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Revel Casino Being Auctioned on September 24

Tuesday September 16,2014 : BROKE ATLANTIC CITY CASINO TO BE AUCTIONED
 
Judge rules that September 24 auction of the Revel can go ahead.
 
The Revel casino hotel in Atlantic City, built at a cost of $2.4 billion just two years ago but now bankrupt, can be put up for sale by auction despite efforts to delay the sale.
 
On Monday New Jersey Judge Gloria Burns in Camden made the ruling after the only bidder - a Florida businessman offering $90 million - clashed with creditors who wanted to slow the rushed sale.
 
The judge additionally set September 23 as the absolute deadline for competing bids to top the Florida bid by developer Glenn Straub and his Polo North Country Club Inc.
 
In the event that Straub's bid is not accepted, Revel's liquidators will have to pay him $3 million as a break-up fee.
 
Revel creditors have complained that potential buyers could use more time to put together competing bids, an argument that the judge did not appear to accept
 
The hearing was marked by threats of litigation if the auction was postponed. The casino had postponed two previously scheduled auctions due to a lack of bids.
 
Judge Burns was told that another unidentified party contacted the U.S. Bankruptcy Court early on Monday to state their intent to bid.
 
The Reuters news agency reports that the court hearing was adjourned for two hours as the parties tried, and failed, to work out a way to postpone the auction to move it past upcoming Jewish holidays.
Bankruptcy auctions often run for days.
 
Judge Burns said she was concerned that the Rosh Hashanah holiday, which begins at sundown on September 24, would disrupt the process.

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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.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

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.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

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.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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