No Smoking Revel Going Up in Smoke with Bankruptcy
Simply days short of a 12 months since it opened to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to file for bankruptcy, according to 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 financial obligation will now be converted into $1 billion in equity for the casino’s eager creditors, and a brand new CEO, Jeffrey Hartman (previously of the Mohegan Sun in Connecticut) will take over the reins with this faltering mare.
Resignations Are a Lot
Hartman takes over 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 to the parking lot by now. Nope, this is America, where a smartly negotiated contract whenever you sign up gets you a well-paid ride when you are axed; therefore DeSanctis and Garrity not merely reach stick to with the Revel brand, they are able to additionally 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 cap goes off to their solicitors: well-played, counselors, well-played!
Although Atlantic City overall was in a monetary nosedive recently (attributed to everything from Hurricane Sandy to a not clear marketing p Continue reading “No Smoking Revel Going Up in Smoke with Bankruptcy”