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No Smoking Revel Going Up in Smoke with Bankruptcy

Thursday, February 6th, 2020

No Smoking Revel Going Up in Smoke with Bankruptcy

Just days short of a year since it opened to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, based on federal securities regulators’ disclosure statements the casino filed earlier this week. Through the magic 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 brand new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take over the reins with this faltering mare.

Resignations Are Really a Lot

Hartman gets control of for recently departed Walk of Shamers ex-CEO Kevin deSanctis and Chief Investment Officer Michael Garrity; thankfully, this isn’t Japan, or there is intestinal entrails from the penthouse to the parking lot by now. Nope, this is America, the place where a smartly negotiated contract whenever you sign up gets you a well-paid trip when you are axed; therefore DeSanctis and Garrity not merely reach stick to with the Revel brand, they can also look ahead to about $7 million in consulting charges for all of those other year. Is that each or together? We’re not certain, but our hat goes off to their lawyers: well-played, counselors, well-played!

Smoke Signals

Although Atlantic City overall has been in a financial nosedive recently (attributed to everything from Hurricane Sandy to a not clear marketing platform for conventions [more…]