Hail, Caesars Entertainment: the casino company may or may not be eyeing Atlantic City’s Revel as their acquisition that is newest
We question 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 does not seem to be always a issue because of this casino conglomerate.
Lately, they are in talks with Japanese leaders to build a possible new casino in Osaka just as gaming is legalized in Japan, and now the latest news, in accordance with some insider reports, is they will have their eye on Atlantic City’s problem child casino, Revel.
Could Revel Be 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 beleaguered Atlantic City land gaming scene. Now anyone interested in snatching the casino up will have under fourteen days to submit a bid, and according to Bloomberg, Caesars just isn’t a slam dunk with this purchase; nor is it even 100 % specific they will even take action to do this.
Other contenders are definitely within the mix; those include Orlando-based tough 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 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 in that town. With profits dipped to a three-decade reduced in 2013 largely due to massive competition from surrounding states building something brand new sort of lost its appeal, evidently.
Who knows who to think here, but if the inside scoop at Bloomberg shows proper, Caesars would find yourself holding five Atlantic City gambling enterprises, which is almost half associated with the town’s remaining 11 currently in operation. And that’s not even taking into account the Atlantic that is now-closed Club Caesars bought at a fire purchase auction for practically nothing at the end of 2013.
NJDGE May Force A sale
All this acquisition that is local presence might not sit well, however, with 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 relates to as ‘undue economic concentration’ within the city.
Should 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.
Exactly 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 to their fold. Most apparent 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 were trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a monthly basis.
As for Revel, the casino has nowhere to go but up. Even pre-opening, investor Morgan Stanley had already chosen to write off close to one billion bucks with debt so that they wouldn’t anymore have to sink in to 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 devices and tables ended up being the noise of silence. Despite investing $2.4 billion on the casino, patrons in the somewhat more blue-collar Atlantic City demographic evidently didn’t feel in the home there. And despite later reversing the no smoking cigarettes dictum and marketing just what some later called deceptive ‘free cash for play’ to gamblers, the true numbers simply never truly 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 one knows yet. But also for both Caesars and Atlantic City, making more cash than they spend might be a good objective for 2014.
Foxwoods Fall River Casino Goes Official, But Still 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 refused in Milford, nevertheless they’re not giving up on the dream of a Massachusetts casino as of this time. As has been 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 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 produce as many as 5,000 jobs for the town, which has continued to experience 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 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 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 such as the one they have planned are ‘economic engines like nothing else into the global world.’
While Foxwoods was rejected from Milford, they feel confident that they can be welcomed in Fall River.
‘ We know it’s the right home for us,’ Butera said.
Locals Support Foxwoods Project
Regional professionals on the casino industry agree with Butera’s assessment. Professor Clyde Barrow for 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 certainly will negotiate a bunch agreement, I have without doubt a casino proposition would pass in Fall River,’ said Barrow.
Finding a site is apparently the sticking point that is largest in the program during the moment. While Foxwoods includes a plan that is rough of they’d like to do in Fall River, they don’t yet have any land to build on yet.
That was a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners whom might potentially be prepared to sell large parcels of land. Foxwoods is apparently in search of a site of 30 to 70 acres on which to build, with the mayor saying that a waterfront site will be ideal.
Foxwoods ought to be able to move quickly, once the casino firm has already undergone background checks and received a suitability ruling during 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 was delayed as state regulators allowed the Mashpee Wampanoag tribe to attempt to gain land on which to create a casino in Taunton. With that procedure apparently stalled, hawaii gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become simply the 2nd business 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
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 enormous revenues that Governor Chris Christie predicted, but overall, the launch has been regarded as a success for the state’s casinos. But even since the New Jersey Internet gambling market is in its infancy, some legislators are thinking ahead to how the state could capitalize on legal online gambling throughout the world indian dreaming slot for android.
A proposal that is new 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 supply their games in other regulated jurisdictions as well. That would take nj-new jersey’s online offerings away from a cottage that is admittedly large and onto a much broader stage, where in fact the potential earnings for casinos while 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 maybe not the first time New Jersey’s legislators have taken a glance at where else the state’s licensees might offer their online gaming sites. The idea was first floated by Lesniak last year, before the very first internet sites even went real time. Under that version of the legislation, on line gambling businesses from all over the world could have been welcomed to New Jersey, potentially turning their state into a international gambling hub. That legislation was later changed to need businesses to work specifically away from Atlantic City, and to remove a requirement that on the web gambling firms help fund the state’s horseracing industry.
Stepping Outside State Lines
The version that is new of legislation simplifies those proposals. Under the present plan, nj-new jersey’s licensed casinos and their online gambling lovers is allowed to offer their services in other regulated jurisdictions. As opposed to bringing the planet of gambling to the state, it will allow New Jersey’s online casino industry to reach out to the massive global market alternatively.
The bill would also require re payment processors become licensed in the way that is same New Jersey’s casinos and their online gambling lovers. This would hopefully re solve some regarding the current problems players are having with finance institutions online that is preventing gambling from being processed for their state’s regulated web sites. Many major banks happen wary of approving online gambling transactions for an assortment of reasons, including confusion over how state and federal laws interact on this problem. It is hoped that licensing payment processors may help relieve these issues.
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 when he first introduced the bill in November. ‘The plan would assist attract worldwide gaming companies to New Jersey, producing jobs, state income and economic expansion.
‘Our company is 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.