Hail, Caesars Entertainment: the casino business may or may not be eyeing Atlantic City’s Revel as their newest acquisition
We question that the Roman emperor himself kept his name center and front because well as Caesars Entertainment Corporation does today. 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 appear to be a issue because of this casino conglomerate.
Lately, they are 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, based on some insider reports, is the fact that they’ve their attention on Atlantic City’s issue youngster casino, Revel.
Could Revel Become Next on Their List?
Revel officially went into bankruptcy right 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 isn’t a slam dunk for this purchase; nor is it even 100 % certain they shall also move to do this.
Other contenders are in the mix; those include Orlando-based tricky Rock Overseas, who the nyc 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 myfreepokies.com dipped to a three-decade reduced in 2013 largely due to competition that is massive surrounding states building one thing brand new sort of lost its appeal, apparently.
Who knows who to think here, if the inside scoop at Bloomberg proves correct, Caesars would become keeping five Atlantic City casinos, that is almost half for the city’s staying 11 presently in procedure. And that’s not even taking under consideration the Atlantic that is now-closed Club Caesars bought at a fire purchase auction for practically nothing at the conclusion of 2013.
NJDGE May Force A sale
All this local purchase and presence may not sit well, however, with New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to just what would basically amount to some antitrust issues by holding what the DGE relates to as ‘undue economic concentration’ in the town.
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.
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 within their fold. Most obvious 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 have already been 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 down close to one billion bucks with debt so they really 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 spending $2.4 billion on the casino, clients in the somewhat more blue-collar Atlantic City demographic apparently don’t feel at home here. 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 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 fact purchase it? No body knows 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 into 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 their dream of a Massachusetts casino as of 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 proposition that they hope should 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 town. The mayor stated that the casino could produce as many as 5,000 jobs for the populous town, which has continued to suffer from 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 along with other events.
‘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 will 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 refused from Milford, they feel confident that they’ll be welcomed in Fall River.
‘ We know it’s the right home for us,’ Butera said.
Locals Help Foxwoods Venture
Neighborhood experts regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow associated with University of Massachusetts-Dartmouth says that non-binding votes and polling that is public regularly shown support for a casino within the Fall River area.
‘ Assuming they get a site and may negotiate a host contract, I have actually no doubt a casino proposition would pass in Fall River,’ stated Barrow.
Getting a site is apparently the sticking point that is largest in the plan during the moment. While Foxwoods includes a plan that is rough of they’d want to do in Fall River, they don’t yet have any land to build on yet.
Which was a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be willing to offer large parcels of land. Foxwoods is reportedly in search of a website of 30 to 70 acres on which to build, utilizing the mayor saying that a waterfront web site will be ideal.
Foxwoods must be in a position to move quickly, because the casino firm has already undergone background checks and received a suitability ruling during their campaign to construct a casino in Milford.
Foxwoods would now be competing for the casino license available in Southeastern Massachusetts. While the licenses for Western Massachusetts and Greater Boston will be awarded in a matter of months, the Southeastern license ended up being delayed as state regulators allowed the Mashpee Wampanoag tribe to attempt to gain land on which to create a casino in Taunton. With that process seemingly stalled, their state gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become simply the company that is second 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 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 revenues that are enormous Governor Chris Christie predicted, but overall, the launch has been regarded as a success for the state’s gambling enterprises. But even due to the fact New Jersey Internet market that is betting in its infancy, some legislators are thinking ahead to the way the state could capitalize on legal online gambling all over the world.
A proposal that is new 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 their state to supply their games in other regulated jurisdictions as well. That could take nj’s online offerings out of a cottage that is admittedly large and onto a much broader stage, where the potential profits for casinos as well as 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 maybe not the very first time New Jersey’s legislators have taken a glance at where else the state’s licensees might offer their online gaming web sites. The idea was very first floated by Lesniak year that is last before the very first internet sites even went live. Under that version of the legislation, on the web gambling companies from throughout 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 need companies to operate specifically out of Atlantic City, and to remove a requirement that online gambling firms help fund the state’s horseracing industry.
Stepping Outside State Lines
The new version regarding the legislation simplifies those proposals. Beneath the plan that is current New Jersey’s licensed casinos and their online gambling lovers would 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 online casino industry to reach out to the massive market that is worldwide.
The bill would also need re payment processors to be certified in the way that is same nj-new jersey’s casinos and their online gambling partners. This would hopefully re solve some for the present dilemmas players are having with financial institutions preventing on line gambling payments from being processed for hawaii’s regulated web sites. Many major banking institutions were wary of approving gambling that is online for a variety of reasons, including confusion over just how state and federal laws interact on this issue. It is hoped that licensing payment processors may help ease these concerns.
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 likely 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 revenue and expansion that is economic.
‘Our company is well positioned to benefit from a powerful opportunity to be at the hub of a new business sector with the potential for economic growth and job creation,’ the senator added.