Caesars Preps for Possible Revel-ation in Atlantic City

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 acquisition that is newest

We doubt that the Roman emperor himself kept his name center and front as well as Caesars Entertainment Corporation does these days. And despite continuing to transport the gaming industry’s debt load that is heaviest hovering at the $24 billion mark, buying and building new properties does not appear to be always a issue for this casino conglomerate.

Lately, they have been in talks with Japanese leaders to build a possible new casino in Osaka just as gaming is legalized in Japan, and now the news that is latest, according to some insider reports, is that they will have their eye on Atlantic City’s problem kid casino, Revel.

Could Revel Become 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 will have 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 % certain they will also move to take action.

Other contenders are in the mix; those include Orlando-based Hard Rock Overseas, who the New York Post last month reported as being in ‘advanced negotiations’ for the purchase. That was following 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 for the reason that town. With revenues dipped to a three-decade low in 2013 largely due to competition that is massive surrounding states building something brand new sort of lost its appeal, apparently.

Who knows who to trust right here, if the inside scoop at Bloomberg demonstrates proper, Caesars would find yourself holding five Atlantic City casinos, which is almost half regarding the city’s remaining 11 presently in procedure. And that’s not even taking under consideration the now-closed Atlantic Club that Caesars purchased at a fire purchase auction for very little at the conclusion of 2013.

NJDGE May Force A purchase

All of this acquisition that is local presence may well not sit well, nevertheless, with New Jersey’s Division of Gaming Enforcement (DGE), which will not take fondly to what would essentially amount to some antitrust issues by holding what the DGE describes as ‘undue economic concentration’ within 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.

Exactly 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 straight down one of its other four extant casinos should they add Revel in 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 have now been trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a basis that is monthly.

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 dollars in debt so they really wouldn’t need certainly to sink anymore into the property’s money-pit construction funding. By the right 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, clients in the somewhat more Atlantic that is blue-collar City apparently did not feel in the home here. And despite later reversing the no cigarette smoking dictum and advertising exactly what some later called misleading ‘free money for play’ to gamblers, the numbers simply never truly picked up; for 2013, the casino came in eighth away from (then) 12 for Atlantic City’s overall gaming revenue ladder.

How much might Caesars or any bidder, for example ante up for Revel if they in indian dreaming pokie machine download fact purchase it? Nobody knows yet. But for both Caesars and Atlantic City, making more cash than they spend might be a good goal for 2014.

Foxwoods Fall River Casino Goes Official, But Still Needs a niche site

Foxwoods is still into 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 quitting on their dream of a Massachusetts casino at this time. As has been speculated for some right time now, Foxwoods and the town of Fall River will work together to make a casino proposal that they hope 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 produce as many as 5,000 jobs for the populous city, which includes 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 with up to 20 restaurants, a hotel, a convention center and venues for concerts and other events.

‘We want this to be a destination here in Massachusetts also the Northeast,’ Mayor Flanagan stated.

Foxwoods CEO and president Scott Butera agreed that the casino would have been a ‘destination resort,’ saying that major properties like the one they have prepared are ‘economic engines like nothing else in 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 regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow associated with University of Massachusetts-Dartmouth says that non-binding votes and public polling have actually consistently shown help for a casino into the Fall River area.

‘ Assuming they get a site and may negotiate a number contract, I have actually no doubt a casino proposal 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 has a plan that is rough of they’d like to do in Fall River, they do not yet have any land to build on yet.

Which was 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 in search of a website of 30 to 70 acres on which to build, because of the mayor saying that a waterfront web site will be ideal.

Foxwoods should be able to move quickly, because the casino firm has already withstood background checks and received a suitability ruling during their campaign to build 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 build a casino in Taunton. With that procedure apparently stalled, the state gambling commission lifted the freeze on the Southeastern region last year. Foxwoods has become just the company that is second 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

If new legislation undergoes in New Jersey, the Garden State could turn into a global player in the online gaming universe.

The internet gambling market in brand New Jersey might not be pulling in the enormous revenues that Governor Chris Christie predicted, but overall, the launch has been seen as a success for the state’s gambling enterprises. But even because the New Jersey Internet wagering market is in its infancy, some legislators are thinking ahead to how the state could capitalize on legal on line gambling throughout the world.

Going Global

A proposal that is new New Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City casinos and their partners who have earned online gambling licenses in hawaii to offer their games in other regulated jurisdictions because well. That could take New Jersey’s online offerings away from a cottage that is admittedly large and onto a much broader stage, where in actuality the potential earnings for casinos therefore the state government are nearly limitless.

‘This starts up the market that is worldwide us, the $30 billion Big Kahuna,’ said Senator Lesniak.

This bill is perhaps not the time that is first Jersey’s legislators have taken a glance at where else the state’s licensees might offer their online gaming internet sites. The idea was very first floated by Lesniak year that is last before the first sites also went live. Under that version of the legislation, on line gambling organizations from worldwide might have been welcomed to New Jersey, potentially switching their state into a gambling hub that is international. That legislation was later changed to need businesses to use specifically out of Atlantic City, and to eliminate 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. Under the current plan, nj-new jersey’s licensed casinos and their online gambling partners is allowed to offer their services in other regulated jurisdictions. Instead of bringing the world of gambling to your state, it will allow New Jersey’s online casino industry to reach out to the massive worldwide market instead.

The bill would also require payment processors become licensed in the in an identical way as nj’s casinos and their online gambling lovers. This would hopefully solve some of this present dilemmas players are having with banking institutions online that is preventing gambling from being processed for their state’s regulated internet sites. Many major banking institutions happen wary of approving gambling that is online for an assortment of reasons, including confusion over how state and federal laws interact on this issue. It is hoped that licensing payment processors could help relieve these issues.

Lesniak believes 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 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, producing jobs, state revenue and expansion that is economic.

‘Our company is well positioned to take advantage of a powerful opportunity to be during the hub of a new business sector with the potential for economic growth and job creation,’ the senator added.

 

 

Comments are closed.

image image image