Hail, Caesars Entertainment: the casino company may or may not be eyeing Atlantic City’s Revel as their newest acquisition
We question that the Roman emperor himself kept his name center and front as well as Caesars Entertainment Corporation does these days. And despite continuing to hold the gaming industry’s heaviest debt load hovering at the $24 billion mark, buying and building new properties doesn’t seem to be always a issue with this casino conglomerate.
Lately, they are in talks with Japanese leaders to construct a possible new casino in Osaka just as gaming is legalized in Japan, and now the news that is latest, in accordance with some insider reports, is the fact that they’ve their eye on Atlantic City’s problem son or daughter casino, Revel.
Could Revel Be Next on Their List?
Revel officially went into bankruptcy back in March 2013; not even 12 months into its once-gloriously touted entrance onto the beleaguered Atlantic City land gaming scene. Now anyone interested in snatching the casino up has under fourteen days to submit a bid, and according to Bloomberg, Caesars is not a slam dunk for this acquisition; neither is it even 100 percent specific they will also take action to take action.
Other contenders are definitely in the mix; those include Orlando-based intense Rock Overseas, who the ny Post month that is last as being in ‘advanced negotiations’ for the purchase. That was following a decision by Hard Rock to scrap plans to build their own casino in the New Jersey gambling mecca back 2012; reportedly because in a nutshell the casino business is pretty much down for the count for the reason that town. With profits dipped to a three-decade low in 2013 largely due to competition that is massive surrounding states building something brand new sort of lost its appeal, apparently.
Who knows who to think right here, if the inside scoop at Bloomberg shows proper, Caesars would find yourself keeping five Atlantic City casinos, which is almost half of this city’s remaining 11 presently in procedure. And that’s not even taking into account the now-closed Atlantic Club that Caesars purchased at a fire sale auction for absolutely nothing by the end of 2013.
NJDGE May Force A sale
All of this local acquisition and existence may well not sit well, nevertheless, with New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to just what would essentially amount to some antitrust issues by holding what the DGE describes as ‘undue economic concentration’ into the city.
Should the Revel purchase become reality, it would push Caesars presence in Atlantic City’s casinos up to 47.2 percent in terms of revenue shares.
What all of it adds up to in this still very hypothetical situation is that the DGE could actually force Caesars to either sell off or shut straight down one of its other four extant gambling enterprises should they add Revel within their fold. Biggest for that situation would be either Bally’s or the Showboat, as their moneymakers don’t shake since well as Caesars AC or Harrah’s AC; the latter two are trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a basis that is monthly.
In terms of Revel, the casino has nowhere to go but up. Even pre-opening, investor Morgan Stanley had already chosen to write off close to one billion bucks in debt so they wouldn’t anymore have to sink in to the property’s money-pit construction funding. By the time Revel started its doorways in 2012 with a much-touted ‘no smoking anywhere in the casino’ policy all it mostly heard at the slot machines and tables was the noise of silence. Despite investing $2.4 billion on the casino, clients in the somewhat more Atlantic that is blue-collar City apparently did not feel in the home here. And despite later reversing the no smoking cigarettes dictum and marketing what some later called deceptive ‘free cash for play’ to gamblers, the true numbers just never really picked up; for 2013, the casino came in eighth away from (then) 12 for Atlantic City’s overall gaming revenue ladder.
Just how much might Caesars or any bidder, for example ante up for Revel if they in fact purchase it? Nobody understands yet. But also for both Caesars and Atlantic City, making more cash than they spend could be a goal that is good 2014.
Foxwoods Fall River Casino Goes Official, But Nevertheless Needs a Site
Foxwoods is still in the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods might have been refused in Milford, but they’re not giving up on their fantasy of a Massachusetts casino at this time. As has been speculated for some time now, Foxwoods and the town of Fall River are working together to produce a casino proposition that they hope will be able to win one of the three casino licenses available in the state.
Economic Increase for City
The plans were announced at a press conference recently, in which Mayor William Flanagan and officials from Foxwoods made public their plan to bring a $750 million resort casino to the town. The mayor stated that the casino could produce as many as 5,000 jobs for the populous city, which has continued to suffer from an unemployment rate that is far more than that of Massachusetts as a whole.
In accordance with officials, the casino would feature 140,000 square feet of gaming, along side up to 20 restaurants, a hotel, a convention center and venues for concerts and other events.
‘We want this become a destination here in Massachusetts also the Northeast,’ Mayor Flanagan said.
Foxwoods CEO and president Scott Butera agreed that the casino would have been a ‘destination resort,’ saying that major properties such as the one they have prepared are ‘economic engines like nothing else into the world.’
While Foxwoods was refused from Milford, they feel confident that they can be welcomed in Fall River.
‘ We all know it’s the right home for us,’ Butera said.
Locals Support Foxwoods Project
Neighborhood professionals regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow for the University of Massachusetts-Dartmouth says that non-binding votes and general public polling have actually consistently shown help for a casino within the Fall River area.
‘ Assuming they get a site and certainly will negotiate a bunch agreement, I have no doubt a casino proposal would pass in Fall River,’ stated Barrow.
Getting a site is apparently the largest sticking point in the master plan at the moment. While Foxwoods has a plan that is rough of they’d prefer to do in Fall River, they don’t yet have any land to build on yet.
That was a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be ready to offer large parcels of land. Foxwoods is apparently trying to find a site of 30 to 70 acres on which to build, with the mayor saying that a waterfront web site will be ideal.
Foxwoods should really be in a position to move quickly, as the casino firm has already withstood criminal record checks and received a suitability ruling during their campaign to create a casino in Milford.
Foxwoods would now be competing for the casino license obtainable in Southeastern Massachusetts. The southeastern license was delayed as state regulators allowed the Mashpee Wampanoag tribe to attempt to gain land on which to build a casino in Taunton while the licenses for Western Massachusetts and Greater Boston will be awarded in a matter of months. With that process apparently stalled, hawaii gambling commission lifted the freeze on the Southeastern region last year. Foxwoods has become simply the company that is second seek a casino in the region, joining KG Urban, which is looking to build a casino in New Bedford.
For Foxwoods, the strange series of events that brought them to Fall River feels like divine intervention.
Nj Legislators Reintroduce International Online Gambling Bill
If new legislation goes through in brand new Jersey, the Garden State could develop into a global player in the on the web gaming universe.
The web gambling market in New Jersey may possibly not be pulling in the revenues that are enormous Governor Chris Christie predicted, but overall, the launch has been seen as a success for the state’s gambling enterprises. But even once the New Jersey Internet market that is betting in its infancy, some legislators are thinking ahead to how a state could capitalize on legal on line gambling around the globe.
A proposal that is new New Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City casinos and their partners who have earned online gambling licenses in the state to offer their games in other regulated jurisdictions as well. That will take nj-new jersey’s online offerings out of an admittedly big cottage industry and onto a much broader stage, where in actuality the potential profits for casinos and the state government are nearly limitless.
‘This opens up the worldwide market to us, the $30 billion Big Kahuna,’ said Senator Lesniak.
This bill is not the time that is first Jersey’s legislators have taken a look at where else the state’s licensees might offer their online gaming internet sites. The concept was very first floated by Lesniak last year, before the first web sites even went live. Under that version of the legislation, online gambling organizations from all over the world would have been welcomed to New Jersey, potentially switching hawaii into a gambling hub that is international. That legislation was later changed to require businesses to operate specifically out of Atlantic City, and to eliminate a requirement that on line gambling firms help fund the state’s horseracing industry.
Stepping Outside State Lines
The new version associated with the legislation simplifies those proposals. Beneath the plan that is current New Jersey’s licensed casinos and their online gambling lovers will be allowed to offer their services in other regulated jurisdictions. In place of bringing the indian dreaming pokie machine world of gambling to the state, it allows New Jersey’s online casino industry to touch base to the massive global market rather.
The bill would also require re payment processors become licensed in the way that is same New Jersey’s casinos and their online gambling lovers. This would hopefully re solve some for the present issues players are having with financial institutions preventing online gambling payments from being processed for their state’s regulated sites. Many major banks are wary of approving gambling that is online for a number of reasons, including confusion over exactly how state and federal laws communicate on this problem. It really is hoped that licensing payment processors could help ease these concerns.
Lesniak believes that such legislation would allow New Jersey to reap the maximum benefit from online gambling to its association.
‘[The bill] would put nj-new Jersey at the hub of an international gaming industry that is expected to experience rapid growth in the years ahead,’ Lesniak said as he first introduced the bill in November. ‘The plan would help attract international gaming companies to New Jersey, producing jobs, state income and expansion that is economic.
‘we have been well placed to take advantage of a powerful opportunity to be during the hub of a new business sector with the potential for economic growth and job creation,’ the senator added.