Caesars Entertainment May Bid for Revel Casino
There are reports that Caesars Entertainment is looking to buy the bankrupt Atlantic City Revel Casino. The casino filed for bankruptcy last year and in two weeks the court deadline for bids to be made for the casino’s assets expires.
Analysts think that the Revel could help inject life into Caesars Entertainment’s Atlantic City portfolio. Furthermore, purchasing Revel would allow Caesars another opportunity to apply for an online gambling license in the state.
Robert Heller, the president of the consulting group Spectrum Gaming Capital, believes that Caesars “could fill the place” and make the casino financially viable.
However, Caesars may run into problems with the New Jersey authorities. State law forbids a casino operator from exerting “undue economic concentration”. The company already owns four Atlantic City casinos and dominates over 40% of Atlantic City’s casino revenues.
Last year New Jersey authorities allowed Caesars to purchase the Atlantic Club Casino and Hotel. However, Caesars had said that it would not be running it as a casino but buying it in order to cut down on competition.
A number of other companies, including Florida’s Seminole Tribe, have expressed interest in purchasing the Revel as it would be an easy way into New Jersey’s egaming industry.