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Wednesday, February 20, 2013

NJ's newest casino, Revel, to file for bankruptcy

FILE - This Oct. 17, 2012 file photo shows the Revel, Atlantic City, N.J.'s newest casino. Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, on Tuesday, Feb. 19, 2013 said that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened. (AP Photo/Wayne Parry, File)

FILE - In this April 2, 2012 file photo, Kevin DeSanctis, CEO of Revel Entertainment, and his wife, Donna, greet employees moments before the new $2.4 billion casino resort opened in Atlantic City, N.J. Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, on Tuesday, Feb. 19, 2013 said that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened. (AP Photo/Wayne Parry, File)

FILE - In this March 19, 2012 file photo, Kati MacFarline, left, of Nashua, N.H., and Christine Kashian, of Caribou, Maine, sit on a jetty near Revel in Atlantic City, N.J. Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday, Feb. 19, 2013 that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened. (AP Photo/Mel Evans, File)

ATLANTIC CITY, N.J. (AP) ? Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened.

The voluntary, prepackaged bankruptcy envisioned for late March will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders.

Kevin DeSanctis, Revel's CEO, said the restructuring will give the casino resort more flexibility to operate.

"Today's announcement is a positive step for Revel," DeSanctis said. "The agreement we have reached with our lenders will ensure that the hundreds of thousands of guests who visit Revel every year will continue to enjoy a signature Revel experience in our world-class facility."

Existing management will remain in place, no layoffs are planned, and employees and vendors will be paid as usual, the company said. The restructuring should be completed by early summer, it added.

The $2.4 billion casino never caught on as much as it had expected to, and it remained mired toward the bottom of Atlantic City's 12 casinos in terms of casino revenue. Revel had to line up two rounds of additional financing since August to keep operating.

In January, it posted its second-worst month, winning less than $8 million from gamblers. During the second and third quarters of last year, it reported gross operating losses of $35 million and $37 million.

Revel's work force is largely nonunion, a fact that earned it the undying enmity of Local 54 of the Unite-HERE union, representing most of the city's casino workers.

"Over three years ago, Local 54 began expressing to every elected official in the city, the state and the governor's office that this project was doomed to failure," said Bob McDevitt, the union's president. "Had they listened to us three years ago, we would not have this catastrophe on our hands now."

Michael Drewniak, Gov. Chris Christie's press secretary, expressed confidence in Revel.

"We are committed to the resurgence of Atlantic City, the tourism district, and the many efforts currently under way to bring world-class attractions and entertainment to the city," he said. "A rejuvenated Revel will remain an integral part of that landscape, as it continues full operations as a premiere hotel, gaming and top-flight entertainment hub for the city, in addition to employing more than 2,000 people. Most importantly, none of those things that make Revel among Atlantic City's highest-profile attractions will change, as Revel uses this new financial flexibility and the continued backing of its investors to grow the business and be part of Atlantic City's expansion."

David Rebuck, director of the state Division of Gaming Enforcement, said the Chapter 11 filing needs to happen.

"The agreement between Revel and its lenders will allow for a necessary financial restructuring and improve the property's financial condition going forward," he said. "We see this as a positive step that will allow Revel to comprehensively address its financial needs while continuing normal business operations."

Revel officials have been reviewing their options in recent months as the Atlantic City market continued to decline and its own revenues remained stuck in neutral. DeSanctis said the company and its lenders decided that a prepackaged Chapter 11 would be the best way to improve its balance sheet by eliminating substantial debt and increasing the changes for growth.

It is the latest in a series of recent bankruptcies involving Atlantic City casinos. Trump Entertainment Resorts emerged in 2010 from the third Chapter 11 bankruptcy that it or its corporate predecessors had filed, and the Tropicana Casino and Resort was sold that same year out of bankruptcy court to billionaire Carl Icahn.

As part of the restructuring, some of Revel's lenders will provide approximately $250 million in debtor-in-possession financing, about $45 million of which constitutes new money commitments and approximately $205 million of which is pre-petition debt. No taxpayer funds will be used to finance the restructuring, the casino said.

The company didn't identify which lenders will be part of the filing; it said only that "a majority" of its lenders have agreed.

Revel opened in April as a potential game-changer, the first new casino built in Atlantic City since the Borgata Hotel Casino & Spa opened in 2003.

Revel was designed as a destination resort, an ambitious, risky project in a declining market. It saw itself not as a casino resort but as a resort that happened to have a casino. But the distinction seemed to have been lost on many customers, who found its restaurants and hotel rooms pricey.

The project had to overcome numerous obstacles before its opening. Three key executives working on the project died in a Minnesota plane crash in July 2008; a worker pouring concrete was struck by lightning and killed in 2011.

The project ran out of money during the recession and had to stop construction halfway through. Morgan Stanley pulled out, taking a $1.2 billion loss on the project. It only got completed with the help of state tax incentives that were approved in February 2011.

___

Wayne Parry can be reached at http://twitter.com/WayneParryAC

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-02-19-Revel-Chapter%2011/id-7fb9ecdea0fe41ef954fb1a3ae267011

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Source: http://deals.deseretnews.com/public/deal/show/2963?s_cid=deals_rss

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Protesters clash with Japanese whalers, call for naval intervention

MELBOURNE (Reuters) - Anti-whaling activists called on Wednesday for Australia to send a naval vessel to the Southern Ocean after a confrontation in which they said a Japanese whaling ship collided with two of their protest vessels, damaging their flagship.

"The Nisshin Maru has rammed the Steve Irwin and the Bob Barker, but both vessels continue to hold their positions," Paul Watson, the founder of the Sea Shepherd Conservation Society which runs the protest boats, said in a statement.

Watson also accused Japanese coastguard personnel of throwing concussion grenades at their protest ships during a confrontation in the frigid waters near Antarctica and said the Bob Barker was taking on water in its engine room.

Australia said it was confirming the report of the incident. Neither the Japanese government nor its whaling authority immediately responded to the Sea Shepherd's account of the clash.

The Sea Shepherd group has clashed with the Japanese fleet for nine whaling seasons in the southern hemisphere summer, and has lost one of its ships, the high-speed trimaran Ady Gil which sank after a collision with a whaler in January 2010.

In the latest incident, the activists had been attempting to prevent an 8,000-tonne Japanese factory ship refueling from a tanker when the collision occurred, Sea Shepherd director Bob Brown told journalists in the Australian city of Melbourne.

Brown, a former Australian Greens party leader before quitting politics, said the two Sea Shepherd ships had been repeatedly rammed and called on Australia's government to dispatch a naval ship to the area to calm the tension.

"It is illegal to be ramming ships in any seas anywhere on the planet. It is illegal for a tanker to be carrying heavy fuel oil into Antarctic waters under international law," Brown said.

Australia sent an armed customs patrol ship to the Southern Ocean in 2008 to gather evidence of Japanese whaling methods for a legal challenge.

Australia has filed a complaint against Japan at the world court in the Hague to stop Southern Ocean scientific whaling. A decision could come this year.

"The government condemns so-called ?scientific' whaling in all waters and we urge everyone in the ocean to observe safety at sea," Australia's Environment Minister Tony Burke said in a statement.

Japan introduced scientific whaling to skirt a commercial whaling ban under a 1986 moratorium. It argues it has a right to monitor the whales' impact on its fishing industry.

A U.S. appeals court in December issued an injunction ordering Sea Shepherd and Paul Watson not to physically attack or endanger the five-ship Japanese whaling fleet.

(Reporting by Rob Taylor; Editing by Robert Birsel)

Source: http://news.yahoo.com/protesters-clash-japanese-whalers-call-naval-intervention-074914824.html

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Source: http://sprint.medienhof-wedding.de/2013/02/19/use-the-internet-for-your-business-benefit-with-these-speedy-ideas/

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Texas woman has two sets of identical twins in one day

(Reuters) - A Texas mother had a one-in-70-million kind of Valentine's Day this year when she gave birth to two sets of identical twin boys, a Houston hospital announced on Monday.

The four brothers were delivered at 31 weeks to Tressa Montalvo, 36, via Cesarean section at The Woman's Hospital of Texas in Houston, according to a news release from the hospital.

Tressa and Manuel Montalvo Jr. were not using any fertility drugs and had just hoped for a little brother or sister for their 2-year-old son, Memphis, according to the release.

"We planned the pregnancy - I guess we just succeeded a little too much!" said Tressa Montalvo, quoted in the release.

When Montalvo was 10 weeks pregnant, her physician told her she was having twins, and on a subsequent visit, the doctor detected a third heartbeat. The Montalvos were later informed they were having four babies - not quadruplets but two sets of twins.

The odds of delivering two sets of naturally occurring identical twins is somewhere in the range of 1 in 70 million, according to the hospital. Two boys shared one placenta and the two other boys shared another placenta.

Ace and Blaine were born at 8:51 a.m. on February 14 and weighed 3 pounds, 10 ounces (1.64 kg), and 3 pounds, 15 ounces (1.79 kg), respectively. Cash and Dylan followed a minute later, weighing 2 pounds, 15 ounces (1.33 kg), and 3 pounds, 6 ounces (1.53 kg), respectively.

"We tried to stick to the A-B-C-D theme when naming them," Tressa Montalvo said. "We didn't expect it, we were trying for just one and we were blessed with four."

Manuel Montalvo said in the release that they're not done yet - he still wants a girl.

(Reporting By Mary Wisniewski in Chicago; Editing by Eric Beech)

Source: http://news.yahoo.com/texas-woman-two-sets-identical-twins-one-day-034142242.html

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Tuesday, February 19, 2013

New RP Idea!

Warning: this RP is heavily based after My Chemical Romance?s Helena and Green Day?s 21 Guns. This will also be an adult RP.

Cold Like A Corpse.

?Death is a promise. Never broken and completely unpredictable.?

This rock star had it all, one of two front men of a popular rock band known as, We R Dead. He had everything he had ever dreamed of, even the perfect girlfriend. She a famous Gothic Clothing Model, with a less than perfect life, on the verge of death most of the time, she hid it well. She just couldn?t seem to keep the drugs out of her system and the razor off her wrist. Nevertheless they fell in love and he loved everything about her, unfortunately there was just no saving her.
After only a year together he had planned on purposing to her. An accidental overdose claiming her life just hours before he was planning on popping the question, the rock star devastated couldn?t let it go, wouldn?t let it go.

His Best friend and the other lead singer to the famous rock band, has never been quite as lucky as his best friend, in fact he is quite jealous of him. Even though he is the other front man, his friend always seemed to get more publicity then him. He never had much luck with girls and she should have been his in the first place after all he was the one who had saved her after her first overdose before his friend starting dating her. Secretly he wanted to bring her back for his own selfish reasons.
X
X
Then they found her? Madam De La Feeah, the young and beautiful black magic witch, her home hidden deep in the swamps of Louisiana. The Madam is their only hope and she will succeed, she will bring his girlfriend back?but at a price.

Without asking he agrees, only to realize too late that his soul and his best friends soul, the other leading front man of We R Dead, now belong to her, and his girlfriend remembers nothing of him of the life she once knew.

Characters

NAME||AGE||Role: The Rock Star ||FC Billie Joe Armstrong||OPEN

NAME||AGE||Role: The Girlfriend||FC Taylor Momsen||TAKEN by me!

NAME||AGE||Role: Best Friend/Other front man||FC Gerard Way ||OPEN

NAME||AGE||Role: Black Magic Witch||FC Evan Rachel Wood ||OPEN

NAME||AGE||Role: The Witch Doctor||FC Tyler Kitsch ||OPEN

NAME||AGE||Role: The Witch?s Prot?g? ||FC Taylor Swift ||OPEN

CHARATER SHEET AND ROLES TO COME!

I will only do this RP if I can get enough interest! I Really love the Idea and was hoping I could find some others who might also be interested! I am open to tweaking the plot line and hearing others idea's though I want to try and stick to the GENERAL plot! Hope you guys are interested!

Source: http://feedproxy.google.com/~r/RolePlayGateway/~3/D-LZB4HTptE/viewtopic.php

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Merrick gets his first win at home

LOS ANGELES (AP) ? John Merrick never allowed himself to think about winning at Riviera.

Not when he was a kid attending his local PGA Tour event. Not when he was at UCLA and could play the fabled course. And certainly not late Sunday afternoon in a playoff when he faced a daunting 3-iron shot under a row of eucalyptus trees, and his opponent was in the middle of the fairway with a wedge in his hand.

No wonder Merrick was at a loss for words when he won the Northern Trust Open.

"Yeah, you dream," Merrick said, his eyes still glossy. "When you're alone sometimes, you think about different scenarios of winning tournaments. It was fun. We would always play here at UCLA and have great games out here. To be able to play the tournament was a dream of mine. But to win? I can't describe it. It's so much fun."

Merrick hit the perfect shot under the trees on the 18th to escape with par, and he followed with another flawless shot to a skinny section of the 10th green on the second playoff hole to 18 feet. He made another par, and won when Charlie Beljan missed a 5-foot par putt.

It was the second straight year the Northern Trust Open was decided in a playoff on the 10th, a diabolical par 4 at 315 yards that requires skill and strategy, a hole where players are happy to walk off with par. Beljan made bogey twice on the 10th, once in a regulation and then when the tournament was on the line.

He went long and left both times, and in the playoff, his chip didn't quite reach the green and he took three putts from 70 feet.

"I think you could play here 10,000 times and still not know how to play No. 10," he said. "Eighteen is a great golf hole. I just find it tough that we go to No. 10 to play a playoff hole. I think it's a great hole, don't get me wrong. I'm not knocking it. But it's just a tough hole to have a playoff on. We might as well go and put a windmill out there and hit some putts."

Beljan, famous for having an anxiety attack when he won at Disney late last year, holed an 18-foot birdie putt on the 18th hole, similar to the theatrics provided last year by Phil Mickelson and Keegan Bradley, to close with a 4-under 67 and wind up in a playoff.

Merrick, who grew up in Long Beach, had a number of big breaks on the back nine. None was bigger than his second shot on the par-5 17th headed toward the trees, only to find that he had just enough of a gap to go for the green and make par. He had a 69 and finished on 11-under 273.

He also hit the trees with his tee shot on the 15th, and while it left him a hybrid to reach the green, it could have gone anywhere.

"You give me 100 balls off that tee, I'm not going to be there in that spot," Merrick said. "I just hit a bad tee shot and was able to make par there."

Such are the breaks it takes to win, and for Merrick, it was a long time coming. He won in his 169th start on the PGA Tour, earned another trip to the Masters and is virtually assured to qualifying for his first World Golf Championship next month at Doral.

Fredrik Jacobson missed a 4-foot par putt on the 18th hole that would have put the Swede in a playoff. He wound up with a 69 and tied for third with Charl Schwartzel (70) and Bill Haas (73), who also had chances to win at different stages in their rounds.

The final round contained far more drama than anyone imagined at the start of the day, when Haas had a three-shot lead. Six players were separated by one shot going into the final hour at Riviera, and it easily could have been a repeat of that six-man playoff in 2001 in the cold rain.

This pleasant day of bright sunshine brought a few cloudy moments.

Hunter Mahan was tied for the lead after a 30-foot birdie on the 14th, only to drop four shots on the last four holes. Nothing stung worse than the par-5 17th, where he three-putted from about 30 feet for bogey. He wound up with a 69. Jacobson was tied for the lead when he missed an 8-foot birdie attempt on the 17th, and then badly pulled a 4-foot par putt on the last hole and missed out on the playoff. The Swede closed with a 69, and bristled when asked about the final hole.

"You want me to touch that one, only that one? I cannot speak about something else?" he said, before eventually conceding, "The last putt wasn't very good."

No one was more disgusted than Schwartzel, the former Masters champion. One shot out of the lead, he missed a 10-foot birdie putt on the par-3 16th, and then three-putted the 17th, missing a 6-footer for birdie. He closed with a 70 and tied for third, his seventh straight finish in the top five around the world.

Haas faded much sooner. He made five bogeys in a seven-hole stretch in the middle of his round, and his birdie-birdie finish allowed him to tie for third.

"Positives to be taken, but overall, you don't get this many opportunities," Haas said. "A three-shot lead at one of the best tournaments of the year is a great opportunity that I squandered."

Haas looked to be in good position to join Mickelson, Mike Weir, Corey Pavin and Ben Hogan as the only back-to-back winners at Riviera. And when he dropped in a 30-foot birdie putt on the third hole, he looked as though he would be tough to catch.

Instead of running away from the field, he let everyone back into the tournament. Haas made back-to-back bogeys late on the front nine, and his lead was down to one when he made the turn. It all began to take shape at No. 10, the hole where a year ago Haas holed a 45-foot birdie putt to win in a playoff.

Merrick laid up on the short par 4, and his wedge was inches from tumbling into a front bunker when it checked up on the fringe. He made birdie from just inside 15 feet and tied Haas for the lead.

Haas went just through the green and rolled down a slope into the rough, and from there he pitched too strong and into the bunker. He failed to get up-and-down and made bogey to fall out of the lead for the first time all day, and he never caught up. His tee shots sailed into the trees and into the rough, and he was out of the picture.

Beljan's only bogey in the final round was on the 10th hole. He was flawless the rest of the way, until coming to the 10th hole in a playoff with the tournament on the line.

"I made every clutch putt that you would ever ask to make," Beljan said. "And then to make that putt on 18 and hear the roar was really special. Obviously, not the way I wanted to end it, but you know what? You win some, you lose some, and that's how it goes."

Source: http://news.yahoo.com/merrick-gets-first-win-home-002607103--spt.html

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