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 payment services for the gaming industry.

First up, they acquired the ’Payment Solutions Provider business of the season’ honor at the 2013 Global Gaming Awards, held February 4th in London, England. The judging for the award considered such facets once the speed and simplicity of use of the payment provider’s service, because well as their innovation in the field, and how they’ve improved their solution over the year that is past.

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

In a press release following their award wins, Skrill SVP of product Sales and Marketing, Craig Doyle commented: ’As the re payment industry becomes ever more competitive, we’re proud to be recognized whilst the most readily useful payment solution within the gaming sector. As Skrill continues to innovate and grow throughout 2013, we are going to be searching 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 time that is little growing and boosting their status due to the fact leading payment provider, completing their acquisition of Paysafecard the exact same day they picked up the second of their iGaming awards.

European countries’s leader in prepaid payments that are online Paysafecard is available in 33 countries and more than 450,000 locations throughout European countries, united states, and South usa, and can be utilized to acquire items at significantly 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 way that is simple fund their accounts and pay for goods and solutions, and will prove specially valuable for customers in underserved nations, where banking and deal processing options are restricted.

’For both edges this is often a strategically important purchase and we are pleased it is now finalised. Paysafecard complements our current offering and strengthens our position in the gaming that is key digital news 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-term ambitions to become the first choice for online payments, helping our end-customers and merchants to pay and get paid globally.’

Now we can just only wait and see what Skrill can conjure up for the encore in the days 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 common truism that even a poorly run casino will be lucrative isn’t real, at the very least not from looking at the money outlook of Atlantic City-based casino resort Revel’s monetary denouement of late. The property’s overseer, Revel Entertainment Group LLC, recently brought in law firm Kirkland & Ellis LLP along with investment bank Moelis & Co. to inform them 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 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 the 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 additionally brought in to consult on what to higher conserve restructure and cash operations. With $1.2 billion already amassed in debt for Revel, the company has its work cut out for them.

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

Initially created as being a ’destination resort’ aimed at aiding Atlantic City’s goal of becoming an entertainment that is chic convention center, not only a one-day wonder for visitors, the home’s complete smoking cigarettes ban has proved a bane among its potential clients, it would appear. Possibly adding to the casino’s woes were political factions such as the casino that is key as well as conservative taxation payers, none of whom were happy with a $260 million tax rebate to help fund nearby improvement projects, since well as an additional financing deal in 2011, brought about in part at 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 house Morgan Stanley initially backed Revel at its inception in 2006, but backed down midway through the casino’s construction, writing off almost its entire $1.25 billion investment. Revel CEO Kevin DeSanctis surely could round up a new group of investors in very early 2011, whom loaned the property an additional $1.2 billion to finish the casino resort. Executives are now telling their creditors that the game (and gaming) plan is to increase Revel’s appeal to slot players, while also 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 put the property that is beleaguered in the black stays unclear, but Moody’s Investors Service has slice the casino’s credit history and now relates to 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 compensated acting gigs, he made a small extra cash on the medial side working with ’the largest national sports gambling 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 avoid using bets from syndicates such as the one he had been involved with. ’I essentially just put the bet,’ stated Kutcher in the interview. ’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 football.’

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

Kutcher also claimed that the syndicate made a massive $750,000 in just a month by placing wagers on college soccer before the books caught on. ’…generally these types of individuals aren’t permitted to gamble, but they understand how to handicap the home. So that they sent me in,’ explained Kutcher. ’It ended up being pretty fun. Then they caught on,’ added the actor.

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

Reporter for, David Purdum, has suggested that Kutcher was 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 guide, compiled by Michael Konik, describes a ’shadowy team of gamblers known due to their expertise in beating the Vegas line’ which took place during the early 2000s, the time that is same a previous Las Vegas sports book manager has stated knowledge of 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 very first time Kutcher has been walking the grey line between black 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 problem with this specific editorial was that Kutcher had really spent in eight of the firms which were noted on the list of just 12. He even had ’business entanglements’ with two of the others regarding the list. However, he showed up to get from the embarrassing situation unscathed.

Money and Small Arsenal Seized in Illegal Sports Betting Procedure

Recent news has reported that around two dozen local residents of Hawaii are being charged, or arrested, in connection to illegal online activities betting on the area.

It is reported that federal authorities are clamping down on unlawful sports that are online in the area, targeting wagers made out of offshore web sites.

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

She continued to explain that those partaking in the activities that are illegal business people, doctors, law enforcement, product sales individuals, and all walks of life. ’Nobody would have guessed it might 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 amounts of cash, also reaching the millions, being a bookie of Costa internet that is rica-based 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 representative, Hilton Lui, was quoted by Hawaii News Now as saying ’People in Hawaii want to bet’ and stating that online betting is specially addicting due to your known fact that it is indeed very easy to do.

’If you were to take Google, they would list the top websites. Some of these are Bovada, Topbet, Wagerbet,’ added Lui.

The case of Terrence Ching is just an understanding of the total amount of capital that is changing fingers through the illegal operation, and much more might be revealed while the situation continues.

But the bank account and stashed cash wasn’t the only catch of the afternoon for the federal authorities that they seized an array of semi-automatic handguns and rifles, lavishly expensive designer gold and diamond jewelery, and a number of Rolex watches as it was also reported.

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

If the monetary seizures begin to share with the story of the degree with this illegal on line gambling operation, then your seized arsenal finishes off this shady picture and creates a totally new viewpoint of the Hawaiian gambling scene, almost painting a mafia style imagery associated with organization.