No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Just days short of a 12 months because it exposed to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, centered on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the secret of high finance sleight-of-hand, some $1.5 billion in staggering debt will now be converted into $1 billion in equity for the casino’s eager creditors, and a new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take over the reins of this faltering mare.

Resignations Really Are a deal that is good

Hartman takes over for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this is not Japan, or there would be intestinal entrails from the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract whenever you sign up gets that you well-paid ride when you’re axed; therefore DeSanctis and Garrity not only reach remain on with the Revel brand, they are able to 1984 summaries additionally look forward to about $7 million in consulting fees for all of those other year. Is that each or together? We’re perhaps not yes, but our cap goes off to their solicitors: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a nosedive that is financial (attributed to everything from Hurricane Sandy to a confusing marketing platform for conventions), some are still pointing fingers at DeSanctis and Garrity for creating the first-ever 100 % nonsmoking casino in AC. This isn’t really as wild and crazy an idea as it can happen; poker rooms nationwide have been totally nonsmoking to get more than the usual ten years and until on line poker’s Black Friday hit and forced many of them to turn off, it did not seem to also put a little dent on business here. Nonetheless, investors had implored non-Cheech and non-Chong to switch right back to a more traditional mostly smoking format, but alas, to no avail.

The issue may not really be smoking vs. nonsmoking anyway; aside from the poker space analogy, also smoke-crazy Macau established a partial smoking ban as of January first, yet appears to be on the right track for the record month of revenues for March of this season. Much more likely, it is a reflection of Atlantic City’s overall freefall, as the city has spiraled 41.5percent in the direction that is wrong 2006, versus Las Vegas’ 7.2% drop, and Sin City has had way more recessionary catastrophes to deal with than AC.

It Doesn’t Add Up

With a limited, enclosed smoking area now established at the behest of anxious creditors, Revel says it could actually make money next year; but that isn’t taking its debt servicing costs into account. Currently ranked 10th out of 12 on the revenue scale of AC casinos, maybe what Revel actually needs is an individual who can do math.

Hawaii Just Says No to Gambling Study

You almost certainly wouldn’t be too surprised to discover that gambling of any type or kind is banned in Utah; after all, the greatly Mormon state looks down on sinful activities of any kind. But Hawaii? Just How did the last state to join the Union get so persnickety when it involves games of chance anyhow?

No Resolution for Hawaii

Whatever the reason, the powers-that-be that is politicaln’t even want to consider adding gambling towards the lures that might draw tourists with their sunny clime. The Hawaii House recently refused to approve an answer that required the Aloha State to simply study the feasible social and benefits that are economic detriments of bringing gambling on board legally there. Really? Not really a study? That appears rather closed-minded for place where surfing is practically a religion and grass skirts are believed a fashion statement.

‘ Too Expensive’ to Study

According to Representative Clift Tsuji (D-Hilo_Waiakea-Keaukaha), the issue is economic. No, not the gambling part; the scholarly study component. Other politicians on hawaii’s Economic developing Committee denied the scholarly study proposal away from hand, saying it ‘would be too expensive.’ Okay, so wait, we’re confused: you’re designated to review what would bring you more economic advantage, but haven’t any money to ascertain what would or just what wouldn’t?? Fine, go have actually another cocktail or three in the taxpayer, cause we are nearly sure how you are going to figure down such a thing if that is the situation.

It’s Just a Lottery

While they might find a gambling research too pricey, apparently the state Senate had no dilemmas with a bill that is recent required a state Internet lottery and gaming entity to be founded, with the goal of eventually appointing one lucky service provider to work an on the web gambling site. (Yes, it’s a little confusing exactly how you would require a web site operator when you can’t even learn whether or not you intend to have gambling legalized in your backyard.) Hawaii’s House of Representatives also introduced a bill along exactly the same lines year that is early last nonetheless it shot to popularity like a grounded Concorde.

Of course, there’s plenty of underground gambling in Hawaii, as witness some raids that are major recent months; is it possible that said operations are behind a groundswell to keep it that method, as legalizing casinos would greatly impact their bottom lines? Surely perhaps not; we know no one ever takes bribes, implied or overt, when it comes to stuff like this.

Guess ‘Hawaii, the Gambling State’ defintely won’t be minted for state license plates anytime soon.

Victory for Dan Shak at PartyPoker Premier League

Wall Street mogul Dan Shak has emerged as the victor regarding the PartyPoker Premier League VI during the Aspers Casino near London, taking the title after days of action and a hardcore heads-up round against Sam Trickett to finish up this tournament that is exciting.

As well as the title that is prestigious Shak has walked away having a cool $450,000, leaving the British runner-up by having a pleasing $200,000 prize for 2nd destination.

And…Action!

Starting the table that is final third position behind chip leader Tobias Reinkemeier and Jonathan Duhamel, Shak demonstrated great poker skills and patience while the hedge investment manager took down the chip leaders and emerged victorious.

Talal Shakerchi was first to leave the final dining table whenever actress Jennifer Tilly sent him packing, picking up a set of aces regarding the flop to beat his pocket kings out. But Tilly’s luck ran short as she was the next to hit the rail, and was taken out of the competition by Duhamel. Shakerchi walked away with $45,000 while Tilly took home a prize of $60,000.

Eliminations Continue

Finishing in sixth place and home that is taking70,000, Reinkemeier was also eliminated by Duhamel, despite his starting within the pole position. This elimination play thrust Duhamel to the position of chip leader and it began to look as though he could not be beat.

Fifth place went to Daniel Cates, the runner-up of final year’s tournament, after he was eliminated by in 2010’s winner. ‘I’m sorry, man,’ announced Shak as he sent Cates home with $100,000 in his pocket.

Despite his performance that is impressive was Duhamel who completed in fourth place after Trickett left their chip stack dwindling. The Canadian can’t complain too much however as it absolutely was the soon-to-be champ Shak that beat him out and he still pocketed a nice $125,000.

Antonio Esfandiari then left the table, additionally at the mercy of Shak, and left Shak and Trickett to duke it out in the final heads-up, albeit with $150,000 in his pocket.

The Final Showdown

Shak went into the heads-up with a lead of 1.7 million to Trickett’s 871,000 potato chips. However, Trickett hammered away at Shak and actually took the lead through the American.

But alas, it had been to not be Trickett’s night, as a subsequent flush saw Shak sitting pretty with virtually every chip on the table in his possession. After that, there had been hope that is little the Brit and Shak emerged victorious since the champion associated with PartyPoker Premier League VI.

This winnings brings Shak to an impressive $1.4 million in tournament wins up to now in 2013, and sits him firmly in third position in the Global Poker Index Player associated with the Year competition. Nevertheless, this Premier League win will perhaps not count towards the standings.

Bay Area Game Developers Conference Is Serious Company

If you’ve always desired to be someone who designs those cool, high-tech casino slot games you’ve played, you better be booking a flight yesterday for this week’s Game Developers Conference (GDC) in San Francisco; but do not get up there seeking work unless your resume is dazzling. Major recruiters like Bally’s Technologies aren’t playing around when they look for talent to create their games for clients.

Looking for ‘World-Class’ Talent

Bally’s is just one single of several companies which will be searching for the best of the best at the conference: the up-and-coming designer talent that may create the next generation of exciting high-tech games for them into the uber-competitive slot machine game and mobile app gaming market.

The part that is hard being in a position to keep up with the never-ending need for newer, better, and more dazzling, according to Gary Kapral, Bally’s senior v.p. of operations and recruiting. ‘ The challenges are volume and quality,’ Kapral stated. ‘We can’t get enough from the ads online,’ he included as to why Bally’s is going to the seminar, searching for recruits.

Bally’s is just one of many companies looking to fill positions like mobile and interactive content developers, programmers, web developers, graphic artists, digital illustrators, motion-graphic artists, 3D animators and mathematicians. Yes, it pays to be always a nerd that is creative.

For the lucky few who end up landing employment at the conference, it might be a nice payday; recent college grads could pull in $50-60K, while those with five years of experience in the digital video gaming field might end up bringing home a paycheck pretty near to six figures.

Conference is Growing

The now 26-year-old seminar has blossomed from a casual gathering of developers over a weekend to a week-long event featuring more than 22,500 gaming industry insiders and attendees. It is become the forum that is primary programmers, artists, manufacturers, game designers, audio pros, and everybody else involved in the creation and development of interactive high-tech gaming to meet, brainstorm and mingle. UBM Tech Game system produces the event that is annual.

GDC additionally features more than 400 lectures, panels, tutorials and round-table discussions about all things gaming by leading industry experts. In 2010’s GDC conference additionally features the Annual that is 14th Independent Festival, where game designers can showcase their initial projects to potential publishers, and the 12th Annual Game Developers Choice Awards, sort of Oscars for the electronic games industry via peer recognition.

‘I’d like to thank my mother and dad for letting me inhabit their basement, rent-free, for 14 years,’ is probably an awards that are typical message, we are guessing.