Caesar's to Buy Revel Casino?
News is circulating that Caesar’s Entertainment is set to make a bid for the Revel Casino and Hotel in Atlantic City. Revel Casino cost $2.6 Billion to build however without a solid connection to a larger organization it went bankrupt last year, after only opening its doors in April 2012. The bid from Caesar’s isn't certain however should that happen then it would most certainly boost their portfolio and offering in Atlantic City where it is already prominent with 4 properties. Robert Heller from Spectrum Gaming Capital a New York based investment bank believes that by utilizing their current player base and loyalty program that they could get plenty of people through the doors and that ownership of Revel would be a huge ‘upgrade’ to their current casinos in New Jersey. There are other companies interested in Revels which is currently owned by a hedge fund management group, and those interested parties include Hard Rock International, however they have declined to comment as yet. Although holding some debt at present Caesar’s share price has more than doubled in the past 12 months and rose a little further just last week with the acquisition of Revel Casino meaning that a further boost would be on the cards.
New Jersey News
- New Jersey Clarifies Casino Bonus Rules August 10, 2020
- Showboat Casino Atlantic City to Close August 10, 2020
- Approved New Jersey Casino and Poker operators September 4, 2019
- New Jersey Online Casino Revenue Down Yet Again August 3, 2017
- Branson's Virgin Group go to New Jersey June 7, 2017
- Six Online Casinos Approved for New Jersey Launch October 22, 2016
- Golden Nugget Now Live in New Jersey October 6, 2016
- Mohegan Sun Casino Now Online in New Jersey August 18, 2015
- Revel Casino Sold for Just $110 Million October 8, 2014
- Ultimate Gaming Leaves New Jersey Market September 23, 2014