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 as 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 Overseas Gaming Awards, held February 4th in London, England. The judging for the award considered such facets once the speed and simplicity of this payment provider’s service, since well as their innovation in the field, and exactly how they’ve enhanced their service over the year that is past.

Skrill added to their hardware haul on February 8th at the iGB Internet Awards, picking right up the award for ‘Best Payment System’. Also occurring in London, the shortlist of nominees was determined by user votes, with all the final nominees being judged by a panel of iGaming experts. Skrill was given the award on the merits of their reliability and high standards, their low processing costs, and their customer that is excellent solution.

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

That estimate proved to be immediately prophetic, as Skrill wasted short amount of time in growing and improving their status once the leading payment provider, finishing their acquisition of Paysafecard the same day they picked up the second of their iGaming awards.

European countries’s frontrunner in prepaid payments that are online Paysafecard is available in 33 countries and more than 450,000 locations throughout European countries, North America, and South America, and may be utilized purchasing items at a lot more than 4,000 online stores without the necessity for a bank account or charge card. Paysafecard processed more than 55 million transactions in 2012.

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

‘For both edges it is a acquisition that is strategically important we are pleased it’s now finalised. Paysafecard complements our current offering and strengthens our position in the key gaming and digital media markets verticals, establishing us as a provider of end-of-end transfer of saved value,’ said Skrill CEO Siegfried Heimgaertner. ‘This is another significant step towards our long-lasting ambitions to be 1st choice for online payments, helping our end-customers and merchants to pay and get paid globally.’

Now we can just only wait and find out what Skrill can conjure up for the encore in the full weeks and months to come. 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 typical truism that even a poorly run casino will be lucrative isn’t 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 law practice Kirkland & Ellis LLP along with investment bank Moelis & Co. to share with them just how to better manage their spiraling debt load and turn them around to profitability at final.

Bad Performance Blamed on Sandy and No Smoke Signals

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

November 2012 was also less than this January for reported revenues, a reality blamed on the devastation that Hurricane Sandy brought to Atlantic City; Revel Casino really power down because of the storm’s ravages for all days in October and very early November.

Initially created as a ‘destination resort’ aimed at aiding Atlantic City’s objective to become a posh entertainment and convention center, not really a one-day wonder for visitors, the house’s complete cigarette smoking ban has proved a bane among its potential customers, it would appear. Possibly including to the casino’s woes happen political factions such as the key casino union as well as conservative tax payers, none of whom were delighted with a $260 million tax rebate to help fund nearby improvement projects, because well as an additional financing deal in 2011, brought about in part at the very least with the support of the latest Jersey Gov. Chris Christie, who 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 down almost its entire $1.25 billion investment. Revel CEO Kevin DeSanctis was able to round up a group that is new of in very early 2011, whom loaned the home an extra $1.2 billion to finish the casino resort. Executives are now telling their creditors that the game (and gaming) plan is to boost Revel’s appeal to slot players, while additionally spending another $10 million on new amenities such as for example quick-service restaurants and a designated high-limit slots area with lounge. How precisely that will place the property that is beleaguered into the black remains confusing, but Moody’s Investors Service has slice the casino’s credit rating and now describes its economic 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 paid acting gigs, he made a small cash that is extra the medial side working with ‘the biggest national sports wagering syndicate in America’.

Kutcher revealed a decent understanding of the intricacies of sports-betting in the latest issue of popular magazine Esquire, explaining that sports books stay away from using bets from syndicates such once the one he had been involved with. ‘I fundamentally just placed the bet,’ stated Kutcher within the interview. ‘The hypothesis had been that the house would just assume I became a dumb star with a lot of money who liked football.’

The actor explained that the sports syndicate that is betting statistical anomalies and took advantage of point-spread movement throughout the half-season of college football that Kutcher was involved with the group.

Kutcher additionally claimed that the syndicate made a massive $750,000 in just four weeks by placing wagers on college soccer before the books caught on. ‘…generally these types of people aren’t permitted to gamble, however they understand how to handicap your house. In,’ explained Kutcher so they sent me. ‘It was pretty fun. Then they caught on,’ added the star.

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

Reporter for, David Purdum, has suggested that Kutcher had been indirectly referenced in a written book titled The Smart cash: How the World’s Best Sports Bettors Beat The Bookies Out Of Millions.

The book, written by Michael Konik, describes a ‘shadowy group of gamblers known for his or her expertise in beating the Vegas line’ which took place through the early 2000s, the time that is same a former Las Vegas sports book supervisor has stated knowledge of Kutcher’s betting.

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

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

The issue with this particular editorial was that Kutcher had personally spent in eight associated with companies which were noted one of many just 12. He even had ‘business entanglements’ with two of the others on the list. However, he appeared to obtain from 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 sports that are online on the island.

It’s reported that federal authorities are clamping down on unlawful online activities betting in the area, targeting wagers made with offshore internet sites.

‘This is something that individuals in Hawaii have now been doing in Hawaii for an extremely very 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 proceeded to explain that those partaking in the activities that are illegal company people, medical practioners, legislation enforcement, product sales individuals, and all walks of life. ‘Nobody would have guessed it might come to something like this,’ added the lawyer.

Terrence Ching, among the first to be charged within the Honolulu area, reportedly pleaded guilty to one count of earning illegal bets and one count of filing a tax return that is false. Those prosecuting in the event claim that Ching was in charge of handling large amounts of cash, also reaching the millions, as being a bookie of Costa Rica-based internet gaming web sites.

In reality, 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 Information Now as saying ‘People in Hawaii want to bet’ and stating that online betting is especially addicting due towards the fact that it is really so an easy task to do.

‘If you were to take Google, they’d list the utmost effective internet sites. Some of these 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 illegal operation, and much more could possibly be revealed because the situation continues.

But the bank account and stashed cash had not been the only catch of your day for the federal authorities as it was additionally reported that they seized an array of semi-automatic handguns and rifles, lavishly expensive designer gold and diamond jewelery, and a number 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.