit and would get a $3 million breakup fee if it is outbid at auction, based on proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Ads

Regulators in the Netherlands say their campaign to limit activities betting sites in the country have already been successful. (Image: AP Photo/Peter Dejong)

Dutch regulators do not want activities sites that are betting target consumers in the Netherlands, so they’ve gone after organizations that have tried to attract players there who wish to maintain on major events. Now, the Kansspelautoriteit (KSA) claims that their efforts have been largely effective in cutting down on the activity from all of these rogue operators.

In line with the KSA, a letter-writing campaign that has been aimed at warning operators against targeting Dutch citizens has limited what they called ‘excessive’ advertising of such services during the World Cup while the Tour de France, both activities with major followings in the country. In total, the KSA said they wrote letters to eight operators, and all eight have ceased the activities in question.

Companies Comply with Dutch Demands

According to the body that is regulatory every one of the companies has stopped promoting their brand into the Netherlands. In addition, the companies took extra actions, such as closing promotional internet sites and Dutch-language Twitter records that were created to attract players to their internet sites.

Those actions had been evidently enough to meet the KSA. The regulator told the eight businesses that no more actions would be studied against them, thanks to their compliance with the requests manufactured from them. Nonetheless, the KSA has also reminded operators that with the Netherlands expected to enact online gambling laws year that is next operators should cease any marketing activities in the country until that time.

Poker Advertising a true point of Emphasis Going Forward

In particular, the KSA says that a look is being taken by it at poker advertising. They’re additionally improving their efforts round the times during the major events: for example, for poker advertising, they’ll be making sure to focus on what are you doing around the final dining table of the World number of Poker (WSOP), while recreations betting sites will face more scrutiny near major international sporting events.

‘The KSA does not really expect that Dutch wagering ads will disappear entirely on the internet,’ the corporation wrote. ‘But laws are increasingly being enforced, handling instances which will lead to 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 side at all. Since the crackdown, at least two brand new operators have actually tried to move in to the now market that is largely vacated the KSA claims these are typically now being examined, because are some affiliate networks.

KSA Has Reputation for Heavy-Handed Techniques

The KSA has made headlines recently for their hands-on approach to enforcing gambling rules in the Netherlands. Last month, the regulatory body levied an €80,000 ($103,000) fine against an elderly couple that organized a lottery for the home they owned in Southern Africa.

That lottery was ultimately managed in Austria, and both members for the couple held Belgian passports (though one was also a Dutch citizen). But, since the contest possessed a internet site that included information in Dutch, and because of an interview about the lottery on Dutch radio, it had been felt by the KSA was in breach of Dutch gaming laws. The KSA reportedly even went so far as to find we blog posts so that you can establish that the lottery could be considered A dutch event.

‘Many people spoke about it on the Internet, nevertheless the regulator has decided to blame the couple for all the reviews, as though these were the ones who wrote them and sometimes even began the discussion,’ lawyer Bas Jongmans told PokerNews.

NJ Sports Betting Challenge Offers Hope for Other US States

New Jersey Acting Attorney General John Hoffman, upon whose legal opinion the challenge to PASPA is based. (Image: Star-Ledger)

Could the brand New Jersey sports decision that is betting decriminalize wagering at casinos and racetracks in the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have already come out in support of brand New Jersey’s stance, and several more are watching with interest due to the fact state seeks clarification of its place in a court that is federal.

Currently only four states that are US Nevada, Delaware, Montana, and Oregon, are able to offer activities betting legally under federal law. This really is due to a legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which sought to determine the legal status of sports gambling (compared to parimutuel horse and dog racing) within the US, and efficiently outlawed it nationwide.

Exemptions were made from the aforementioned states which had already declared activities betting to be appropriate within their borders, while nj was given a window that is one-year of, a deadline of January 1, 1993, to prepare and pass legislation permitting activities betting, an opportunity it chose not to grasp.

On the Cards

These were more days that are optimistic the Atlantic City casino industry, a time period of growth and investment, plus it appears the state felt it may do without. But today things are very various. Atlantic City’s economy is in crisis. By having a spate of casino closures, and a huge number of staff set off, it had been clear something different and drastic had been 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 gambling enterprises and racetracks.

This was challenged by the sports that are professional, which reported that the Act was a violation of federal law and threatened the integrity of sport. Last year a federal judge agreed, putting the kibosh in the Sports Wagering Act for good. This led to the realization that, while PASPA banned the licensing and regulating of sports betting by specific states, there clearly was nothing in that act that needed states to enforce prohibition.

Floodgates to Open?

Nj-new jersey Acting Attorney General John Hoffman stated their formal opinion that is legal week: ‘Sports swimming pools operated by racetracks and casinos continue steadily to be exempted from criminal liability under New Jersey law provided that no wagering occurs on a college sport or athletic occasion that occurs in New Jersey or in which any New Jersey college team participates irrespective of where the event takes place.

‘Accordingly, no legislation enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any individual involved in the operation of a sports pool by a casino or racetrack to your extent that such activity takes place consistent with this Law Enforcement Directive,’ Hoffman added.

This, then, is nj-new Jersey’s position, of which it’s seeking clarification from a federal court: to deregulate sports betting entirely and to ignore PASPA; a risky maneuver, that may undoubtedly be challenged into the courts by the recreations leagues.

Nj-new jersey’s casinos are desperately in need of an edge over the casinos that are competing neighboring states that have actually damaged the Atlantic City market. The decriminalization of sports betting may provide that edge, but also for how long? The floodgates may open and there’s little to prevent other states, including the neighboring competition, from following suit if the state is successful in its challenge to PASPA.