No Smoking Revel Going Up in Smoke with Bankruptcy
Just times short of a 12 months since it opened to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, predicated on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the miracle 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 (formerly of the Mohegan Sun in Connecticut) will take the reins over with this faltering mare.
Resignations Really Are a Great Deal
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 would be abdominal entrails from the penthouse to the parking lot by now. Nope, this is America, where a smartly negotiated contract when you sign up gets that you ride that is well-paid you are axed; therefore DeSanctis and Garrity not merely arrive at stick to with the Revel brand, they are able to also look ahead to about $7 million in consulting charges for the rest of the year. Is that each or together? We’re maybe not sure, but our hat goes off to their attorneys: well-played, counselors, well-played!
Although Atlantic City overall has been in a monetary nosedive recently (attributed to everything from Hurricane Sandy to an uncertain marketing platform Continue reading No Smoking Revel Going Up in Smoke with Bankruptcy