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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 :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
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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