No Smoking Revel Going Up in Smoke with Bankruptcy
Just times short of a 12 months since it launched to great fanfare, Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, predicated on federal securities regulators’ disclosure statements the casino filed early in the day 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) will take over the reins of this faltering mare.
Resignations Are Really a Good Deal
Hartman gets control 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 entrails that are intestinal the penthouse towards the parking lot by now. Nope, this is America, where a smartly negotiated contract when you sign up gets https://shmoop.pro/1984-by-george-orwell-part-one-summary/ you a well-paid trip when you are axed; therefore DeSanctis and Garrity not only arrive at stay on with the Revel brand, they are able to additionally look ahead to about $7 million in consulting charges for the rest of the year. Is that each or together? We’re maybe not certain, but our cap goes off to their attorneys: well-played, counselors, well-played!
Although Atlantic City overall has been in a economic nosedive rec (suite…)