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Caesars Looking To Bid On Revel Casino

Wednesday January 29,2014 : CAESARS MULLING BID FOR REVEL IN NEW JERSEY?
 
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 percent of AC revenues. Latest figures show that Revel commanded just 6.2 percent 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

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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