Revel Casino’s Titanic Debt Trying to Avoid an Iceberg

Skrill Nabs Two Gaming Awards, Acquires Paysafecard

It was a banner week this past week for payment services 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 acquired the ‘Payment Solutions Provider Company of the season’ honor at the 2013 International Gaming Awards, held February 4th in London, England. The judging for the award considered such facets since the speed and ease of use for the payment provider’s service, because well as their innovation in the field, and how they’ve enhanced their service within the past year.

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

In a news release following their award wins, Skrill SVP of Sales and advertising, Craig Doyle commented: ‘As the re payment industry becomes more and more competitive, we have been proud to be recognized whilst the payment solution that is best within the gaming sector. As Skrill continues to innovate and grow throughout 2013, we are searching to build on our achievements and consolidate our place as a provider that is leading of re payment solutions.’

That quote proved become instantly prophetic, as Skrill wasted very little time in growing and enhancing their status as the leading payment provider, doing their purchase 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 available in 33 countries and much more than 450,000 locations throughout European countries, the united states, and South America, and may be used to get goods at more than 4,000 internet vendors without the need for a bank account or credit card. Paysafecard processed more than 55 million transactions in 2012.

The acquisition gives Skrill’s clients a strong and simple way to fund their accounts and pay for goods and solutions, and will prove especially valuable for customers in underserved countries, where banking and transaction processing options are restricted.

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

Now we can simply wait and see what Skrill can conjure up for an encore in the full days and months in the future. This past week, it should be rather impressive if it’s anything like their performance.

Revel Casino’s Titanic Debt Trying to Avoid an Iceberg

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

Poor Performance Blamed on Sandy and No Smoke Signals

Revenue 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 of this home in December with a $150 million influx of working capital; a move which also added to Revel’s mammoth debt load. The property has been open at under and has already amended its credit agreements four times year. Financial turnaround firm Alvarez and Marsal was also brought in to consult how to higher conserve cash and restructure operations. With $1.2 billion currently amassed in debt for Revel, the firm has its work cut down for them.

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

Initially created as a ‘destination resort’ directed at aiding Atlantic City’s objective to become an entertainment that is chic convention center, not just a one-day wonder for visitors, the home’s complete cigarette smoking ban has shown a bane among its potential clients, it would appear. Possibly incorporating to the casino’s woes have been political factions such as the casino that is key as well as conservative taxation payers, none of whom have been pleased with a $260 million tax rebate to help fund nearby improvement tasks, since well as an additional financing deal in 2011, caused in part at the least with the support of the latest Jersey Gov. Chris Christie, whom said he believed Revel would ‘change the paradigm in Atlantic City.’


Poor Investment

Investment home Morgan Stanley initially backed Revel at its inception in 2006, but backed out midway through the casino’s construction, writing off almost its entire $1.25 billion investment. Revel CEO Kevin DeSanctis surely could round up a group that is new of in early 2011, who loaned the property an additional $1.2 billion to finish the casino resort. Executives are now telling their creditors that the game (and video gaming) plan is to improve Revel’s appeal to slot players, while also spending another $10 million on new amenities such as quick-service restaurants and a designated high-limit slots area with lounge. How precisely that will put the property that is beleaguered in the black stays ambiguous, but Moody’s Investors Service has cut the casino’s credit rating and now refers to 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 produced little additional money on the medial side working with ‘the biggest national sports wagering syndicate in America’.

Kutcher revealed a significant understanding of the intricacies of sports-betting in the issue that is latest of popular magazine Esquire, explaining that sports books try to avoid using wagers from syndicates such while the one he was involved with. ‘I fundamentally just placed the bet,’ stated Kutcher into the meeting. ‘The theory had been that the house would just assume I became a dumb actor with a lot of money who liked soccer.’

The actor explained that the sports syndicate that is betting 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 just a month by placing bets on college soccer before the books caught on. ‘…generally these kind of people aren’t allowed to gamble, but they learn how to handicap the house. So they sent me personally in,’ explained Kutcher. ‘It was pretty fun. Then they caught on,’ added the star.

You can find those insisting given that Kutcher is bad of ‘messenger betting’ which can be illegal in the US state of Nevada, and may lead to a sentencing. However, authorities would have to prove that Kutcher was paid for his role in the operation and there is as yet no reports of an research place that is taking.

Reporter for, David Purdum, has suggested that Kutcher was indirectly referenced in book 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 because of their expertise in beating the Vegas line’ which took place through the early 2000s, the time that is same a previous 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 declined 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 a number of companies he thought were planning to be giants in their markets whilst guest modifying an on-line edition of Details magazine.

The issue with this specific editorial was that Kutcher had myself invested in eight associated with the companies which were noted one of many just 12. He even had ‘business entanglements’ with two of the others regarding the list. However, he showed up to obtain out of the situation that is embarrassing.

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 illegal online sports betting on the area.

It really is reported that federal authorities are clamping down on illegal online recreations betting in the area, targeting wagers made with offshore internet sites.

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

She continued to explain that those partaking in the illegal activities included company people, health practitioners, legislation enforcement, sales people, and all walks of life. ‘Nobody would have guessed it would come to something like this,’ added the attorney.

Terrence Ching, among the first to be charged in the Honolulu area, reportedly pleaded guilty to one count of creating illegal wagers and one count of filing a false tax return. Those prosecuting in case claim that Ching was accountable for handling large quantities of money, even reaching the millions, being a bookie of Costa Rica-based internet gaming web 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 agent, Hilton Lui, was quoted by Hawaii News Now as saying ‘People in Hawaii prefer to bet’ and stating that online betting is specially addictive due to your known fact that it is so an easy task 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 understanding of the amount of money that is changing fingers through the unlawful operation, and more could be revealed once the situation continues.

But the bank account and stashed money had not been the only catch of the afternoon for the federal authorities as it absolutely was additionally stated that they seized an array 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 wins.

Then the seized arsenal finishes off this shady picture and creates a whole new perspective of the Hawaiian gambling scene, almost painting a mafia style imagery of the organisation if the monetary seizures begin to tell the story of the extent of this illegal online gambling operation.

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