No Smoking Revel Going Up in Smoke with Bankruptcy

No Smoking Revel Going Up in Smoke with Bankruptcy

Simply days in short supply of a 12 months as it started to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, considering 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 new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take over the reins with 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 isn’t Japan, or there is entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract once you sign up gets that you ride that is well-paid you’re axed; so DeSanctis and Garrity not merely get to stick to with the Revel brand, they are able to additionally look forward 1984 part 1 summary to about $7 million in consulting fees for all of those other year. Is that each or together? We’re not yes, but our hat goes off to their attorneys: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a monetary nosedive recently (attributed to everythin […]