Caesars Preps for Possible Revel-ation in Atlantic City

Hail, Caesars Entertainment: the casino company may or may not be eyeing Atlantic City’s Revel as their acquisition that is newest
We doubt that the Roman emperor himself kept his name front and center because well as Caesars Entertainment Corporation does these days. And despite continuing to hold the gaming industry’s debt load that is heaviest hovering at the $24 billion mark, buying and building new properties does not seem to be always a problem for this casino conglomerate.
Lately, they have been in talks with Japanese leaders to construct a possible new casino in Osaka just as video gaming is legalized in Japan, and now the news that is latest, based on some insider reports, is that they have their eye on Atlantic City’s issue son or daughter casino, Revel.
Could Revel Stay 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 video gaming scene. Now anyone interested in snatching the casino up will have indian dreaming slots online under fourteen days to submit a bid, and according to Bloomberg, Caesars isn’t a slam dunk for this purchase; nor is it even 100 % certain they shall even make a move to take action.
Other contenders are within the mix; those include Orlando-based complex Rock Global, who the New York 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; apparently because in a nutshell the casino business is pretty much down for the count in that town. With revenues dipped to a three-decade reduced in 2013 largely due to massive competition from surrounding states building one thing brand new sort of lost its appeal, apparently.
Who knows who to believe here, but if the inside scoop at Bloomberg shows proper, Caesars would wind up holding five Atlantic City casinos, which is very nearly half of the town’s staying 11 currently in operation. And that’s not even taking into consideration the now-closed Atlantic Club that Caesars purchased at a fire sale auction for absolutely nothing at the end of 2013.
NJDGE May Force A purchase
All of this acquisition that is local presence may well not sit well, nonetheless, with New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to exactly what would essentially amount to some antitrust issues by holding what the DGE refers to as ‘undue economic concentration’ into 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.
Just What it all 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 into their fold. Most obvious 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 have already been trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a monthly basis.
The casino has nowhere to go but up as for revel. Even pre-opening, investor Morgan Stanley had already chosen to write off near to one billion bucks in debt so they really wouldn’t need to sink anymore in to the property’s money-pit construction funding. By the time Revel launched its doors in 2012 with a much-touted ‘no smoking anywhere in the casino’ policy all it mostly heard at the slot devices and tables had been the noise of silence. Despite spending $2.4 billion on the casino, patrons in the somewhat more Atlantic that is blue-collar City evidently did not feel at home there. And despite later reversing the no cigarette smoking dictum and marketing just what some later called misleading ‘free cash for play’ to gamblers, the true numbers simply hardly ever really picked up; for 2013, the casino came in eighth away from (then) 12 for Atlantic City’s overall video gaming revenue ladder.
How much might Caesars or any bidder, for instance ante up for Revel if they in fact buy it? Nobody knows yet. But for both Caesars and Atlantic City, making more cash than they spend may be a goal that is good 2014.
Foxwoods Fall River Casino Goes Official, But Nevertheless 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 refused in Milford, but they’re not quitting on the fantasy of a Massachusetts casino at this time. As happens to be speculated for some right time now, Foxwoods and the town of Fall River will work together to create a casino proposal that they wish 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 city. The mayor said that the casino could create as many as 5,000 jobs for the city, which includes continued to suffer with an unemployment price that is far greater than that of Massachusetts as a whole.
In accordance with 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 as well as other occasions.
‘We want this become a destination here in Massachusetts in addition to the Northeast,’ Mayor Flanagan said.
Foxwoods CEO and president Scott Butera agreed that the casino would be a ‘destination resort,’ saying that major properties including the one they have planned are ‘economic engines like nothing else in the global world.’
While Foxwoods was refused from Milford, they feel confident that they’re going to be welcomed in Fall River.
‘ We understand it’s the right home for us,’ Butera said.
Locals Help Foxwoods Project
Regional experts in the casino industry agree with Butera’s assessment. Professor Clyde Barrow associated with the University of Massachusetts-Dartmouth says that non-binding votes and public polling have actually consistently shown support for a casino into the Fall River area.
‘ Assuming they get a site and can negotiate a host agreement, I have actually without doubt a casino proposal would pass in Fall River,’ stated Barrow.
Getting a site seems to be the largest sticking point in the plan at the moment. While Foxwoods includes a plan that is rough of they’d want to do in Fall River, they do not yet have any land to build on yet.
That has been a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be prepared to offer large parcels of land. Foxwoods is reportedly seeking a website of 30 to 70 acres on which to build, with the mayor saying that a waterfront web site would be ideal.
Foxwoods should be able to move quickly, since the casino firm has already undergone criminal record checks and received a suitability ruling in their campaign to create 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 to gain land on which to develop a casino in Taunton. With that process seemingly stalled, their state gambling commission lifted the freeze on the Southeastern region last 12 months. Foxwoods has become just the second business to look for 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.
New Jersey Legislators Reintroduce International Online Gambling Bill
The Garden State could become a global player in the online gaming universe if new legislation goes through in New Jersey.
The online 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 while 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 the web gambling around the globe.
Going Global
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 actually earned online gambling licenses in the state to supply their games in other regulated jurisdictions as well. That could take New Jersey’s online offerings out of a cottage that is admittedly large and onto a much broader stage, in which the potential earnings for casinos as well as the state government are nearly limitless.
‘This starts up the market that is worldwide us, the $30 billion Big Kahuna,’ stated Senator Lesniak.
This bill is perhaps not the first time New Jersey’s legislators have taken a glance at where else the state’s licensees might offer their online gaming web sites. The concept was first floated by Lesniak year that is last before the first sites also went live. Under that version of the legislation, online gambling organizations from worldwide would have been welcomed to New Jersey, potentially turning hawaii into a gambling hub that is international. That legislation was later changed to require organizations to work 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 version that is new of legislation simplifies those proposals. Underneath the plan that is current nj’s licensed casinos and their online gambling lovers could be permitted to offer their services in other regulated jurisdictions. In the place of bringing the planet of gambling to the state, it will allow New Jersey’s online casino industry to touch base to the massive worldwide market rather.
The bill would also require re payment processors become certified into the same way as nj-new jersey’s casinos and their online gambling partners. This would hopefully solve some of this present dilemmas players are having with financial institutions online that is preventing gambling from being processed for the state’s regulated web sites. Many major banks have already been wary of approving online gambling transactions for an assortment of reasons, including confusion over just how state and federal laws interact on this issue. It’s hoped that licensing re payment processors could 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 nj-new Jersey at the hub of an international gaming industry that is anticipated 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, creating jobs, state revenue and financial expansion.
‘Our company is well positioned to make the most of a dynamic opportunity to be at the hub of a new business sector with the potential for economic growth and job creation,’ the senator added.
