No Smoking Revel Going Up in Smoke with Bankruptcy
Just times in short supply of a year as it started to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare bankruptcy, according to 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 financial obligation 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) takes over the reins of this faltering mare.
Resignations Certainly 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 is not Japan, or there is abdominal entrails from the penthouse towards the parking lot by now. Nope, this is America, the place where a smartly negotiated contract once you sign up gets that you well-paid ride when you’re axed; so DeSanctis and Garrity not just arrive at remain on with the Revel brand, they could also look forward to about $7 million in consulting fees for the remainder year. Is that each or together? We’re not certain, but our cap goes off to their attorneys: well-played, counselors, well-played!
Although Atlantic City overall was in a nosedive that is financial (attributed to everything from Hurricane Sandy to an uncertain marketing platform for read more