Caesars Preps for Possible Revel-ation in Atlantic City
Hail, Caesars Entertainment: the casino business may or may not be eyeing Atlantic City’s Revel as their newest acquisition
We doubt that the Roman emperor himself kept his name front side and center because 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 become a issue because of this casino conglomerate.
Lately, they’ve been in talks with Japanese leaders to construct a potential 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 eye on Atlantic City’s problem kid casino, Revel.
Could Revel Stay Next on Their List?
Revel officially 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 just isn’t a slam dunk with this acquisition; neither is it even 100 percent certain they will even make a move to take action.
Other contenders are definitely in the mix; those include Orlando-based complex Rock Overseas, who the nyc 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 very 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 revenues dipped to a three-decade reduced in 2013 largely due to massive competition from surrounding states building something new sort of lost its appeal, evidently.
Who knows who to trust right here, but if the inside scoop at Bloomberg proves proper, Caesars would find yourself holding five Atlantic City gambling enterprises, that is almost half associated with the town’s remaining 11 presently in procedure. And that’s not even taking under consideration the now-closed Atlantic Club that Caesars bought at a fire sale auction for very little at the conclusion of 2013.
NJDGE May Force A purchase
All of this local acquisition and presence may not sit well, nonetheless, with brand New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to what would essentially amount to some antitrust issues by holding what the DGE identifies as ‘undue economic concentration’ within 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 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 casinos should they add Revel to their fold. Most apparent for that scenario 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 were 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 close to one billion dollars in debt so they wouldn’t have to sink anymore into the property’s money-pit construction funding. By the right 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 had been the sound of silence. Despite spending $2.4 billion on the casino, clients in the somewhat more Atlantic that is blue-collar City evidently didn’t feel in the home here. And despite later reversing the no smoking cigarettes dictum and advertising exactly what some later called deceptive ‘free money for play’ to gamblers, the numbers just never really picked up; for 2013, the casino came in eighth away from (then) 12 for Atlantic City’s general video gaming revenue ladder.
Just how much might Caesars or any bidder, for that matter ante up for Revel if they in fact purchase it? No body understands yet. But also for both Caesars and Atlantic City, making more money than they spend may be a good objective for 2014.
Foxwoods Fall River Casino Goes Official, But Still Needs a 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, however they’re not giving up on their fantasy of a Massachusetts casino as of this time. As is speculated for some time now, Foxwoods and the town of Fall River will work together to make a casino proposal that they wish should be able to win certainly 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 populous town, which has continued to have problems with an unemployment price that is far higher than that of Massachusetts as a whole.
According to 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 occasions.
‘We want this become a destination here in Massachusetts also the Northeast,’ Mayor Flanagan stated.
Foxwoods CEO and president Scott Butera agreed that the casino would be a ‘destination resort,’ saying that major properties such as the one they have prepared 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 know it’s the right home for us,’ Butera said.
Locals Support Foxwoods Venture
Local specialists regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow associated with the University of Massachusetts-Dartmouth says that non-binding votes and general public polling have actually regularly shown help for a casino within the Fall River area.
‘ Assuming they get a site and will negotiate a host agreement, I have actually no doubt a casino proposition would pass in Fall River,’ stated Barrow.
Getting a site seems to be the sticking point that is largest in the master plan during the moment. While Foxwoods includes a plan that is rough of they’d prefer 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 whom might potentially be prepared to offer large parcels of land. Foxwoods is reportedly looking a site of 30 to 70 acres on which to build, with all the mayor stating that a waterfront site will be ideal.
Foxwoods must be in a position to move quickly, as 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 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 procedure apparently stalled, their state gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become just the 2nd 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.
Nj-new Jersey Legislators Reintroduce International Online Gambling Bill
If brand new legislation undergoes in New Jersey, the Garden State could turn into a global player into the on the web gaming universe.
The internet gambling market in New Jersey may 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 gambling enterprises. But even since 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 world.
A new proposal from 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 hawaii to supply their games in other regulated jurisdictions because well. That could take New Jersey’s online offerings away from an admittedly large cottage industry and onto a much broader stage, where in fact the potential earnings 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 web sites. The concept was very first floated by Lesniak year that is last before the very first web sites even went live. Under that version of the legislation, on line gambling organizations from all over the world would have been welcomed to New Jersey, potentially turning hawaii into a gambling hub that is international. That legislation was later changed to need 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 new version for the legislation simplifies those proposals. Under the current plan, nj-new jersey’s licensed casinos and their online gambling partners 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 on-line casino industry to reach out to the massive global market rather.
The bill would also need payment processors to be certified in the same way as nj-new jersey’s casinos and their online gambling lovers. This would hopefully re solve some for the current dilemmas players are having with banking institutions preventing on line gambling payments from being processed for hawaii’s regulated web sites. Many major banking institutions are wary of myfreepokies.com approving online gambling transactions for a number of reasons, including confusion over exactly how state and federal laws communicate on this problem. It really is hoped that licensing re payment processors may help ease these issues.
Lesniak thinks that such legislation would allow New Jersey to reap the maximum benefit from its relationship with online gambling.
‘[The bill] would put New Jersey at the hub of an international gaming industry that is expected to experience rapid growth in the years ahead,’ Lesniak said when he first introduced the bill in November. ‘The plan would assist attract worldwide gaming companies to New Jersey, creating jobs, state revenue and expansion that is economic.
‘we have been well placed to make use of a powerful opportunity to be during the hub of a new company sector with the potential for economic growth and job creation,’ the senator added.