No Smoking Revel Going Up in Smoke with Bankruptcy
Simply days in short supply of a year because it launched to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, according to federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the magic of high finance sleight-of-hand, some $1.5 billion in staggering financial obligation will now be converted into $1 billion in equity for the casino’s eager creditors, and a brand new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take the reins over of the faltering mare.
Resignations Are a Whole Lot
Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there would be intestinal entrails from the penthouse to your parking lot by now. Nope, this is America, where a smartly negotiated contract whenever you sign up gets that you well-paid ride when you are axed; therefore DeSanctis and Garrity not just reach stay on with the Revel brand, they could additionally look forward to about $7 million in consulting fees for the remainder year. Is that each or together? We’re maybe not sure, but our hat goes off to their lawyers: well-played, counselors, well-played!
Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to a not clear marketingread more