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Experience Atlantic City on Auction Block for $90 Million Starter Bid

Florida investor Glen Straub has kicked from the auction bidding on Revel for $90 million.

Atlantic City’s Revel Casino is up for auction grabs, and a Florida real estate designer has offered $90 million in money to purchase the home which was shut down for good last week. Glenn Straub, who has the 22,000-acre Palm Beach Polo and Country Club in Wellington, Florida, will now get to be the ‘stalking horse,’ or lead bidder, who may be outbid by competitors at an auction on September 24. Other buyers that are potential until September 23 to help make offers.

Straub said this week that their offer was ‘an chance to turn things around. That’s what they need now; a direction that is new’ he included. ‘Give us our six months, and we’ll actually actually be open. In 2 years, we’ll be 100 percent open.’

Which begs the question, what are open, exactly? It seems unlikely that Straub will reopen Revel as being a casino; the Revel Casino project, after all, was a cataclysmic $2.4 billion failure with huge operational costs that were hemorrhaging $2 million a week when it shut. And besides, it seems Straub has a personal dislike of casinos.

Casino Doctor

‘When everybody believes of Atlantic City, they think of casinos,’ Straub told USA Today, adding which he dislikes the concept of Atlantic City as a casino town and would be uncomfortable with the thought of his family making money from gambling. However, we’re uncertain a polo club for the uber wealthy quite fits in because of the boardwalk vibe either.

Whatever Straub has in mind, he’s maintaining buttoned up for now, but he says he’s Atlantic City’s most readily useful interests at heart. ‘ We feel the city needs what we do,’ he says. ‘We are like health practitioners who turn around sick patients. We turn around big properties.’

Although, in some of his past dealings, we’d venture to state that he is been similar to a vet putting down an animal that is sick. It cost to build, for example, he eventually demolished it to make way for Grand Central Park when he bought the Miami Arena in 2004 for half the price the price.

That does not bode too well for Revel.

Intriguingly, but, Straub hinted in his interview that his plans include building rail that is high-speed Atlantic City, New York City and Philadelphia.

Other Bidders in the Mix

It’s very early days, however, and Straub may well yet be outbid, he attempted to buy the Versace Mansion in Miami Beach at another bankruptcy auction last year as he was on a recent venture when.

There is, in accordance with sources, some competition. One bidder is Alex Meruelo, whose California-based Meruelo Group attempted to choose the soon-to-be shuttered Trump Plaza last year. The proposed sale price ended up being $20 million, incidentally, nevertheless the deal fell through whenever Trump Entertainment was struggling to get a launch on its mortgage, since the senior lender refused to approve the sale at such a low cost.

Meanwhile, investor Carl Icahn is also a feasible contender. Icahn, while the holder of many of Trump Entertainment’s financial obligation, stands to take over both the Trump Plaza and Trump Taj Mahal because of the moms and dad company’s bankruptcy filing this week.

Whatever the outcome, however, the Straub deal advantages Revel and its creditors by setting a base price for the auction and ‘increasing the reality that the greatest possible purchase price for the assets will be received,’ explained court documents. Straub has made a $10 million deposit and would be given a $3 million breakup fee if it’s outbid at auction, based on proposals.

Dutch Regulators Warn Sports Betting Sites to Stop Adverts

Regulators in the Netherlands say their campaign to limit sports sites that are betting the country have already been successful. (Image: AP Photo/Peter Dejong)

Dutch regulators don’t want activities sites that are betting target consumers in the Netherlands, so they’ve gone after businesses that have tried to attract players there who wish to maintain on major events. Now, the Kansspelautoriteit (KSA) says that their efforts have been largely effective in cutting down on the game from these rogue operators.

In line with the KSA, a letter-writing campaign that has been aimed at warning operators against targeting citizens that are dutch limited what they called ‘excessive’ advertising of such services throughout the World Cup and also the Tour de France, both activities with major followings in the world. In total, the KSA stated they wrote letters to eight operators, and all eight have ceased the activities in question.

Companies Comply with Dutch Demands

According to the body that is regulatory all of the companies has stopped promoting their brand in the Netherlands. In addition, the companies have taken additional steps, such as for example closing promotional web sites and Dutch-language Twitter accounts that were created to attract players to their sites.

Those actions were evidently sufficient to fulfill the KSA. The regulator told the eight firms that no longer actions would be taken against them, thanks to their compliance with the requests manufactured from them. Nevertheless, the KSA has additionally reminded operators that with the Netherlands expected to enact Internet gambling laws year that is next operators should cease any marketing activities inside the country until that time.

Poker Advertising A point of Emphasis In The Years Ahead

In particular, the KSA says that it really is looking at poker advertising. They are also upgrading their efforts round the times of major events: for instance, for poker advertising, they’ll certainly be making sure to focus on what’s going on around the final dining table of the World number of Poker (WSOP), while recreations betting internet sites will face more scrutiny near major international sporting events.

‘The KSA does not really expect that Dutch betting ads will recede entirely on the internet,’ the organization published. ‘But laws are increasingly being enforced, addressing cases that will induce the largest risks for consumers first.’

Affiliates have also been targeted, and while their compliance wasn’t quite as swift, the KSA reports progress on that front at all. Since the crackdown, at minimum two new operators have tried to step into the now market that is largely vacated the KSA claims these are typically now being investigated, as are some affiliate networks.

KSA Has Reputation for Heavy-Handed Strategies

The KSA has made headlines recently for their hands-on method of enforcing gambling rules in the Netherlands. Final month, the body that is regulatory an €80,000 ($103,000) fine against an elderly couple that organized a lottery for the household they owned in Southern Africa.

That lottery had been ultimately managed in Austria, and both members regarding the couple held Belgian passports (though one was also a Dutch citizen). Nevertheless, as the contest possessed a web site that included information in Dutch, and due to a meeting about the lottery on Dutch radio, it had been felt by the KSA was in violation of Dutch gaming laws. The KSA reportedly even went therefore far as to find we blog posts to be able to establish that the lottery could be considered an event that is dutch.

‘Many people spoke if they were the ones who wrote them or even started the discussion,’ lawyer Bas Jongmans told PokerNews about it on the Internet, but the regulator has decided to blame the couple for all the comments, as.

NJ Sports Betting Challenge Has Hope for Other US States

New Jersey Acting Attorney General John Hoffman, upon whose legal opinion the challenge to PASPA is based. (Image: Star-Ledger)

Could the New Jersey recreations decision that is betting decriminalize wagering at casinos and racetracks within the Garden State spark a wave of similar moves in other states? Virginia, West Virginia, Georgia and Kansas have come out in support of New Jersey’s stance, and lots of more will likely be viewing with interest once the state seeks clarification of its position in a federal court.

Currently only four states that are US Nevada, Delaware, Montana, and Oregon, are able to offer activities betting legitimately under federal legislation. That is because of legislation called the Protection and Amateur Sports Protection Act of 1992 (PASPA), which sought to define the status that is legal of gambling (as opposed to parimutuel horse and dog race) within the US, and effortlessly outlawed it nationwide.

Exemptions were manufactured from the aforementioned states which had already declared activities betting become legal inside their borders, while nj ended up being given an one-year screen of opportunity, a deadline of January 1, 1993, to prepare and pass legislation permitting sports wagering, an opportunity it chose not to grasp.

On the Cards

These were more optimistic days for the Atlantic City casino industry, a time period of growth and investment, plus it appears the state felt it may do without. But today things are extremely various. Atlantic City’s economy is in crisis. Having a spate of casino closures, and tens of thousands of staff laid off, it was something that is clear and drastic ended up being needed.

It had been on the cards for a time. In 2011, New Jersey residents voted overwhelmingly in benefit of repealing PASPA. In reaction, nj-new Jersey created the Sports Wagering Act, which attempted to decriminalize and regulate sports betting at gambling enterprises and racetracks.

This is challenged by the professional recreations leagues, which advertised that the Act was a violation of federal law and threatened the integrity of sport. Last year a federal judge agreed, putting the kibosh in the Sports Wagering Act for good. This generated the understanding that, while PASPA banned the licensing and regulating of sports betting by individual states, there clearly was nothing in that act that needed states to enforce prohibition.

Floodgates to start?

Nj-new jersey Acting Attorney General John Hoffman reported his official opinion that is legal week: ‘Sports swimming pools operated by racetracks and gambling enterprises continue to be exempted from criminal liability under New Jersey law provided that no wagering occurs on a college sport or athletic occasion that takes place in Nj-new jersey or by which any New Jersey college team participates aside from where the occasion takes place.

‘Accordingly, no legislation enforcement or prosecution agency or officer shall … make an arrest, file a complaint against, or prosecute any person mixed up in operation of a sports pool by a casino or racetrack to your extent that such task occurs constant with this particular Law Enforcement Directive,’ Hoffman added.

This, then, is New Jersey’s position, of which its seeking clarification from a federal court: to deregulate recreations betting totally and to ignore PASPA; a risky maneuver, that will undoubtedly be challenged into the courts by the activities leagues.

Nj’s gambling enterprises are desperately in need of a benefit over the casinos that are competing neighboring states that have damaged the Atlantic City market. The decriminalization of sports betting may provide that edge, but for how long? The floodgates may open and there’s little to prevent other states, including the neighboring competition, from following suit if the state is successful in its challenge to PASPA.