404 Revel Casino’s Titanic Debt Attempting to Avoid an Iceberg

Revel Casino’s Titanic Debt Attempting to Avoid an Iceberg

Skrill Nabs Two Gaming Awards, Acquires Paysafecard

It was a banner week this week that is past payment solutions provider Skrill Moneybookers Ltd., while they further solidified their position since the premier provider of online re payment services for the gaming industry.

First up, they picked up the ‘Payment Solutions Provider Company of the Year’ honor at the 2013 International Gaming Awards, held February 4th in London, England. The judging for the award considered such facets as the speed and ease of use associated with the payment provider’s solution, since well as their innovation in the industry, and exactly how they’ve enhanced their service over the past year.

Skrill added to their hardware haul on February 8th at the iGB Affiliate Awards, picking right on up the honor for ‘Best Payment System’. Also place that is taking London, the shortlist of nominees was determined by user votes, aided by the final nominees being judged by a panel of iGaming professionals. Skrill was presented with the award on the merits of their reliability and high standards, their low processing fees, and their excellent customer service.

In a pr release following their award wins, Skrill SVP of product Sales and Marketing, Craig Doyle commented: ‘As the re payment industry becomes more and more competitive, we are proud to be recognized while the payment solution that is best within the gaming sector. As Skrill continues to innovate and grow throughout 2013, we is looking to build on our achievements and consolidate our position as a leading provider of online payment solutions.’

That estimate proved become immediately prophetic, as Skrill wasted little time in growing and improving their status due to the fact leading payment provider, completing their acquisition of Paysafecard the exact same day they picked up the second of these iGaming awards.

European countries’s frontrunner in prepaid online payments, Paysafecard is obtainable in 33 countries and much more than 450,000 locations throughout European countries, united states, and South America, and that can be utilized to shop for items at more than 4,000 online retailers without the need for a bank account or charge card. Paysafecard processed more than 55 million transactions in 2012.

The acquisition provides Skrill’s customers a robust and simple solution to fund their accounts and pay for goods and services, and will prove especially valuable for customers in underserved nations, where banking and deal processing options are limited.

‘For both sides this can be a acquisition that is strategically important we are pleased it is now finalised. Paysafecard complements our current offering and strengthens our position in the key gaming and digital news markets verticals, establishing us as a provider of end-of-end transfer of kept value,’ said Skrill CEO Siegfried Heimgaertner. ‘This is another step that is significant our long-lasting ambitions to be the first choice for online payments, helping our end-customers and merchants to pay and get paid globally.’

Now we can only wait to see what Skrill can conjure up for an encore in the days and months in the future. If it’s anything like their performance this previous week, it ought to be instead impressive.

Revel Casino’s Titanic Debt Attempting to Avoid an Iceberg

Apparently, the typical truism that even a poorly run casino will be lucrative isn’t true, at the very least not from taking a look at the money perspective of Atlantic City-based casino resort Revel’s economic denouement of late. The property’s overseer, Revel Entertainment Group LLC, recently brought in law practice Kirkland & Ellis LLP along with investment bank Moelis & Co. to share with them how to better manage their spiraling debt load and turn them around to profitability at last.

Bad Performance Blamed on Sandy and No Smoke Signals

Income reports released in February showed an abysmal january, with only $8 million in gambling revenues brought in; a 19% drop from December. Investors had shored up the profit-gushing financial walls associated with home in with a $150 million influx of working capital; a move which also added to Revel’s mammoth debt load december. The home has been open for less than and has already amended its credit agreements four times year. Financial turnaround firm Alvarez and Marsal was also brought in to consult how to raised conserve cash and restructure operations. With $1.2 billion already amassed with debt for Revel, the firm has its work cut down for them.

2012 was even lower than this January for reported revenues, a reality blamed on the devastation that Hurricane Sandy brought to Atlantic City; Revel Casino actually shut down due to the storm’s ravages for several days in October and early November November.

Initially created as a ‘destination resort’ directed at aiding Atlantic City’s goal to become a posh entertainment and convention center, not only a one-day wonder for visitors, the property’s complete smoking ban has proved a bane among its potential clients, it would appear. Maybe adding to the casino’s woes have been political factions such as the key casino union as well as conservative income tax payers, none of whom happen delighted with a $260 million tax rebate to help fund nearby improvement projects, as well as an additional financing deal in 2011, created in part at the least with the support of New Jersey Gov. Chris Christie, who said he thought Revel would ‘change the paradigm in Atlantic City.’

Whoops.

Poor Investment

Investment house Morgan Stanley initially backed Revel at its inception in 2006, but backed out midway through the casino’s construction, writing down almost its entire $1.25 billion investment. Revel CEO Kevin DeSanctis surely could round up a group that is new of in very early 2011, who loaned the house an extra $1.2 billion to complete the casino resort. Executives are now telling their creditors that the game (and gaming) plan is to improve Revel’s appeal to slot players, while additionally spending another $10 million on new amenities such as for instance quick-service restaurants and a designated high-limit slots area with lounge. How exactly that will place the beleaguered home back within the black continues to be confusing, but Moody’s Investors Service has slice the casino’s credit history and now identifies its monetary outlook as ‘unsustainable.’

Ashton Kutcher Reveals He Fronted Largest Sports Betting Syndicate in U.S.

Movie and television megastar Ashton Kutcher has revealed that between his astronomically compensated acting gigs, he made a small cash that is extra along side it working with ‘the largest national recreations betting syndicate in America’.

Kutcher revealed a decent comprehension of the intricacies of sports-betting in the issue that is latest of popular magazine Esquire, explaining that sports books stay away from taking wagers from syndicates such as the one he was involved with. ‘I essentially just placed the bet,’ stated Kutcher into real-money-casino.club the meeting. ‘The theory had been that the house would just assume I happened to be an actor that is dumb a lot of money who liked soccer.’

The actor explained that the activities betting syndicate pinpointed statistical anomalies and took benefit of point-spread movement through the half-season of college football that Kutcher had been involved with the group.

Kutcher also claimed that the syndicate made a massive $750,000 in simply one month by placing bets on college soccer before the written books caught on. ‘…generally these types of people aren’t permitted to gamble, but they understand how to handicap your house. In,’ explained Kutcher so they sent me. ‘It was pretty fun. Then they caught on,’ added the actor.

You will find those insisting given that Kutcher is guilty of ‘messenger betting’ which will be illegal in the US state of Nevada, and can lead to a sentencing. However, authorities could have to prove that Kutcher had been compensated for his role in the operation and there can be yet no reports of a research place that is taking.

Reporter for Sportingnews.com, David Purdum, has suggested that Kutcher ended up being indirectly referenced in a written book en titled The Smart Money: How the World’s Best Sports Bettors Beat The Bookies Out Of Millions.

The book, compiled by Michael Konik, describes a ‘shadowy group of gamblers known with regards to their expertise in beating the Vegas line’ which took place throughout the early 2000s, the exact same time that a former Las Vegas sports book manager has stated familiarity with Kutcher’s betting.

However, Konik has stated that his book ‘is a non-fiction memoir that includes an explanatory note about honouring privacy’ and refused to comment further.

This recent revelation isn’t the first time Kutcher has been walking the grey line between black and white as he previously acted questionably when noting lots of organizations he thought were going to be giants in their markets whilst guest editing an online edition of Details magazine.

The problem with this editorial was that Kutcher had actually invested in eight of the firms which were noted on the list of just 12. He even had ‘business entanglements’ with two of the others on the list. However, he appeared to get out of the embarrassing situation unscathed.

Money and Small Arsenal Seized in Illegal Sports Betting Operation

Recent news has reported that around two dozen local residents of Hawaii are being charged, or arrested, in connection to unlawful sports that are online on the island.

Its reported that federal authorities are clamping down on illegal sports that are online in the area, targeting bets created using offshore web sites.

‘This is something that people in Hawaii have been doing in Hawaii for a very long time,’ stated attorney Megan Kau, who explained that lots of the targeted locals which she represents were unaware that online betting was also illegal.

She went on to explain that those partaking in the activities that are illegal company people, physicians, legislation enforcement, sales people, and all walks of life. ‘Nobody would have guessed it could come to something like this,’ added the attorney.

Terrence Ching, one of the primary to be charged in the Honolulu area, reportedly pleaded guilty to one count of creating illegal wagers and one count of filing a false taxation return. Those prosecuting in the case claim that Ching was responsible for handling large amounts of cash, even reaching the millions, as being a bookie of Costa Rica-based internet gaming sites.

In fact, federal authorities are reported to have seized around $30,000 in cash from Terrence Ching’s bank account, and around $330,000 which was stashed in his residence.

Retired FBI representative, Hilton Lui, was quoted by Hawaii Information Now as saying ‘People in Hawaii prefer to bet’ and stating that online betting is particularly addictive due towards the fact that it is really simple to do.

‘they would list the top sites if you were to go on Google. Some of those are Bovada, Topbet, Wagerbet,’ added Lui.

The case of Terrence Ching is just an insight into the amount of money that is changing hands through the operation that is illegal and more could possibly be revealed once the case continues.

But the bank account and stashed money had not been the only catch of your day for the federal authorities as it was also reported that they seized a range of semi-automatic handguns and rifles, lavishly high priced designer silver and diamond jewelery, and a quantity of Rolex watches.

$245,000 was additionally reported as being confiscated in monetary judgments representing Ching’s gambling victories.

If the monetary seizures begin to tell the story of the level of this illegal on the web gambling operation, then your seized arsenal finishes down this shady picture and creates a whole new viewpoint of the Hawaiian gambling scene, almost painting a mafia style imagery associated with the organization.