No Smoking Revel Going Up in Smoke with Bankruptcy
Just days in short supply of a 12 months as it launched to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, considering federal securities regulators’ disclosure statements the casino filed early in the day this week. Through the miracle 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 new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take the reins over with this faltering mare.
Resignations Certainly Are a Lot
Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there is abdominal entrails from the penthouse to your parking lot by now. Nope, this is America, the place where a smartly negotiated contract when you sign up gets that you ride that is well-paid you’re axed; therefore DeSanctis and Garrity not merely reach stay on with the Revel brand, they can also look ahead to about $7 million in consulting charges for the rest of the year. Is that each or together? We’re not certain, but our hat goes off to their lawyers: well-played, counselors, well-played!
Although Atlantic City overall has been in a economic nosedive recently (attributed to everything from Hurricane Sandy to an unclear marketing pla