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 because well as Caesars Entertainment Corporation does these days. And despite continuing to transport the gaming industry’s heaviest debt load hovering at the $24 billion mark, buying and building new properties does not seem to be always a problem with this casino conglomerate.
Lately, they’ve been in talks with Japanese leaders to construct a potential new casino in Osaka just as gaming is legalized in Japan, and now the latest news, based on some insider reports, is that they have their eye on Atlantic City’s problem child casino, Revel.
Could Revel Be Next on Their List?
Revel officially went into bankruptcy right 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 two weeks to submit a bid, and according to Bloomberg, Caesars just isn’t a slam dunk for this acquisition; nor is it even 100 % particular they will also move to do so.
Other contenders are definitely in 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 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 new sort of lost its appeal, apparently.
Who knows who to trust here, but if the inside scoop at Bloomberg proves proper, Caesars would end up keeping five Atlantic City casinos, that is very nearly half of this city’s staying 11 presently in procedure. And that’s not even taking under consideration the now-closed Atlantic Club that Caesars purchased at a fire sale auction for practically nothing by the end of 2013.
NJDGE May Force A sale
All this local purchase and existence may not sit well, nonetheless, 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 relates to as ‘undue economic concentration’ into the city.
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 shares.
Just 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 within their fold. Biggest for that situation would be either Bally’s or the Showboat, as their moneymakers don’t shake because well as Caesars AC or Harrah’s AC; the latter two have now 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 off near to one billion bucks in debt so they wouldn’t need to sink anymore to the property’s money-pit construction funding. By the time Revel opened 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 had been the noise of silence. Despite investing $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 dictum and advertising just what some later called misleading ‘free money 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 general gaming revenue ladder.
Simply how much might Caesars or any bidder, for example ante up for Revel if they in fact purchase it? No one knows yet. But for both Caesars and Atlantic City, making more money 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 within the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods may have been rejected in Milford, nonetheless they’re not giving up on the fantasy of a Massachusetts casino just yet. As was speculated for some right time now, Foxwoods and the city of Fall River are working together to produce a casino proposal that they wish should be able to win 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 stated that the casino could create as many as 5,000 jobs for the town, which includes continued to have problems with an unemployment rate that is far greater than that of Massachusetts as a whole.
Based on 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 activities.
‘We want this to be a destination here in Massachusetts as well as the Northeast,’ Mayor Flanagan said.
Foxwoods CEO and president Scott Butera agreed that the casino will be a ‘destination resort,’ saying that major properties including the one they have prepared are ‘economic engines like nothing else in the world.’
While Foxwoods was refused from Milford, they feel confident that they’re going to be welcomed in Fall River.
‘ We realize it’s the right home for us,’ Butera said.
Locals Help Foxwoods Venture
Regional professionals on the casino industry agree with Butera’s assessment. Professor Clyde Barrow of this University of Massachusetts-Dartmouth says that non-binding votes and public polling have consistently shown help for a casino into the Fall River area.
‘ Assuming they get a site and certainly will negotiate a number contract, I have actually no doubt a casino proposal would pass in Fall River,’ stated Barrow.
Getting a web site seems to be the largest sticking point in the plan during the moment. While Foxwoods features a rough plan of what they’d like to do in Fall River, they don’t yet have any land to build on yet.
Which was a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be willing to sell large parcels of land. Foxwoods is reportedly trying to find a website of 30 to 70 acres on which to build, aided by the mayor stating that a waterfront web site will be ideal.
Foxwoods must be in a position to move quickly, while the casino firm has already undergone background checks and received a suitability ruling throughout their campaign to create a casino in Milford.
Foxwoods would now be competing for the casino license obtainable in Southeastern Massachusetts. While the licenses for Western Massachusetts and Greater Boston will be awarded in a matter of months, the Southeastern license ended up being 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, hawaii gambling commission lifted the freeze https://myfreepokies.com/indian-dreaming-slot-review/ on the Southeastern region year that is last. Foxwoods has become just the 2nd 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 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 web gambling market in brand New Jersey may possibly not be pulling in the revenues that are enormous Governor Chris Christie predicted, but overall, the launch has been viewed as a success for the state’s casinos. But even due to the fact New Jersey Internet gambling market is in its infancy, some legislators are thinking ahead to the way the state could capitalize on legal on the web gambling throughout the world.
A brand new proposal from nj-new Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City gambling enterprises and their partners who have actually earned online gambling licenses in their state to offer their games in other regulated jurisdictions because well. That will take New Jersey’s online offerings out of an admittedly big cottage industry and onto a much broader stage, where the potential profits for casinos as well as the state are nearly limitless.
‘This starts up the market that is worldwide us, the $30 billion Big Kahuna,’ stated 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 web sites. The idea was first floated by Lesniak last year, before the first internet sites even went live. Under that version of the legislation, on the web gambling businesses from all over the world might have been welcomed to New Jersey, potentially turning hawaii into a gambling hub that is international. That legislation was later changed to need businesses to use specifically away from Atlantic City, and to remove a requirement that online 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 current plan, nj’s licensed casinos and their online gambling lovers is permitted 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 global market alternatively.
The bill would also need payment processors to be certified within the same manner as nj’s casinos and their online gambling lovers. This would hopefully solve some of the present dilemmas players are having with financial institutions preventing online gambling payments from being processed for the state’s regulated web sites. Many major banking institutions have now been wary of approving gambling that is online for an assortment of reasons, including confusion over just how state and federal laws communicate on this problem. It really is hoped that licensing payment processors could help ease these issues.
Lesniak believes that such legislation would allow New Jersey to reap the maximum benefit from its relationship with online gambling.
‘[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 worldwide gaming companies to New Jersey, producing jobs, state revenue and financial expansion.
‘Our company is well placed to make use 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.