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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.
Gambling News :
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
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