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Revel Casino in Atlantic City Files for Second Bankruptcy



Despite offering luxurious accommodations and several marketing overhauls, Atlantic City’s Revel Casino in brand New Jersey has failed to show a profit. (Image: cntraveler.com)

When the Revel Casino Hotel opened in Atlantic City in 2012, the city saw it as the beginning of a new era for the gambling industry that is local. Now, it looks as if the resort might go down as certainly one of the largest failures in American gaming history.

The Revel Entertainment Group has filed for protection from the creditors in a bankruptcy that is federal, and has place the home up for auction in an attempt to sell the casino before it is forced to shut. According to Revel, that closure could happen in very little as 8 weeks in case a sale doesn’t go through. That will come being a blow that is huge the town, because well as the 3,140 workers that just work at the Revel.

Little Value in Struggling Casino

Ownership says that they have obtained a $125 million loan which will make sure the venue can stay open until a customer is discovered. But they aren’t expecting to get much of a return on their investment: for a casino that cost $2.4 billion to accomplish just two years ago, estimates now have the property respected at less than $300 million. Some also genuinely believe that the value that is true be less than $100 million, since it will likely be years before the venue has a chance to turn a profit.

‘ We are going to work to at Continue reading

Online Poker in Russia Tries to Come In Out of the Cold



No, he’s not starring in ‘The Nutcracker Suite,’ but Russia’s Vladimir Putin could be playing online soon poker. (Image: MIKHAIL KLIMENTYEV/AFP/Getty Images)

The government of Russia is actively considering legalizing and managing poker that is online according to Russian business and politics daily Kommersant, therefore opening a potentially huge market that could be worth $145 million yearly in fiscal revenue alone.

The Russian daily book says that Russian First Deputy Prime Minister Igor Shuvalov has instructed the Ministry for Economic developing and the Ministry of Justice to compile a study on legalizing Internet poker, which can be due for consideration on July 21st. Kommersant said that the information had been provided by unidentified sources within the government.

Moscow has apparently been swayed by certain fiscal projections, with some analysts claiming that internet poker legalization could bring 2 to 3 billion rubles ($58 million to $87.5 million) to your state’s coffers per 12 months, a figure which could possibly swell to surpass 5 billion rubles ($145 million) within 5 years.

The former figure is predicated on a model in which 1 to 1.5 billion rubles would be levied as being a income tax on operators, with the same amount from the players’ income tax. Whether Russia would adopt a framework that is monopolistic an open market remains to be seen.

PokerStars obstructed

It’s undoubtedly an about-turn from Continue reading

Schenectady Endorses Casino Proposal in New York State



The town of Schenectady, New York has approved a casino proposal in the Mohawk River. (Image: John Carl D’Annibale, Times Union)

There’s nevertheless a long distance to get before anyone builds A new York casino, and there are many competitors still looking to grab certainly one of four upstate licenses. But one project has earned an approval that is major will move it at least one space further down the long path to success.

David Buicko and also the Galesi Group attained a recommendation from the Schenectady City Council for their proposed casino as component of the Mohawk Harbor project. That local government approval had been essential for the developer become considered for a license from their state.

Casino Just Role of Development Plan

The Galesi-backed project wouldn’t be just a casino, but a complete redevelopment of the mile-long stretch of land along the Mohawk River. That area was once home to factories belonging to United states Locomotive, and is developed to add domestic and retail areas, along having a new harbor.

But there’s additionally a casino included in the plan. Buicko has partnered with Chicago firm Rush Street Gaming to include a gambling hall to his proposal, and hopes that the overall development package will allow them to make a casino license.

‘Our company is talking about a $450 million investment in the city of Schenectady,’ said councilman John Mootooveren. ‘ We need to take the r Continue reading

Portugal Prepared to Debate New Online Gambling Laws



Portugal is scheduled to debate a liberalization of the nation’s online gambling marketplace.

While Portugal could have just suffered a stunning 4-0 World Cup loss to Germany, spirits are generally full of the nation. The Portuguese economy is looking up after a recession that is long and the country appears prepared to face on its very own foot instead of relying any further on European help. Still, the world looks as though it’s going to consider one measure asked for by the international bodies that helped bail the country out last year: liberalizing the nationwide online gambling marketplace.

According to reports, the Portuguese government has scheduled time that is parliamentary debate the issue of online betting ahead of the end for the current session, which will conclude on July 10. The so-called ‘Troika’ ( comprised of the International Monetary Fund, European Central Bank and the EU Commission) that sponsored the €78 billion bailout had asked Portugal to make changes to its online gaming structure, with those requests becoming more fervent earlier this 12 months.

Legislation Would End Gambling Monopoly

The prospective tax windfall from an available and regulated online casino marketplace sometimes appears as an important revenue stream for Portugal going forward. The industry is dominated by a monopoly controlled by Santa Casa da Misericordia de Lisboa (SCML), a religious foundation that has history dat Continue reading