No Smoking Revel Going Up in Smoke with Bankruptcy
Just times in short supply of a year because it started to fanfare that is great Atlantic City’s no smoking casino experiment Revel is looking to declare themselves bankrupt, considering federal securities regulators’ disclosure statements the casino filed early in the day 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 brand new CEO, Jeffrey Hartman (formerly of the Mohegan Sun in Connecticut) will take over the reins of the faltering mare.
Resignations Are a Whole Lot
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 to the parking lot by now. Nope, this is America, where a smartly negotiated contract when you sign up gets that you well-paid trip when you are axed; so DeSanctis and Garrity not merely reach stick to with the Revel brand, they are able to also look ahead to about $7 million in consulting charges for the remainder year. Is that each or together? We’re perhaps not sure, but our cap goes off to their solicitors: well-played, counselors, well-played!
Although Atlantic City overall has been in a nosedive that is financial (attributed to everything from Hurricane Sandy to an unclear marketing pl