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Revel Owners Want To Back out of sale contract
Wednesday February 11,2015 : ATLANTIC CITY'S REVEL IN THE HEADLINES AGAIN
Owners now want to ditch Florida developer's bid....and keep his $10 million deposit.
The wrangling over the bankruptcy auctioning off of the $2.4 billion, two-year-old Revel Casino Hotel in Atlantic City just seems to go on and on, and this week new disputes have arisen as the owners seek to dump a $94.5 million bid by Florida developer Glenn Straub....and keep his $10 million deposit.
Revel lawyers have asked U.S. bankruptcy judge Gloria Burns to end its agreement to sell the gambling complex to Straub, according to a Tuesday court filing.
The hotel’s legal team also asked Judge Burns for permission to keep Straub’s $10-million deposit and to hold a hearing today (Wednesday) to consider its requests.
The bankruptcy has seen an initially successful bid of $110 million from a Toronto investment company abandoned, with the loss of the Canadian company's $11 million deposit; disputes over the casino's $160 million power plant; requests for a downward revision in Straub's original bid; and latterly issues with restaurant and nightclub tenants over many millions spent on their premises and the consequences of redevelopment by the new owner
Straub's lawyers say that they missed the Monday midnight deadline to clinch the deal because it is no longer certain exactly what the Florida company is actually buying...and they have warned that Straub will strenuously oppose any attempt to keep his deposit.
“We’ll end up fighting this out for months,” a Straub legal adviser told the court, but this has been mellowed by a request from Straub that the judge extend the sale execution date to February 28, a move that Revel lawyers are opposing.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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