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 problem with this casino conglomerate.
Lately, they’ve been in talks with Japanese leaders to build a possible new casino in Osaka just as video gaming is legalized in Japan, and now the news that is latest, based on some insider reports, is they will have their eye on Atlantic City’s issue kid casino, Revel.
Could Revel Stay Next on Their List?
Revel formally 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 has under fourteen days to submit a bid, and according to Bloomberg, Caesars isn’t a slam dunk for this purchase; neither is it even 100 % specific they will also make a move to do so.
Other contenders are in the mix; those include Orlando-based rough 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 very own casino in the 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 reduced in 2013 largely due to competition that is massive surrounding states building something new sort of lost its appeal, evidently.
Who knows who to believe right here, if the inside scoop at Bloomberg shows correct, Caesars would end up keeping five Atlantic City gambling enterprises, that is nearly half for the city’s remaining 11 currently in procedure. And that’s not even taking under consideration the now-closed Atlantic Club that Caesars purchased at a fire purchase auction for very little at the conclusion of 2013.
NJDGE May Force A sale
All this local purchase and presence may well not sit well, but, with brand New Jersey’s Division of Gaming Enforcement (DGE), which will not take fondly to just what would essentially amount to some antitrust issues by holding what the DGE refers to as ‘undue economic concentration’ into the town.
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 shares.
Exactly 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, https://myfreepokies.com/indian-dreaming-slot-review/ as their moneymakers don’t shake as 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 monthly basis.
In terms of 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 wouldn’t have to sink anymore into 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 devices and tables was the sound of silence. Despite investing $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 cigarette smoking dictum and advertising exactly what some later called misleading ‘free money for play’ to gamblers, the numbers just never truly picked up; for 2013, the casino came in eighth out of (then) 12 for Atlantic City’s overall video gaming revenue ladder.
How much might Caesars or any bidder, for example ante up for Revel if they in fact buy it? Nobody knows yet. However for both Caesars and Atlantic City, making more cash than they spend may be a goal that is good 2014.
Foxwoods Fall River Casino Goes Official, But Still Needs a website
Foxwoods is still in the game in Massachusetts, with Fall River now behind their casino project (Image: WBZ-TV)
Foxwoods could have been rejected in Milford, nevertheless they’re not quitting on their fantasy of a Massachusetts casino at this time. As is speculated for some time now, Foxwoods and the city of Fall River will work together to make a casino proposition that they wish will be able to win certainly one of the three casino licenses available in the state.
Economic Increase 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 create as many as 5,000 jobs for the populous city, which includes continued to suffer from an unemployment rate that is far greater than that of Massachusetts as a whole.
Based on 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 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 would be a ‘destination resort,’ saying that major properties including the one they have prepared are ‘economic engines like nothing else into the global world.’
While Foxwoods was rejected from Milford, they feel confident that they’re going to be welcomed in Fall River.
‘ We all know it’s the home that is right us,’ Butera said.
Locals Help Foxwoods Project
Local specialists regarding the casino industry agree with Butera’s assessment. Professor Clyde Barrow of this University of Massachusetts-Dartmouth says that non-binding votes and general public polling have consistently shown help for a casino within the Fall River area.
‘ Assuming they get a site and can negotiate a host contract, I have no doubt a casino proposal would pass in Fall River,’ said Barrow.
Finding a site is apparently the biggest sticking point in the plan during the moment. While Foxwoods includes a plan that is rough of they’d like to do in Fall River, they don’t really yet have any land to build on yet.
That was a major focus of the Tuesday press conference, as Mayor Flanagan appealed to owners who might potentially be prepared to offer large parcels of land. Foxwoods is apparently looking for a website of 30 to 70 acres on which to build, because of the mayor saying that a waterfront web site could be ideal.
Foxwoods must certanly be able to move quickly, due to the fact casino firm has already undergone criminal record checks and received a suitability ruling in their campaign to build 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 apparently stalled, their state gambling commission lifted the freeze on the Southeastern region last 12 months. Foxwoods has become just the second business 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.
New Jersey Legislators Reintroduce International Online Gambling Bill
If brand new legislation goes through in New Jersey, the Garden State could turn into a global player into the on the web gaming universe.
The web gambling market in brand New Jersey might 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 gambling enterprises. But even while the New Jersey Internet market that is betting in its infancy, some legislators are thinking ahead to how a state could capitalize on legal on the web gambling across the world.
A new proposal from nj-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 as well. That could take New Jersey’s online offerings out of a cottage that is admittedly large and onto a much broader stage, in which the potential profits for casinos and the state 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 first time New Jersey’s legislators have taken a glance at where else the state’s licensees might offer their online gaming internet sites. The idea was very first floated by Lesniak last year, before the very first sites also went live. Under that version of the legislation, online gambling companies from around the globe could have been welcomed to New Jersey, potentially turning the state into a worldwide gambling hub. That legislation was later changed to need companies to use specifically away from Atlantic City, and to eliminate 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 current plan, nj’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 your state, it would allow New Jersey’s online casino industry to reach out to the massive worldwide market alternatively.
The bill would also require re payment processors to be certified in the way that is same nj’s casinos and their online gambling lovers. This would hopefully re solve some associated with present issues players are having with banking institutions preventing on line gambling payments from being processed for the state’s regulated internet sites. Many major banks have already been wary of approving gambling that is online for a variety of reasons, including confusion over exactly how state and federal laws communicate on this issue. It’s hoped that licensing re payment processors could help relieve these concerns.
Lesniak believes 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 likely to experience rapid growth in the years ahead,’ Lesniak said when he first introduced the bill in November. ‘The plan would help attract worldwide gaming companies to New Jersey, creating jobs, state income and financial expansion.
‘We are well positioned 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.