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 as 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 doesn’t appear to become a problem because of this casino conglomerate.
Lately, they have been in talks with Japanese leaders to create a potential new casino in Osaka just as gaming is legalized in Japan, and now the news that is latest, according to some insider reports, is they’ve their eye on Atlantic City’s problem youngster casino, Revel.
Could Revel Stay Next on Their List?
Revel formally went into bankruptcy right 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 has under a couple of 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 shall also take action to take action.
Other contenders are in the mix; those include Orlando-based intense Rock International, who the New York Post month that is last 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 2012; reportedly because in a nutshell the casino business is pretty much down for the count in that town. With profits 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, apparently.
Who knows who to trust right here, if the inside scoop at Bloomberg proves proper, Caesars would become holding five Atlantic City casinos, that is almost half for the town’s remaining 11 presently in procedure. And that’s not even taking into account the Atlantic that is now-closed Club Caesars purchased at a fire purchase auction for practically nothing at the end of 2013.
NJDGE May Force A purchase
All of this local acquisition and presence may well not sit well, but, with brand New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to exactly what would fundamentally 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 existence in Atlantic City’s casinos up to 47.2 percent in terms of revenue shares.
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 down one of its other four extant casinos should they add Revel into their fold. Biggest for that scenario would be either Bally’s or the Showboat, as their moneymakers don’t shake as 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.
The casino has nowhere to go but up as for revel. Even pre-opening, investor Morgan Stanley had already chosen to write down near to one billion bucks in debt so they really wouldn’t have to sink anymore in to the property’s money-pit construction funding. By the time Revel launched 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 spending $2.4 billion on the casino, clients in the somewhat more blue-collar Atlantic City demographic apparently don’t feel at home there. And despite later reversing the no smoking cigarettes dictum and marketing what some later called misleading ‘free money for play’ to gamblers, the true numbers simply never really picked up; for 2013, the casino came in eighth out of (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 body knows yet. However for both Caesars and Atlantic City, making more cash than they spend may be a good objective for 2014.
Foxwoods Fall River Casino Goes Official, But Nevertheless Needs a niche site
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, but they’re not quitting on their fantasy of a Massachusetts casino just yet. As was speculated for some time now, Foxwoods and the town of Fall River will work together to create 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 had been 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 experience an unemployment rate indian dreaming slot machine free download 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 with up to 20 restaurants, a hotel, a convention center and venues for concerts along with other events.
‘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 could be a ‘destination resort,’ saying that major properties including the one they have prepared are ‘economic engines like nothing else within the global world.’
While Foxwoods was rejected from Milford, they feel confident that they’re going to be welcomed in Fall River.
‘ We all know it’s the home that is right us,’ Butera said.
Locals Support Foxwoods Project
Regional experts on the casino industry agree with Butera’s assessment. Professor Clyde Barrow regarding the University of Massachusetts-Dartmouth says that non-binding votes and public polling have consistently shown support for a casino within the Fall River area.
‘ Assuming they get a site and certainly will negotiate a number agreement, I have actually without doubt a casino proposition would pass in Fall River,’ said Barrow.
Getting a site seems to be the sticking point that is largest in the master plan during the moment. While Foxwoods has a plan that is rough of they’d like to do in Fall River, they don’t really yet have any land to build on yet.
That has been a major focus of the Tuesday press conference, as Mayor Flanagan appealed to owners whom might potentially be willing to offer large parcels of land. Foxwoods is apparently seeking a site of 30 to 70 acres on which to build, because of the mayor stating that a waterfront site will be ideal.
Foxwoods should really be in a position to move quickly, once the casino firm has already undergone criminal record checks and received a suitability ruling during their campaign to construct a casino in Milford.
Foxwoods would now be competing for the casino license for sale 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 build a casino in Taunton. With that process apparently stalled, the state gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become just 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-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 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 casinos. But even due to the fact New Jersey Internet market that is betting in its infancy, some legislators are thinking ahead to how the state could capitalize on legal on the web gambling around the globe.
Going Global
A proposal that is new 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 hawaii to supply their games in other regulated jurisdictions since well. That will take New Jersey’s online offerings out of an admittedly big cottage industry and onto a much broader stage, in which the potential earnings for casinos while the state government are nearly limitless.
‘This opens up the market that is worldwide us, the $30 billion Big Kahuna,’ said Senator Lesniak.
This bill is 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 web sites also went real time. Under that version of the legislation, online gambling organizations from around the globe might have been welcomed to New Jersey, potentially turning their state into a worldwide gambling hub. That legislation was later changed to need organizations to use specifically out of Atlantic City, and to remove 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. Under the current plan, nj-new jersey’s licensed casinos and their online gambling partners will be allowed 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 alternatively.
The bill would also require payment processors to be certified into the way that is same nj-new jersey’s casinos and their online gambling partners. This would hopefully solve some associated with the current problems players are having with financial institutions preventing on the web gambling payments from being processed for hawaii’s regulated web sites. Many major banking institutions have already been wary of approving online gambling transactions for a variety of reasons, including confusion over just how state and federal laws communicate on this issue. It’s hoped that licensing re payment processors may help relieve these concerns.
Lesniak thinks that such legislation would allow New Jersey to reap the maximum benefit from its association with online gambling.
‘[The bill] would put nj-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 help attract worldwide gaming companies to New Jersey, producing jobs, state revenue and expansion that is economic.
‘We are well placed to benefit from an opportunity that is dynamic be at the hub of a new business sector with the potential for economic growth and job creation,’ the senator added.
