Report: Caesars Could Bid On Revel CasinoFirm Could Add Fifth Casino In Atlantic City |
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Caesars Entertainment Corp., owner of the esteemed World Series of Poker, might make a bid on Revel Casino Hotel in Atlantic City, according to a Bloomberg report.
Offers for the once bankrupt property are due in two weeks.
Revel’s bankruptcy filing, which was completed last year, wiped away $1.2 billion of its $1.5 billion in debt. It is now owned by a group of hedge funds.
The property ran into financial issues before even getting built. It took six years to complete and required an additional $1.1 billion investment in 2011, along with state help. Ultimately, it cost $2.4 billion to construct.
As of last spring, Revel had more than 2,400 slot machines and 130 table games.
Right now, Caesars has four casinos in Atlantic City. They are Caesars, Harrah’s, Ballys and Showboat. According to Bloomberg, the firm already has around 40 percent of the gambling market in Atlantic City, as outlined in the most recent revenue report.
New Jersey is home to a brand new online gambling industry, after the state saw its first operators debut games in late November. Caesars, thanks to a partnership with 888, has the second largest poker site in the Garden State, according to the data from PokerScout.
Hard Rock International, which is owned by Florida’s Seminole tribe, reportedly is another potential player in acquiring Revel.
Caesars reportedly has its own debt of more than $24 billion.
New Jersey has seen gaming revenues in Atlantic City slump since 2006. In 2013, casino win was $2.9 billion, which was a decrease of 6.2-percent compared to 2012.
Gaming revenue hit an all-time high of $5.2 billion there in 2006.
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