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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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Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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