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 because 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 become a problem because of this casino conglomerate.
Lately, they’ve been in talks with Japanese leaders to build a potential new casino in Osaka just as video gaming is legalized in Japan, and now the latest news, in accordance with some insider reports, is the fact that they have their eye on Atlantic City’s issue kid casino, Revel.
Could Revel Stay Next on Their List?
Revel officially 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 fourteen days to submit a bid, and according to Bloomberg, Caesars is not a slam dunk for this purchase; nor is it even 100 percent certain they will also move to do so.
Other contenders are definitely in the mix; those include Orlando-based intense Rock International, who the nyc 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 very own casino in the New Jersey gambling mecca back 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 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 here, if the inside scoop at Bloomberg shows correct, Caesars would wind up keeping five Atlantic City casinos, which is very nearly half associated with town’s staying 11 presently in procedure. And that’s not even taking into account the now-closed Atlantic Club that Caesars purchased at a fire sale auction for practically nothing by the end of 2013.
NJDGE May Force A sale
All this acquisition that is local existence might not sit well, however, 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 relates to as ‘undue economic concentration’ in 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 shares.
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 to their fold. Most apparent 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 have now been trailing just down from competitors Borgata (owned by MGM Resorts International and Boyd Gaming) on a basis that is monthly.
The casino has nowhere to go but up as for revel. Even pre-opening, investor Morgan Stanley had already chosen to write down near to one billion bucks with debt so that they wouldn’t need certainly to sink anymore into the property’s money-pit construction funding. By the time Revel launched 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 sound of silence. Despite investing $2.4 billion on the casino, patrons in the somewhat more blue-collar Atlantic City demographic apparently don’t feel in the home here. And despite later reversing the no smoking dictum and marketing what some later called misleading ‘free cash for play’ to gamblers, the true numbers simply hardly ever really picked up; for 2013, the casino came in eighth out of (then) 12 for Atlantic City’s general video gaming revenue ladder.
How much might Caesars or any bidder, for that matter ante up for Revel if they in fact buy it? No one knows yet. But also 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 might have been rejected in Milford, but they’re not stopping on their dream of a Massachusetts casino at this time. As happens to be speculated for some right time now, Foxwoods and the city of Fall River will work together to make a casino proposal that they hope should be able to win one of the three casino licenses available in the state.
Economic Boost 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 have problems with an unemployment price that is far higher 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 along with other activities.
‘We want this to be a destination here in Massachusetts in addition to the Northeast,’ Mayor Flanagan said.
Foxwoods CEO and president Scott Butera agreed that the casino could be a ‘destination resort,’ saying that major properties like the one they have prepared are ‘economic engines like nothing else into the 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 Support Foxwoods Venture
Regional specialists regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow for the University of Massachusetts-Dartmouth says that non-binding votes and public polling have regularly shown support for a casino within the Fall River area.
‘ Assuming they get a site and certainly will negotiate a number contract, I have actually without doubt a casino proposal would pass in Fall River,’ stated Barrow.
Finding a site seems to be the sticking point that is largest in the master plan at the moment. While Foxwoods has a plan that is rough of they’d want to do in Fall River, they don’t really 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 ready to offer large parcels of land. Foxwoods is apparently searching for a site of 30 to 70 acres on which to build, with all the mayor saying that a waterfront web site will be ideal.
Foxwoods must be in a position to move quickly, since the casino firm has already withstood background checks and received a suitability ruling during their campaign to create 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 myfreepokies.com 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 process apparently stalled, the state gambling commission lifted the freeze on the Southeastern region year that is last. Foxwoods has become simply the second 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 might 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 because the New Jersey Internet gambling market is in its infancy, some legislators are thinking ahead to how a state could capitalize on legal on line gambling worldwide.
A new proposal from New Jersey state senators Ray Lesniak and Jim Whelan would allow Atlantic City gambling enterprises and their partners who have earned online gambling licenses in hawaii to provide their games in other regulated jurisdictions because well. That would take nj-new jersey’s online offerings out of an admittedly large cottage industry and onto a much broader stage, where in fact the potential profits for casinos and the local government are nearly limitless.
‘This starts up the worldwide market to us, the $30 billion Big Kahuna,’ stated Senator Lesniak.
This bill is maybe not the 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 concept was very first floated by Lesniak last year, before the very first sites even went live. Under that version of the legislation, on line gambling organizations from worldwide could have been welcomed to New Jersey, potentially turning their state into a gambling hub that is international. That legislation was later changed to need organizations to operate specifically away from 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. Under the current plan, nj-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 planet of gambling to the state, it allows New Jersey’s online casino industry to touch base to the massive worldwide market rather.
The bill would also require re payment processors become licensed within the way that is same New Jersey’s casinos and their online gambling partners. This would hopefully solve some associated with current dilemmas players are having with finance institutions preventing on the web gambling payments from being processed for the state’s regulated sites. Many major banks are wary of approving gambling that is online for a number of reasons, including confusion over exactly how state and federal laws communicate on this issue. It’s hoped that licensing payment processors may help ease these issues.
Lesniak believes 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 worldwide gaming companies to New Jersey, producing jobs, state revenue and economic expansion.
‘We are well placed to make the most of a dynamic opportunity to be during the hub of a new company sector with the potential for economic growth and job creation,’ the senator added.