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 front side and center 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 does not appear to become a issue because of this casino conglomerate.
Lately, they’ve been in talks with Japanese leaders to construct a potential new casino in Osaka just as gaming is legalized in Japan, and now the latest news, in accordance with some insider reports, is they’ve their attention on Atlantic City’s problem youngster casino, Revel.
Could Revel Stay Next on Their List?
Revel officially went into bankruptcy 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 isn’t a slam dunk for this acquisition; nor is it even 100 % specific they shall even move to do this.
Other contenders are in the mix; those include Orlando-based intense Rock Global, 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 casino that is own in 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 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 think right here, but if the inside scoop at Bloomberg demonstrates proper, Caesars would find yourself holding five Atlantic City gambling enterprises, which is nearly half regarding the city’s remaining 11 currently in procedure. And that’s not even taking under consideration the Atlantic that is now-closed Club Caesars purchased at a fire sale auction for very little at the end of 2013.
NJDGE May Force A sale
All this acquisition that is local existence may well not sit well, but, 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 identifies as ‘undue economic concentration’ into the city.
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 down one of its other four extant casinos should they add Revel within their fold. Biggest for that situation would be either Bally’s or the Showboat, as their moneymakers don’t shake as well as Caesars AC or Harrah’s AC; the latter two have 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 dollars in debt so that they wouldn’t anymore have to sink to the property’s money-pit construction funding. By the time Revel started its doors in 2012 with a much-touted ‘no smoking anywhere in the casino’ policy all it mostly heard at the slot machines 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 apparently didn’t feel at home there. And despite later reversing the no smoking cigarettes dictum and advertising exactly what some later called misleading ‘free cash for play’ to gamblers, the true numbers just never really picked up; for 2013, the casino came in eighth out of (then) 12 for Atlantic City’s general gaming revenue ladder.
How much might Caesars or any bidder, for that matter ante up for Revel if they in fact buy it? No body understands yet. But also for both Caesars and Atlantic City, making more money than they spend could be a good objective for 2014.
Foxwoods Fall River Casino Goes Official, But Still Needs a website
Foxwoods is still within the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods could have been rejected in Milford, however they’re not stopping on their fantasy of a Massachusetts casino at this time. As was speculated for some right time now, Foxwoods and the city of Fall River will work together to create a casino proposal that they hope should be able to win certainly one of the three casino licenses available in the state.
Economic Boost for City
The plans were 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 said that the casino could produce as many as 5,000 jobs for the town, which includes continued to suffer from an unemployment rate 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 with up to 20 restaurants, a hotel, a convention center and venues for concerts and other activities.
‘We want this become a destination here in Massachusetts as well as 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 planned are ‘economic engines like nothing else within the global world.’
While Foxwoods was refused from Milford, they feel confident that they’ll be welcomed in Fall River.
‘ We all know it’s the home that is right us,’ Butera said.
Locals Help Foxwoods Venture
Local specialists in the casino industry agree with Butera’s assessment. Professor Clyde Barrow associated with the University of Massachusetts-Dartmouth says that non-binding votes and polling that is public regularly shown support for a casino in the Fall River area.
‘ Assuming they get a site and may negotiate a number contract, I have actually without doubt a casino proposition would pass in Fall River,’ said Barrow.
Getting a site seems to be the sticking point that is largest in the plan during the moment. While Foxwoods includes a plan that is rough of they’d prefer to do in Fall River, they don’t really yet have any land to build on yet.
Which was a major focus of the Tuesday press conference, as Mayor Flanagan appealed to owners whom might potentially be ready to sell large parcels of land. Foxwoods is apparently looking a site of 30 to 70 acres on which to build, with all the mayor stating that a waterfront site will be ideal.
Foxwoods should be in a position to move quickly, once the casino firm myfreepokies.com has already withstood background checks and received a suitability ruling in their campaign to build 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 process seemingly stalled, hawaii gambling commission lifted the freeze on the Southeastern region last year. Foxwoods has become simply the second company to 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 internet gambling market in brand New Jersey may not be pulling in the enormous revenues that Governor Chris Christie predicted, but overall, the launch has been regarded 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 around the world.
A proposal that is new 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 their state to offer their games in other regulated jurisdictions since well. That will take nj-new jersey’s online offerings out of an admittedly big cottage industry and onto a much broader stage, where in fact the potential earnings for casinos plus the local government are nearly limitless.
‘This opens up the worldwide market to us, the $30 billion Big Kahuna,’ stated Senator Lesniak.
This bill is 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 also went real time. Under that version of the legislation, on the web gambling organizations from around the globe could have been welcomed to New Jersey, potentially switching hawaii into a gambling hub that is international. That legislation was later changed to need organizations to use specifically out of Atlantic City, and to get rid of 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. Under the plan that is current nj’s licensed casinos and their online gambling partners would be permitted to offer their services in other regulated jurisdictions. Rather than bringing the planet of gambling to your state, it would allow New Jersey’s on-line casino industry to touch base to the massive global market instead.
The bill would also need payment processors to be licensed into the way that is same nj-new jersey’s casinos and their online gambling lovers. This would hopefully solve some regarding the current dilemmas players are having with financial institutions preventing on the web gambling payments from being processed for the state’s regulated web sites. Many major banks are wary of approving gambling that is online for a number of reasons, including confusion over just how state and federal laws communicate on this problem. It is hoped that licensing payment processors could 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 when he first introduced the bill in November. ‘The plan would assist attract international gaming companies to New Jersey, creating jobs, state revenue and economic expansion.
‘Our company is well placed to take advantage of 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.