Baby Procedures Towards Legalization At Last
Oversight Group Will Be Cabinet-Level
Buyers and Sellers Dance the Dance with Atlantic City Casinos
Everybody wants a bit of Atlantic City’s casinos these full days, it appears
Ah, the Atlantic Club in Atlantic City: your ex that everybody wants to sleep with, but no body will marry. This New Jersey land gaming joint keeps on finding brand new suitors, however, and now a brand new one has popped through to the horizon: a local attorney-slash-entrepreneur, George Miller, who’s produced an investment group utilizing The Flynn Company CEO Kevin Flynn of Philadelphia. Apparently, this real-estate duo are eyeing all forms of East Coast gambling enterprises, with the target of firming something up before New 12 months’s 2014 strikes midnight on the clock.
Atlantic Club Just One Contender
While Miller won’t come right away and say who is searching like are going to getting a diamond just yet, he did tell the Press of Atlantic City their team hasn’t eliminated the Atlantic Club as a contender, but that they were ‘looking all over the place’ for just the spot that is right make their deal.
The situation is created a bit more interesting in that both Miller and Flynn hold really small stakes in A caesars-run pennsylvania property; albeit merely a 0.25% stake each. Press of Atlantic City interviewer Donald Wittkowski implies that this alliance that is minor help the duo, as Caesars has four casinos in Atlantic City and may be prepared to part with one. You might recall that Caesars’ international debt-load is sky-high, and some cash right now might be significantly more than welcomed as a few of their records are coming due in 2015. Rumors are that possibly Trump Plaza, Golden Nugget and Revel along with Caesars’ Showboat might all be getting sexy glances from Miller and Flynn right now.
Plenty of Inventory Shared
It looks like it’s a sellers market these times, however; additionally in line to buy something in Atlantic City almost certainly to then get in place to get an interactive gaming license for AC’s imminent Internet launch are outfits like PokerStars, possibly Kentucky’s Churchill Downs horse racing operation, and also Philly’s SugarHouse https://wizardofozslots.org/quick-hit/ casino owners are said to be looking to expand to the Atlantic City market. British operators 2UP video Gaming is also reported become thinking about AC, backed evidently by an unnamed Asian mogul.
One of the properties letting it be known they are able to be designed for the proper cost are the now-infamous Atlantic Club, the Plaza (which killed a potential deal with the western Coast’s Meruelo Group for $20 million when the casino’s main mortgage holder Carl Icahn said ‘I don’t think so’ to your low-ball offer), as well as the Golden Nugget and poor ol’ Revel, which simply can’t appear to stand up, it’s so debt-heavy at the top.
Needless to say, you might wonder why a town whose casinos are doing so generally speaking awful within the web profits department will be so eagerly courted by countless these days, and the answer that is obvious both the interactive gaming potential (you can’t get an online operator’s license without getting a land casino) also as the seemingly vague potential for the legalization of sports betting in Atlantic City’s land gambling enterprises, which includes been shot down more times than an Iranian war plane over the White House.
Regardless, Miller claims his investment group is doing its diligence that is due about market. Despite Atlantic City’s crappy profit ledgers the past couple of years, he says he sees ‘a great deal of good on the horizon.’
Caesars Entertainment Rearranges Deck Furniture for Debt Restructuring
Caesars Entertainment is doing a lot of restructuring, but will it help their economically sinking ship?
Can this level of Titanic debt be salvaged from dragging the ship to your base associated with ocean that is financial? That’s the question being asked as Caesars Entertainment Corp. put Planet Hollywood one of their kingpin Las Vegas Strip properties into a new company that is holding along with the Interactive Division and the still-being-built Horseshoe Casino Baltimore. The business has instructed its shareholders they have only until Oct. seventeenth to obtain in for a stock fire sale to generate $1.18 billion in much-needed cash infusions as well. And you thought your garage sales were busy.
Shareholders Can Purchase Stocks First
The Securities and Exchange Commission (SEC) filing created by Caesars announces that shareholders can get first dibs on one share every one of the new Caesars Acquisition Co. (CAC) for every single share for the parent that is existing they own. This restructuring was in the works since this Spring that is past was officially authorized by the Nevada Gaming Control Board in July.
The newly formed CAC will be a partial owner of the also newly created Caesars Growth Partners, and along with Caesars Entertainment (are you dizzy yet?), the new entity will own Planet Hollywood, the Baltimore under-construction property, and Caesars Interactive Entertainment, which, of course, spearheads the World Series of Poker (WSOP) real money online poker brand that just recently launched for Nevada Internet players under the restructuring.
Now you might think the idea of all this fundraising is to pay the company down’s massive current debt, but apparently, they’re studying the White home financials, because they say the raised funds will go towards new casino jobs in the U.S., in addition to more online development, in conjunction with 888 Holdings, to get a few online casino web sites up and rolling in New Jersey when that state goes online on November 26. They must be in a pissing contest with Obama for the highest debt ceiling that is achievable.
Gambling’s Highest Debt Load
Think we’re kidding? Caesars has the dubious honor of keeping the casino industry’s highest-ever long-term debt load at $23.5 billion. In early 2014, they will perform a refi of about $5 billion of that, and got about $200 million towards that amount in a stock purchase already.
This somewhat scary debtload doesn’t be seemingly deterring anyone from teaming up with the gaming behemoth though; Detroit-based Rock Gaming is in on a joint venture with Caesars to own and operate the $400 million Horseshoe Baltimore once it’s completed and ready to start in 2015. And Suffolk Downs Racetrack in Boston went into partnership utilizing the company because well, as they attempt to get their $1 billion casino project accepted and built in Boston in Massachusetts’ Battle of the Casino Giants game.
Looks even Caesars Deputy General Counsel Michael Cohen isn’t entirely sure about this restructuring gameplan, but.
‘Compared to our money structure, that isn’t a big change,’ he told the Nevada Gaming Control Board about the business’s spinoff concept once they signed down on the plan in July. ‘Caesars has a great deal of debt. We think it is workable, but others disagree.