Caesars Mulling Bid For Revel In New Jersey?

CAESARS MULLING BID FOR REVEL IN NEW JERSEY?

29th January, 2014 at 02:32:51
Source: http://www.azonlinecasinos.com

Bankrupt Atlantic City casino could be another useful online gambling base.

US land casino giant Caesars Entertainment is considering a bid for the bankrupt Revel Casino Hotel in Atlantic City, insider sources told Bloomberg News Tuesday.

The property went through bankruptcy last year and offers to buy the asset close in two weeks' time, the sources said.

Land gambling observers noted that the casino, built for $2.6 billion, could enhance Caesar's aging four-property portfolio in Atlantic City and provide another potential base for New Jersey online gambling operations.

Robert Heller, president of the consulting group Spectum Gaming Capital, said that Caesars know-how and facilities could steer more players to revitalise Revel.

They could fill the place, Heller said, noting that Revel could be a huge upgrade to Caesars' current portfolio.

Revel did not respond to enquiries on the possibility of a Caesars bid.

Bloomberg reports that Hard Rock International, owned by Florida's Seminole tribe, is among the companies interested in making an offer for Revel.

Revel is owned by a group of hedge funds that assumed ownership after the bankruptcy last year, but it has struggled without a connection to a larger organisation.

With four properties in Atlantic City, an offer to buy Revel by Caesars could run afoul of New Jersey regulations prohibiting undue economic concentration by casino operators.

Caesars' Atlantic City properties include the Showboat, Ballys, Harrahs and Caesar casinos, which account for around 41% of AC revenues. Latest figures show that Revel commanded just 6.2% of revenues.

Late last year Caesars bought the property and fixtures of the liquidated Atlantic Club casino resort in Atlantic City, a property that had earlier been a target for online poker company The Rational Group as it sought a base for New Jersey online gambling operations.

That deal fell through when Pokerstars was unable to achieve New Jersey licensing within the contract timeframe, allowing Atlantic Club owners to walk away with $15 million of its upfront money (see previous reports).

Related News Tags: , , ,



« News index »



SPAIN'S ONLINE GAMBLING MARKET HAS A SOUND FUTURE

29th March, 2017 at 19:48:16
Analyst says sector likely to deliver Euro 500 million in Revenues in 2017.

BULLISH FORECAST FOR PENNSYLVANIA ONLINE GAMBLING

28th March, 2017 at 19:47:54
Hundreds of millions of dollars in new tax revenue possible with legalisation.

ONCE RATIONAL GROUP IS PAID OFF, WILL AMAYA BE LOOKING FOR ACQUISITIONS?

24th March, 2017 at 16:47:40
$4.9 billion consideration agreed for Rational Group in 2014 is due for final payment this year...but what then for Amaya?

MORE DETAILS ON COSTA ONLINE GAMBLING LEGALISATION BILL IN PENNSYLVANIA (Update)

21st March, 2017 at 21:54:56
Senator Jay Costa introduces his bill SB524 with the support of three other senators.

NOW WEST VIRGINIA EYES ONLINE GAMBLING LEGALISATION

18th March, 2017 at 06:34:19
New legalisation bill follows earlier challenge to PASPA