Hail, Caesars Entertainment: the casino business 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 center and front because well as Caesars Entertainment Corporation does today. And despite continuing to hold the gaming industry’s heaviest debt load hovering at the $24 billion mark, buying and building new properties doesn’t appear to be always a issue because of this casino conglomerate.
Lately, they are in talks with Japanese leaders to create a potential 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 issue son or daughter casino, Revel.
Could Revel Be 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 beleaguered Atlantic City land video gaming scene. Now anyone interested in snatching the casino up has under two weeks to submit a bid, and according to Bloomberg, Caesars just isn’t a slam dunk for this purchase; neither is it even 100 percent certain they shall even make a move to do this.
Other contenders are into the mix; those include Orlando-based tricky Rock Global, who the nyc Post last month reported as being in ‘advanced negotiations’ for the purchase. That was after a decision by Hard Rock to scrap plans to build their casino that is own in New Jersey gambling mecca back in 2012; reportedly because in a nutshell the casino business is pretty much down for the count in that town. With revenues dipped to a three-decade low in 2013 largely due to massive competition from surrounding states building something brand new sort of lost its appeal, evidently.
Who knows who to trust here, but if the inside scoop at Bloomberg proves correct, Caesars would find yourself holding five Atlantic City casinos, that is nearly half of this city’s staying 11 currently in operation. And that’s not even taking under consideration the now-closed Atlantic Club that Caesars purchased at a fire sale auction for very little at the end of 2013.
NJDGE May Force A purchase
All this acquisition that is local presence may well not sit well, but, with brand New Jersey’s Division of Gaming Enforcement (DGE), which doesn’t take fondly to what would basically amount to some antitrust issues by holding what the DGE refers to as ‘undue economic concentration’ within the city.
Should 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.
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 into their fold. Biggest for that situation 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 are 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 with debt so that they wouldn’t anymore have to sink to the property’s money-pit construction funding. By the 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 sound of silence. Despite spending $2.4 billion on the casino, patrons in the somewhat more Atlantic that is blue-collar City evidently don’t feel in the home there. And despite later reversing the no cigarette smoking dictum and marketing exactly what some later called misleading ‘free money 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 video gaming revenue ladder.
Just how much might Caesars or any bidder, for instance ante up for Revel if they in fact buy it? No one knows yet. But for both Caesars and Atlantic City, making more money 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 might have been rejected in Milford, nonetheless they’re not quitting on their 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 will work together to create a casino proposal that they hope will be able to win certainly 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 said that the casino could produce as many as 5,000 jobs for the populous town, that has continued to have problems with 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 events.
‘We want this become 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 prepared are ‘economic engines like nothing else within the global world.’
While Foxwoods was refused from Milford, they feel confident that they’re going to be welcomed in Fall River.
‘ We know it’s the right home for us,’ Butera said.
Locals Support Foxwoods Project
Local professionals on the casino industry agree with Butera’s assessment. Professor Clyde Barrow regarding free indian dreaming pokies the University of Massachusetts-Dartmouth says that non-binding votes and general public polling have actually consistently shown help for a casino within the Fall River area.
‘ Assuming they get a site and may negotiate a number agreement, I have 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 master plan during the moment. While Foxwoods has 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 has been a focus that is major of Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be prepared to sell large parcels of land. Foxwoods is reportedly looking a website of 30 to 70 acres on which to build, because of the mayor stating that a waterfront site will be ideal.
Foxwoods must certanly be in a position to move quickly, once the casino firm has already undergone criminal record checks and received a suitability ruling throughout their campaign to construct a casino in Milford.
Foxwoods would now be competing for the casino license obtainable 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 seemingly stalled, the state gambling commission lifted the freeze on the Southeastern region last 12 months. Foxwoods has become just 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-new Jersey Legislators Reintroduce International Online Gambling Bill
If brand new legislation goes through in brand new Jersey, the Garden State could turn into a global player in the on line gaming universe.
The web gambling market in New Jersey may possibly 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 casinos. But even due to the fact New Jersey Internet betting market is in its infancy, some legislators are thinking ahead to the way the state could capitalize on legal on the web 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 earned online gambling licenses in hawaii to offer their games in other regulated jurisdictions since well. That could take nj-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 and the state government are nearly limitless.
‘This starts up the worldwide market to us, the $30 billion Big Kahuna,’ said Senator Lesniak.
This bill is maybe not the time that is first Jersey’s legislators have taken a look 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 web sites also went live. Under that version of the legislation, online gambling companies from worldwide could have been welcomed to New Jersey, potentially turning the state into a gambling hub that is international. That legislation was later changed to need organizations to use 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 version that is new of legislation simplifies those proposals. Underneath the plan that is current New Jersey’s licensed casinos and their online gambling partners would be permitted to offer their services in other regulated jurisdictions. In the place of bringing the world of gambling to the state, it would allow New Jersey’s on-line casino industry to touch base to the massive worldwide market rather.
The bill would also need re payment processors to be certified in the way that is same nj’s casinos and their online gambling partners. This would hopefully re solve some of this present problems players are having with banking institutions online that is preventing gambling from being processed for the state’s regulated internet sites. Many major banks have already been wary of approving online gambling transactions for an assortment of reasons, including confusion over how state and federal laws interact on this issue. It’s hoped that licensing re payment processors may help ease these concerns.
Lesniak believes that such legislation would allow New Jersey to reap the maximum benefit from its relationship with online gambling.
‘[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 assist attract worldwide gaming companies to New Jersey, producing jobs, state income and financial expansion.
‘We are well placed to benefit from an opportunity that is dynamic be during the hub of a new company sector with the potential for economic growth and job creation,’ the senator added.