Hail, Caesars Entertainment: the casino company may or may not be eyeing Atlantic City’s Revel as their newest acquisition
We doubt that the Roman emperor himself kept his name center and front since well as Caesars Entertainment Corporation does today. And despite continuing to carry the gaming industry’s debt load that is heaviest hovering at the $24 billion mark, buying and building new properties does not appear to be always a problem with this casino conglomerate.
Lately, they have been in talks with Japanese leaders to create a possible new casino in Osaka just as video gaming is legalized in Japan, and now the latest news, in accordance with some insider reports, is that they have their attention on Atlantic City’s issue son or daughter casino, Revel.
Could Revel Be Next on Their List?
Revel formally went into bankruptcy straight back in March 2013; not even 12 months into its once-gloriously touted entrance onto the Atlantic City land gaming that is beleaguered scene. Now anyone interested in snatching the casino up has under a couple of weeks to submit a bid, and according to Bloomberg, Caesars isn’t a slam dunk with this acquisition; nor is it even 100 % specific they will even move to do so.
Other contenders are definitely in the mix; those include Orlando-based intense Rock Overseas, who the ny Post last thirty days reported as being in ‘advanced negotiations’ for the purchase. That was after a decision by Hard Rock to scrap plans to build their casino that is own in New Jersey gambling mecca back in 2012; reportedly because in a nutshell the casino business is pretty much down for the count for the reason that town. With revenues dipped to a three-decade low in 2013 largely due to massive competition from surrounding states building one thing brand new sort of lost its appeal, evidently.
Who knows who to believe right here, if the inside scoop at Bloomberg shows proper, Caesars would end up keeping five Atlantic City casinos, which is almost half associated with the town’s staying 11 currently in procedure. And that’s not even taking under consideration the Atlantic that is now-closed Club Caesars bought at a fire sale auction for practically nothing at the end of 2013.
NJDGE May Force A sale
All of this local purchase and existence may not sit well, however, with New Jersey’s Division of Gaming Enforcement (DGE), which does not take fondly to what would essentially amount to some antitrust issues by holding what the DGE refers to as ‘undue economic concentration’ within the town.
If the Revel purchase become reality, it would push Caesars presence in Atlantic City’s casinos up to 47.2 percent in terms of revenue stocks.
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 down one of its other four extant casinos should they add Revel into their fold. Most obvious for that scenario 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 have already been trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a monthly basis.
In terms of Revel, the casino has nowhere to go but up. Even pre-opening, investor Morgan Stanley had already chosen to write down close to one billion dollars with debt so they really wouldn’t anymore have to sink into 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 devices and tables was the sound of silence. Despite spending $2.4 billion on the casino, clients in the somewhat more Atlantic that is blue-collar City evidently did not feel at home here. And despite later reversing the no smoking cigarettes dictum and advertising exactly what some later called deceptive ‘free cash for play’ to gamblers, the numbers simply never truly picked up; for 2013, the casino came in eighth out of (then) 12 for Atlantic City’s general video gaming revenue ladder.
How much might Caesars or any bidder, for that matter ante up for Revel if they in fact buy it? No body knows yet. However for both Caesars and Atlantic City, making more money than they spend could be a goal that is good 2014.
Foxwoods Fall River Casino Goes Official, But Still Needs a website
Foxwoods is still into the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods might have been rejected in Milford, but they’re not giving up on their dream of a Massachusetts casino at this time. As happens to be speculated for some right time now, Foxwoods and the city of Fall River will work together to create a casino proposition that they wish will be able to win certainly one of the three casino licenses available in the state.
Economic Boost 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 said that the casino could create as many as 5,000 jobs for the city, which includes continued to suffer from an unemployment rate that is far more than that of Massachusetts as a whole.
According to officials, the casino would feature 140,000 square feet of gaming, along with up to 20 restaurants, a hotel, a convention center and venues for concerts and other activities.
‘We want this become a destination here in Massachusetts as well as the Northeast,’ Mayor Flanagan stated.
Foxwoods CEO and president Scott Butera agreed that the casino would have been a ‘destination resort,’ saying that major properties like the one they have planned are ‘economic engines like nothing else in the world.’
While Foxwoods was rejected from Milford, they feel confident that they can be welcomed in Fall River.
‘ We know it’s the home that is right us,’ Butera said.
Locals Help Foxwoods Project
Local specialists on the casino industry agree with Butera’s assessment. Professor Clyde Barrow for the University of Massachusetts-Dartmouth says that non-binding votes and polling that is public consistently shown support for a casino in the Fall River area.
‘ Assuming they get a site and can negotiate a host agreement, I have no doubt a casino proposal would pass in Fall River,’ said Barrow.
Getting a site appears to be the sticking point that is largest in the plan during the moment. While Foxwoods features a rough plan of what they’d prefer to do in Fall River, they don’t yet have any land to build on yet.
Which was a major focus of the Tuesday press conference, as Mayor Flanagan appealed to owners whom might potentially be ready to sell large parcels of land. Foxwoods is reportedly looking for a website of 30 to 70 acres on which to build, using the mayor stating that a waterfront web site will be ideal.
Foxwoods ought to be able to move quickly, because the casino firm has already withstood background checks and received a suitability ruling during their campaign to build a casino in Milford.
Foxwoods would now be competing for the casino license available in Southeastern Massachusetts. While the licenses for Western Massachusetts and Greater Boston will be awarded in a matter of months, the Southeastern license was delayed as state regulators allowed the Mashpee Wampanoag tribe to try and gain land on which to create a casino in Taunton. With that process apparently stalled, the state gambling commission lifted the freeze on the Southeastern region last 12 months. Foxwoods has become just the second company to 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-new Jersey Legislators Reintroduce International Online Gambling Bill
If brand new legislation goes through in brand new Jersey, the Garden State could develop into a global player within the on line gaming universe.
The internet gambling market in New Jersey might not be pulling in the enormous revenues that Governor Chris Christie predicted, but overall, the launch has been viewed as a success for the state’s gambling enterprises. But even while the New Jersey Internet market that is betting in its infancy, some legislators are thinking ahead to the way the state could capitalize on legal online gambling all over the world.
A proposal that is new nj-new Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City casinos and their partners who have earned online gambling licenses in hawaii to offer their games in other regulated jurisdictions because well. That will take nj’s online offerings away from an admittedly big cottage industry and onto a much broader stage, where in fact the potential earnings for casinos plus the local government are nearly limitless.
‘This starts up the market that is worldwide us, the $30 billion Big Kahuna,’ said Senator Lesniak.
This bill is perhaps not the first time New 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 year that is last before the first web sites also went real time. Under that version of the legislation, on line gambling businesses from worldwide might have been welcomed to New Jersey, potentially switching hawaii into a gambling hub that is international. That legislation was later changed to need companies to operate specifically away from 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 of the legislation simplifies those proposals. Underneath the present plan, nj-new jersey’s licensed casinos and their online gambling partners could be allowed to offer their services in other regulated jurisdictions. In the place of bringing the planet of gambling to your state, it allows New Jersey’s online casino industry to reach out to the massive worldwide market alternatively.
The bill would also require re payment processors to be certified within the way that is same nj-new jersey’s casinos and their online gambling lovers. This would hopefully re solve some regarding the current dilemmas players are having with finance institutions preventing on the web gambling payments from being processed for the state’s regulated web sites. Many major banks were wary of approving gambling that is online for a number of reasons, including confusion over just how state and federal laws interact on this issue. It’s hoped that licensing re payment processors may help ease these concerns.
Lesniak thinks that such legislation would allow New Jersey to reap the maximum benefit from online gambling to its association.
‘[The bill] would put New Jersey at the hub of an international gaming industry that is likely to experience rapid growth in the years ahead,’ Lesniak said as he first introduced the bill in November. ‘The plan would assist attract international gaming companies to New Jersey, producing jobs, state income and financial expansion.
‘We are well positioned to benefit from a dynamic opportunity to be during the hub of a new business sector with the potential for economic growth and job creation indian dreaming slots,’ the senator added.