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MORE DELAYS IN REVEL SALE

Sunday February 01,2015 : MORE DELAYS IN REVEL SALE (Update)
 
Winning bidder threatens to pull out of sale as tenants oppose auction deal.
 
Yet another delay has complicated the auction sale of Atlantic City's Revel casino building following a judicial delay after nightclub and restaurant tenants of the building launched litigation, claiming they would be wiped out by the sale to Florida developer Glenn Straub, who has yet to decide what he will do with the building.
 
The tenants claim that they have invested tens of millions in their establishments and would be seriously disadvantaged by the bankruptcy auction of the two-year-old building, originally built at a cost of $2.4 billion, to Straub for $95.4 million.
 
Third U.S. Circuit Court of Appeals Judge Thomas Ambro ruled late Friday that Revel has until 4 p.m. Tuesday to respond to the appeal from IDEA Boardwalk of a federal judge’s decision.
 
IDEA Boardwalk and other former Revel tenants originally asked U.S. District Court Judge Jerome Simandle to delay the sale but he denied the request January 21, saying that Revel and Atlantic City would be harmed by a delay.
 
Revel lawyers said Friday that they were confident the appeal would fail and the sale would go through as planned on February 9, however, lawyers representing Straub have threatened to walk away from the deal if the sale is delayed.
 
That would cost the Florida developer the $10 million he has already deposited, a penalty a potential Canadian buyer, Brookfield Asset Management, similarly paid for withdrawing from its winning Revel bid last year.
 
In an interesting twist, local media reports indicate that a company that runs Hard Rock casinos for the Seminole Indian tribe has been granted approval to operate a casino in Atlantic City... and its chief executive says he has had conversations with Straub.

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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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