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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.
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Gambling News :
Amaya FY2016 Trading Update -
The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.
LeoVegas To Sponsor Leicester Tigers -
The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.
Optima Information Services iShop -
Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.
CAGAYAN CHIEF MOVES TO REASSURE LICENSEES -
Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.
New Massachusetts Online Gambling Bill -
It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.
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