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 side 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 seem to become a issue for this casino conglomerate.
Lately, they have been in talks with Japanese leaders to construct a possible new casino in Osaka just as gaming is legalized in Japan, and now the news that is latest, based on some insider reports, is they’ve their eye on Atlantic City’s problem youngster casino, Revel.
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 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 is not a slam dunk with this purchase; nor is it even 100 percent certain they shall even move to take action.
Other contenders are definitely within the mix; those include Orlando-based tough Rock Overseas, who the New York Post month that is last 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 in 2012; apparently 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 one thing brand new sort of lost its appeal, evidently.
Who knows who to trust right here, but if the inside scoop at Bloomberg shows proper, Caesars would wind up holding five Atlantic City gambling enterprises, which is almost half regarding the city’s remaining 11 presently in operation. And that’s not even taking into account the now-closed Atlantic Club that Caesars purchased at a fire purchase auction for absolutely nothing at the end of 2013.
All this acquisition that is local presence might not sit well, however, with brand New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to what would fundamentally amount to some antitrust issues by holding what the DGE refers 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 stocks.
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 within their fold. Most obvious for that scenario would be either Bally’s or the Showboat, as their moneymakers don’t shake since 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.
The casino has nowhere to go but up as for revel. Even pre-opening, investor Morgan Stanley had already chosen to write off near to one billion dollars in debt so that they wouldn’t have to sink anymore to the property’s money-pit construction funding. By the 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 was the noise of silence. Despite spending $2.4 billion on the casino, patrons in the somewhat more blue-collar Atlantic City demographic apparently did not feel at home there. And despite later reversing the no smoking cigarettes dictum and advertising exactly what some later called deceptive ‘free cash for play’ to gamblers, the true numbers just hardly ever really picked up; for 2013, the casino came in eighth away from (then) 12 for Atlantic City’s overall video 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 understands yet. However for both Caesars and Atlantic City, making more money than they spend could be a goal that is good 2014.
Foxwoods is still into the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods could have been rejected in Milford, nevertheless they’re not stopping on the fantasy of a Massachusetts casino at this time. As was speculated for some right time now, Foxwoods and the town of Fall River will work together to produce a casino proposal that they wish should be able to win certainly one of the three casino licenses available in the state.
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 city. The mayor stated that the casino could produce as many as 5,000 jobs for the city, which includes continued to suffer from an unemployment price that is far more 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 as well as other occasions.
‘We want this to be a destination here in Massachusetts along with 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 such as the one they have planned 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 understand it’s the right home for us,’ Butera said.
Local experts regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow of this University of Massachusetts-Dartmouth says that non-binding votes and polling that is public consistently shown help for a casino into the Fall River area.
‘ Assuming they get a site and certainly will negotiate a host contract, I have actually no doubt a casino proposition would pass in Fall River,’ said Barrow.
Finding a site appears to be the sticking point that is largest in the program at the moment. While Foxwoods includes a plan that is rough of they’d prefer to do in Fall River, they don’t yet have any land to build on yet.
That was a major focus of the Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be prepared to offer large parcels of land. Foxwoods is apparently looking for a website of 30 to 70 acres on which to build, with the mayor stating that a waterfront site will be ideal.
Foxwoods should really be able to move quickly, due to the fact casino firm has already withstood criminal record checks and received a suitability ruling during their campaign to build a casino in Milford.
Foxwoods would now be competing for the casino license for sale 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, hawaii 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.
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 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 once the New Jersey Internet market that is betting in its infancy, some legislators are thinking ahead to how the state could capitalize on legal online gambling around the world.
A proposal that is new nj-new Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City casinos and their https://myfreepokies.com/indian-dreaming-slot-review/ partners who have actually earned online gambling licenses in hawaii to supply their games in other regulated jurisdictions because well. That would take nj’s online offerings away from a cottage that is admittedly large and onto a much broader stage, where in fact the potential profits for casinos and also 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 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 sites. The concept was very first floated by Lesniak year that is last before the very first web sites also went real time. Under that version of the legislation, on the web gambling businesses from around the world might have been welcomed to New Jersey, potentially switching hawaii into a gambling hub that is international. That legislation was later changed to require companies to work specifically out of Atlantic City, and to get rid of a requirement that online gambling firms help fund the state’s horseracing industry.
The version that is new of legislation simplifies those proposals. Underneath the plan that is current nj’s licensed casinos and their online gambling lovers will be permitted to offer their services in other regulated jurisdictions. In place of bringing the world of gambling to the state, it allows New Jersey’s on-line casino industry to reach out to the massive market that is worldwide.
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 lovers. This would hopefully solve some associated with present issues players are having with banking institutions preventing on the web gambling payments from being processed for the state’s regulated sites. Many major banks have been wary of approving gambling that is online for a number of reasons, including confusion over how state and federal laws interact on this problem. It’s hoped that licensing payment processors could 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 expected to experience rapid growth in the years ahead,’ Lesniak said when he first introduced the bill in November. ‘The plan would assist attract international gaming companies to New Jersey, producing jobs, state income and financial expansion.
‘We are well positioned 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.