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 center and front as well as Caesars Entertainment Corporation does these days. 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 become 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 gaming is legalized in Japan, and now the news that is latest, based on some insider reports, is that they have their attention on Atlantic City’s issue kid 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 beleaguered Atlantic City land gaming 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 myfreepokies.com because of this purchase; nor is it even 100 percent certain they will also take action to do so.
Other contenders are definitely within the mix; those include Orlando-based intense Rock International, who the ny Post month that is last as being in ‘advanced negotiations’ for the purchase. That was after a decision by Hard Rock to scrap plans to build their own casino in the New Jersey gambling mecca back 2012; reportedly 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 massive competition from surrounding states building one thing brand new sort of lost its appeal, evidently.
Who knows who to think right here, but if the inside scoop at Bloomberg proves proper, Caesars would wind up holding five Atlantic City gambling enterprises, which is almost half of this city’s remaining 11 presently in operation. And that’s not even taking into account the now-closed Atlantic Club that Caesars bought at a fire sale auction for very little by the end of 2013.
NJDGE May Force A sale
All this local acquisition and presence may well not sit well, however, with brand New Jersey’s Division of Gaming Enforcement (DGE), which does not take fondly to what would fundamentally amount to some antitrust issues by holding what the DGE describes as ‘undue economic concentration’ into the city.
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 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 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 monthly basis.
As for Revel, the casino has nowhere to go but up. Even pre-opening, investor Morgan Stanley had already chosen to write off near 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 opened its doorways in 2012 with a much-touted ‘no smoking anywhere in the casino’ policy all it mostly heard at the slot machines and tables was the sound of silence. Despite investing $2.4 billion on the casino, clients in the somewhat more Atlantic that is blue-collar City apparently did not feel in the home there. And despite later reversing the no cigarette smoking dictum and marketing exactly what some later called deceptive ‘free cash for play’ to gamblers, the numbers just 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.
Simply how much might Caesars or any bidder, for instance ante up for Revel if they in fact purchase it? Nobody knows yet. But also for both Caesars and Atlantic City, making more cash than they spend might be a good objective for 2014.
Foxwoods Fall River Casino Goes Official, But Nevertheless Needs a Site
Foxwoods is still in the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods could have been refused in Milford, nonetheless they’re not stopping on the dream 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 produce a casino proposition that they wish will 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 stated that the casino could produce as many as 5,000 jobs for the town, which has continued to have problems with an unemployment price 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 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 within 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 Support Foxwoods Project
Neighborhood specialists on 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 help for a casino into the Fall River area.
‘ Assuming they get a site and may negotiate a bunch contract, I have actually without doubt a casino proposal would pass in Fall River,’ said Barrow.
Getting a web site seems to be the biggest sticking point in the plan at the moment. While Foxwoods has a plan that is rough of they’d like to do in Fall River, they do not yet have any land to build on yet.
Which was a major focus of the Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be willing to offer large parcels of land. Foxwoods is apparently seeking a site of 30 to 70 acres on which to build, utilizing the mayor stating that a waterfront site could be ideal.
Foxwoods must certanly be able to move quickly, since the casino firm has already withstood criminal record checks and received a suitability ruling throughout their campaign to create a casino in Milford.
Foxwoods would now be competing for the casino license for sale 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 try and gain land on which to build a casino in Taunton. With that process apparently stalled, hawaii gambling commission lifted the freeze on the Southeastern region last year. Foxwoods has become just the 2nd 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 revenues that are enormous Governor Chris Christie predicted, but overall, the launch has been regarded as a success for the state’s casinos. But even since the New Jersey Internet wagering market is in its infancy, some legislators are thinking ahead to how a state could capitalize on legal on line gambling around the globe.
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 will take nj’s online offerings out of a cottage that is admittedly large and onto a much broader stage, where in actuality the potential earnings for casinos as well as 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 not the 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 idea was first floated by Lesniak last year, before the very first sites also went real time. Under that version of the legislation, on the web gambling organizations from throughout the world could have been welcomed to New Jersey, potentially switching hawaii into a international gambling hub. That legislation was later changed to require organizations to use specifically away from Atlantic City, and to get rid of a requirement that on the web 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 is allowed to offer their services in other regulated jurisdictions. As opposed to bringing the entire world of gambling to your state, it allows New Jersey’s online casino industry to reach out to the massive market that is worldwide.
The bill would also need payment processors to be certified into the same way as New Jersey’s casinos and their online gambling lovers. This would hopefully solve some regarding the current problems players are having with banking institutions online that is preventing gambling from being processed for their state’s regulated internet sites. Many major banks were wary of approving gambling that is online for an assortment of reasons, including confusion over just how state and federal laws communicate on this problem. It is hoped that licensing payment processors could help ease these concerns.
Lesniak thinks that such legislation would allow New Jersey to reap the maximum benefit from online gambling to its association.
‘[The bill] would put New Jersey at the hub of an international gaming industry that is anticipated to experience rapid growth in the years ahead,’ Lesniak said when he first introduced the bill in November. ‘The plan would help attract international gaming companies to New Jersey, creating jobs, state income and financial expansion.
‘Our company is well positioned to make use 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.