A subsidiary of Brookfield Asset Management won the Revel bankruptcy offer on a bid of $110 million. That is less than a nickel on the dollar for a resort that cost $2.4 billion to construct. This is not the first casino business Toronto-based Brookfield has owned. The holdings company owns the Hard Rock Casino in Las Vegas just east of the Strip. It also owns Atlantis Paradise Island in the Bahamas. Revel closed on September 2, 2014. No reopen date has been announced.
A new blackjack game is available in Las Vegas. Change it 21 is a variant that allows players to discard one of his first two dealt cards. A player choosing to draw a new card must pay 50 percent of his original bet. This trade is also available after splitting, although only the new card, and not the card from the split pair, may be discarded. Blackjack pays 6-5 in this game and double down after splitting, re-split aces and surrender are not allowed. The game is available at Fremont Hotel and Casino in downtown Las Vegas. The limits are $5-$500.
G2E, the gaming industry’s largest annual trade convention, was held this week at the Sands Convention Center. This is where game manufacturers promote their newest slots and table games. There were keynote speeches by two of the most famous people in the gaming industry at the end of each of the first two days.
Steve Wynn took to the stage at the end of the first day. He spoke about his success in the gaming industry, however, most people took away from his speech that he is more opposed to online gaming now more than ever. His company had partnered with PokerStars in 2011 and Caesars Entertainment in New Jersey in 2013 to offer online poker, so this came as a bit of a surprise to spectators.
Adelson’s tone towards online gaming was not a surprise at all. He has been an outspoken opponent of betting on the Internet. He reiterated this position and stated that he will continue to fight online gaming.
Nevada sportsbooks are off to a great start this year. Week 4 was no different. The betting public was just three of nine on its money line bets, meaning that bettors picked a team to win outright at a margin of 70 percent of tickets or more. The Steelers were among the big losses this week. Bettors laid $375 to win $100 on Pittsburgh over Tampa Bay. The Buccaneers won the game outright. Public money line bettors are down nearly 20 units in the first four weeks.
Trump Taj Mahal is fighting to keep its doors open in Atlantic City. Its parent company is in bankruptcy and has sought concessions from labor unions, vendors and local government in an attempt to cut costs. A Delaware bankruptcy court ruled that the company must continue making pension payments. Trump claims that it cannot and will be forced to stop due to its dire financial condition. The casino will close in November if it cannot find concessions to keep the doors open or a buyer willing to take over the resort.