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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 today. And despite continuing to carry the gaming industry’s heaviest debt load hovering at the $24 billion mark, buying and building new properties does not appear to be 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 video gaming is legalized in Japan, and now the latest news, according to some insider reports, is the fact that they have their attention on Atlantic City’s issue child casino, Revel.
Could Revel Become Next on Their List?
Revel formally 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 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 specific they shall even take action to take action.
Other contenders are definitely within the mix; those include Orlando-based tough Rock Overseas, who the ny Post last thirty days reported as being in ‘advanced negotiations’ for the purchase. That was following a decision by Hard Rock to scrap plans to build their casino that is own in New Jersey gambling mecca back 2012; apparently 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 new sort of lost its appeal, evidently.
Who knows who to trust here, if the inside scoop at Bloomberg shows proper, Caesars would end up holding five Atlantic City gambling enterprises, that is almost half associated with the town’s remaining 11 currently in procedure. And that’s not even taking under consideration the now-closed Atlantic Club that Caesars bought at a fire sale auction for practically nothing at the end of 2013.
NJDGE May Force A purchase
All of this acquisition that is local existence may not sit well, however, with brand New Jersey’s Division of Gaming Enforcement (DGE), which will not take fondly to exactly what would essentially amount to some antitrust issues by holding what the DGE relates 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 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 gambling enterprises 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 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.
In terms of 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 time Revel opened 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 was the noise of silence. Despite investing $2.4 billion on the casino, clients in the somewhat more blue-collar Atlantic City demographic evidently did not feel in the home there. And despite later reversing the no smoking 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 away from (then) 12 for Atlantic City’s overall video gaming revenue ladder.
How much might Caesars or any bidder, for that matter ante up for Revel if they in fact purchase it? No one understands yet. But also for both Caesars and Atlantic City, making more cash than they spend may be a goal that is good 2014.
Foxwoods Fall River Casino Goes Official, But Nevertheless Needs a website
Foxwoods is still in the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods could have been rejected in Milford, but they’re not quitting on the dream of a Massachusetts casino as of this time. As happens to be speculated for some right time now, Foxwoods and the city of Fall River are working together to produce a casino proposition that they hope will be able to win one of the three casino licenses available in the state.
Economic Increase 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 city. The mayor stated that the casino could create as many as 5,000 jobs for the populous town, which includes continued to have problems with an unemployment rate that is far greater than that of Massachusetts as a whole.
Based on 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 events.
‘We want this to be a destination here in Massachusetts in addition to the Northeast,’ Mayor Flanagan stated.
Foxwoods CEO and president Scott Butera agreed that the casino could 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’ll be welcomed in Fall River.
‘ We understand it’s the right home for us,’ Butera said.
Locals Help Foxwoods Venture
Local professionals in 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 regularly shown help for a casino within the Fall River area.
‘ Assuming they get a site and certainly will negotiate a number agreement, I have actually no doubt a casino proposal would pass in Fall River,’ said Barrow.
Finding a site is apparently the sticking point that is largest in the program at the moment. While Foxwoods has 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 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, utilizing the mayor stating that a waterfront web site is ideal.
Foxwoods ought to be in a position to move quickly, once the casino firm has already undergone background checks and received a suitability ruling in their campaign to construct a casino in Milford.
Foxwoods would now be competing for the casino license available 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, the state gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become just the 2nd company 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 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 brand 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 wagering market is in its infancy, some legislators are thinking ahead to how the state could capitalize on legal online gambling all over the world.
A brand new proposal from 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 offer their games in other regulated jurisdictions since well. That could take nj’s online offerings away from an admittedly large cottage industry and onto a much broader stage, in which the potential profits for casinos as well as the state are nearly limitless.
‘This starts up the worldwide market to us, the $30 billion Big Kahuna,’ stated Senator Lesniak.
This bill is perhaps not the very first time New Jersey’s legislators have taken a look at where else the state’s licensees might offer their online gaming web sites. The concept was first floated by Lesniak last year, before the very first web sites also went real time. Under that version of the legislation, online gambling organizations from around the globe could have been welcomed to New Jersey, potentially switching hawaii into a international gambling hub. That legislation was later changed to need organizations to operate specifically away from Atlantic City, and to eliminate a requirement that online gambling firms help fund the state’s horseracing industry.
Stepping Outside State Lines
The new version associated with the legislation simplifies those proposals. Beneath the plan that is current nj-new jersey’s licensed casinos and their online gambling partners is permitted to offer their services in other regulated jurisdictions. Rather than bringing the entire world of gambling to the state, it would indian dreaming free slots allow New Jersey’s online casino industry to touch base to the massive global market rather.
The bill would also need payment processors become licensed in the way that is same nj’s casinos and their online gambling partners. This would hopefully re solve some regarding the present issues players are having with finance institutions online that is preventing gambling from being processed for hawaii’s regulated internet sites. Many major banking institutions are wary of approving gambling that is online for a variety of reasons, including confusion over just how state and federal laws communicate 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 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 international gaming companies to New Jersey, producing jobs, state income and expansion that is economic.
‘We are well positioned to make use of an opportunity that is dynamic be at the hub of a new company sector with the potential for economic growth and job creation,’ the senator added.