Posts Tagged ‘Sold’

Long Dormant Revel Casino in Atlantic City Sold

 Long Dormant Revel Casino in Atlantic City Sold

Atlantic City’s Revel Casino, which has been closed since September 2014, has been sold. Bruce Deifik, the founder of Integrated Properties in Denver, confirmed Monday that he purchased the ill-conceived property for $ 200 million through his business AC OCEAN WALK from Florida developer Glenn Straub.

The Revel was designed to be a luxury casino property to rival the Borgata. It cost a staggering $ 2.4 billion to build and opened in April 2012. It never made a profit and closed about two and a half years later, the third of four Atlantic City casinos to shutter its doors that year.

The casino was a failure from the start, as financial problems caused construction to be halted more than once. It bled money from the moment it opened, couldn’t pay its property taxes, couldn’t pay contractors, couldn’t repay loans, and went into bankruptcy twice.

In August 2014, Revel announced that if it did not receive any acceptable bids to purchase the casino, it would close by September 1st. It closed one day after that.

On October 1st, 2014, Brookfield US Holdings won a bankruptcy auction for the Revel, bidding $ 110 million. This angered Glenn Straub, who felt some funny business was going on when the auction was delayed from the previous week even though all parties were present. The Press of Atlantic City reported that Revel executives held closed-door meetings to discuss offers, which raised the suspicion of Straub.

Straub’s company, Polo North Country club, had bid $ 95.4 million, a bid which was used as a backup in case the sale to Brookfield fell through. As it turned out, the sale did fall through and in January 2015, a bankruptcy judge approved the sale to Straub. In February, though, Revel cancelled the Straub deal and then in April engaged in talks once again with Straub, eventually agreed to sell him the casino for only $ 82 million.

In June 2016, Straub said he was going to reopen the resort with just a small casino and lots of entertainment facilities like a water park, an e-sports lounge, and an equestrian facility. In September of that year, the property was renamed TEN, but in the end, it never reopened.

Bruce Deifik, though, has said he will re-open the property this summer with a new name, Ocean Resort Casino.

“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides,” Deifik said in a statement. “Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University’s new campus and the expansion of the medical center.”

The Hard Rock that Deifik mentioned is the former Trump Taj Mahal, which closed October 10th, 2016. In March 2017, the Seminole Tribe of Florida purchased the former east coast poker haven and announced it would rebranded the Hard Rock Hotel & Casino Atlantic City.

The post Long Dormant Revel Casino in Atlantic City Sold appeared first on Poker News Daily.

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Report: Sands Bethlehem (PA) Casino to be Sold

 Report: Sands Bethlehem (PA) Casino to be Sold

Neither company has confirmed anything, but reports out of Pennsylvania last week have the Sands Bethlehem Casino on the verge of being sold to MGM Resorts International. According to The Morning Call, which cites two sources for its information, the deal for the Las Vegas Sands-owned casino would be worth $ 1.3 billion. A few weeks of “due diligence” are still necessary on both sides before a formal announcement of the deal can be made, sources tell The Morning Call.

One significant piece of evidence of the pending sale is a leaked e-mail from Sands Bethlehem President Mark Juliano to the casino’s employees in which he states, “We have been told today that Sands Bethlehem has a potential buyer; it is a sole buyer interested in purchasing the property. The sale is not imminent and there is a lot of work that still needs to be done before a sale is final.”

Other than the obvious significance the sale would have on the Pennsylvania casino landscape, swapping out one major gaming player in Sands for another in MGM – and at a very profitable property – one sizable impact the sale could have would be on the future of online poker in the Commonwealth.

There has been a major push to legalize and regulate online gambling in Pennsylvania in the last couple years; progress was made on a bill last year, but a toxic legislative environment prevented anything from getting done. Right now, though, things are looking up and Pennsylvania is expected to see a bill passes this year.

The elimination of Sands from Pennsylvania would mean that one obstacle to legalized online poker would be gone. The CEO of the Las Vegas Sands Corp. is Sheldon Adelson, the bridge troll who is determined to do “whatever it takes” to stop online gambling in the United States. Adelson claims that he is out to protect children and problem gamblers (don’t you love the “won’t anybody think of the children” refrain?), but for years, it has been apparent that he is afraid that internet gambling will hurt his brick-and-mortar gambling business.

There are a dozen casinos in Pennsylvania; Sands, under Adelson, may be the only one that opposes online gambling. Now, just because one casino wouldn’t want it doesn’t mean that an online gambling bill wouldn’t pass, but it is always easier when all the stakeholders are on board. Plus, as we have seen on the federal level, Sheldon Adelson has the clout (read: money) to get politicians (read: Republicans) to listen to him. No, his Restoration of America’s Wire Act (RAWA) has never gotten anywhere on Capitol Hill, but it has existed, and that means there has been a non-zero chance that online poker could be banned nationally. Additionally, its two flag bearers in Congress – Senator Lindsey Graham and Rep. Jason Chaffetz – are two of the most powerful legislators in D.C., no matter how despicable they may be (though I will admit that Sen. Graham’s opposition of Donald Trump has warmed me to him slightly).

As mentioned, no official announcement has come from Sands or MGM regarding a potential deal. Las Vegas Sands Corp. spokesperson Ron Reese told The Morning Call in a statement , “Las Vegas Sands is regularly approached about potential interest in various assets. The company has no announcement to make at this time. As always, we thank our dedicated team members for their hard work and professionalism.”

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Bovada Poker Sold to Ignition Casino

 Bovada Poker Sold to Ignition Casino

I news out of nowhere, Bovada, the world’s largest offshore poker site that accepts U.S. customers, announced Tuesday that it has sold its poker operations to the little-known Ignition Casino.

In an e-mail to customers, Bovada said:

We have important news we want to share with you. Bovada Poker has been acquired by Ignition Casino. This means you’ll be required to transfer your account by September 30, 2016. After this date, poker at Bovada will no longer be available. You’ll still have access to Bovada’s sportsbook, casino and racebook products.

Ignition Casino uses the same platform as Bovada, so the features you enjoy such as anonymous tables, Zone poker, mobile poker and guaranteed tournaments, like the weekly $ 100K, will be there waiting for you. Both sites will also operate simultaneously with shared player pools until the transition is complete. Any Poker Points that you have accrued on Bovada will need to be used before September 30 as they will not carry over to Ignition Casino.

We’ll do everything we can to make this transition as easy as possible. Please be sure to visit our FAQ page where you’ll find information on account transfers, how to score your generous migration bonus, what to do with your Poker Points and any other questions you may have.

Similar message, along with a FAQ page, is presented to players on the Bovada Poker website.

The industry is currently searching for answers as to why this is happening, particularly because almost nothing is known about Ignition, which is owned by Lynton Limited. There appears to be some sort of pre-existing relationship between Bovada and Ignition, as they are both licensed by the Kahnawake Gaming Commission (KGC), both have extremely similar websites, and both currently share poker player pools. It essentially looks like Ignition has been operating as a skin of Bovada.

PartTimePoker.com also points out that Lynton Limited has three gambling domains that are licensed by the KGC: IgnitionCasino.eu, CafeCasino.lv, and Slots.lv. That is of interest because Bovada also uses a “dot lv” domain (it stands for Latvia, not Las Vegas) and it, along with CafeCasino.lv and Slots.lv are the only three sites with Latvian domains licensed by the KGC.

Thus, there is some speculation that this could be more of a transfer of assets between two related companies, perhaps a parent and a subsidiary, than an pure sale of one business to another. We really don’t know, as there is barely any information out there about Lynton or Salmon River Technologies, the company that holds Bovada’s license.

The other question is why is Bovada doing this? Bovada Poker has been doing very well, sitting comfortably as the third largest poker room on the internet in terms of cash game traffic, according to PokerScout.com. It has a seven day average of 1,400 cash game players, well ahead of fourth place partypoker, which has 1,150. It benefited from staying in the U.S. market after Black Friday, soaking up many of the customers that PokerStars, Full Tilt, Absolute Poker, and UltimateBet left behind, as well as implementing anonymous tables, which is appealing to recreational players who don’t want to be tracked by pros.

Bovada will keep its casino and sports book going, but players are already grumbling that the transfer of poker accounts to Ignition will both cause the player traffic at the new site to take a hit and make the poker population there more “nitty.” Part of the appeal of Bovada for serious players is that it was attached to the sports book, allowing sports bettors to easily drop money at the poker tables. Without that connection, the fear is that Bovada sports bettors won’t bother moving their poker accounts over to Ignition.

Bovada and Ignition players will share the same tables until October 1st. Those who transfer their accounts over will be eligible for additional bonuses.

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