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Revel Casino Resort Bankruptcy Decision Delayed

Friday March 13,2015  :  JUDGE BURNS DELAYS BANKRUPTCY DECISION (Update)
 
And Revel owners claim that 19 new approaches to buy have been made – with at least two serious offers.
 
The attempted sale of the two-year-old Revel Casino Resort building in Atlantic City, built at a cost of $2.4 billion but now on the bankruptcy block for around $82 million was subjected to a further delay Thursday as Judge Gloria Burns declined to rule immediately on the issue.
 
Florida developer Glenn Straub has paid over a deposit of $10 million, with the balance of his offer held in escrow, but missed the closing date for the sale, sending the issue back to the bankruptcy court.
 
Complicating the issue was a late bid by Los Angeles property developer Izek Shomof, who is prepared to pay $80 million, and a new bidder from New York, private equity investor Jeffrey Keating, who told the Associated Press news agency that if successful he would re-hire Revel staff, honour the leases of current leaseholders in the building and ensure the power dispute was resolved.
 
Keating apparently wants to retain the casino operation, and add amusement rides to the resort side of the business.
 
All told, Revel's investment bankers have reportedly received nineteen expressions of interest, although at least seven of these are unlikely to bear fruit due to a lack of identity validation and general unsuitability.
 
For now, Straub is the only current bidder who has put his money down and presented a bona fide offer, but he is presumably on tenterhooks waiting to see whether the judge will approve a sale to him...and whether Revel still wants to accept it.
 
On Thursday Judge Burns advised that she was not yet convinced that the sale to Straub was the best option available to Revel, and that more time could possibly be used in the hope of a better offer coming forward.
 
She also hinted that it may be advisable to appoint a bankruptcy trustee to call the shots on the Revel side following evidence from chief Revel financer Wells Fargo that it is not prepared to continue funding the case indefinitely.
 
Thomas Kreller, representing Wells Fargo, urged Judge Burns to allow the Straub sale to go through, saying that at present there really was nothing else out there.
 
“The $82 million is the bird in the hand. Quite frankly, there is nothing in the bush,” Kreller suggested.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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