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Revel Cuts Ties to Atlantic City
Tuesday September 23,2014 : REVEL CUTS LICENSE TIES TO ATLANTIC CITY
Cites violation of license conditions
Atlantic City, the one-time U.S. East Coast gambling capital, had its credit rating cut one level to BBB+ by Standard & Poor's following a similar downgrade by Moody's Investor Service earlier this year.
The rating cuts follow the loss of potentially five of its twelve casinos this year, despite what was coined the "Atlantic City turn-around" undertaken by Governor Chris Christie early in his five year term of office.
“The downgrade and negative outlook reflect our opinion of the revenue and potential liquidity pressures that the city faces following the closing of four of its 12 casinos, two of which are in bankruptcy,” S&P analyst Lindsay Wilhelm, wrote in the report.
In related news, Revel Group LLC said it will terminate its License Agreement with the Revel Branded property in Atlantic City following a brand audit undertaken by Starworks Group, a branding and PR firm.
As owner and licensor of the Revel Brand, Revel Group has put licensee Revel Entertainment Group LLC on notice of violations under the agreement in terms of non brand adherence.
Revel Group said it hopes the Revel developed property in Atlantic City will be reopened and successfully re-positioned for non-gaming purposes as it was originally intended.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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