Baby Procedures Towards Legalization At Last
Oversight Group Will Be Cabinet-Level
Buyers and Sellers Dance the Dance with Atlantic City gambling enterprises
Everybody wants a bit of Atlantic City’s casinos these days, it seems
Ah, the Atlantic Club in Atlantic City: the lady that everybody wants to sleep with, but no one will marry. This nj-new Jersey land gaming joint keeps on finding new suitors, however, and now a new one has popped up on the horizon: a local attorney-slash-entrepreneur, George Miller, who’s developed an investment team utilizing The Flynn Company CEO Kevin Flynn of Philadelphia. Apparently, this estate that is real are eyeing all kinds of East Coast gambling enterprises, with the goal of firming something up before New 12 months’s 2014 strikes midnight regarding the clock.
Atlantic Club Just One Contender
While Miller won’t come right out and state who is searching like they’ll certainly be 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 right spot to make their deal.
The situation is manufactured a bit more interesting in that both Miller and Flynn hold really small stakes in A caesars-run pennsylvania property; albeit only a 0.25% stake each. Press of Atlantic City interviewer Donald Wittkowski shows that this minor alliance could assist the duo, as Caesars has four casinos in Atlantic City and could be willing to part with one. You may recall that lucky nugget casino blog Caesars’ international debt-load is sky-high, and some cash right now might be over welcomed as a number 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 glances that are sexy Miller and Flynn now.
A lot of Inventory Shared
It looks like it is a sellers market these days, however; additionally in line to buy something in Atlantic City most likely to then get in place to obtain a gaming that is interactive for AC’s imminent Internet launch are outfits like PokerStars, possibly Kentucky’s Churchill Downs horse racing operation, as well as Philly’s SugarHouse casino owners are reported to be trying to expand to the Atlantic City market. Uk operators 2UP Gaming is also reported to be thinking about AC, backed evidently by an unnamed Asian mogul.
Among the list of properties letting it be known they could 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 stated ‘I don’t think therefore’ 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.
Of course, you might wonder why a town whose casinos are doing this generally speaking awful in the web earnings department has been so eagerly courted by numerous these days, and the answer that is obvious both the interactive gaming potential (you can’t obtain an online operator’s license without having a land casino) also as the seemingly vague potential for the legalization of sports betting in Atlantic City’s land gambling enterprises, that has been shot down more times than an Iranian war air plane over the White home.
Regardless, Miller claims his investment group is doing its due diligence about any of it market. The past few years, he says he views ‘a great deal of good on the horizon. despite Atlantic City’s crappy profit ledgers’
Caesars Entertainment Rearranges Deck Furniture for Debt Restructuring
Caesars Entertainment is doing lots of restructuring, but will it help their economically sinking ship?
Can this level of Titanic debt be salvaged from dragging the ship towards the base of the financial ocean? This is the question being asked as Caesars Entertainment Corp. put Planet Hollywood one of the kingpin Las Vegas Strip properties into a new holding company, along with the Interactive Division and the still-being-built Horseshoe Casino Baltimore. The company has instructed its shareholders that they have only until Oct. 17th to have in for a stock fire sale to make $1.18 billion in much-needed cash infusions as well. And you also thought your garage sales were busy.
Shareholders Should Buy Stocks First
The Securities and Exchange Commission (SEC) filing created by Caesars announces that shareholders are certain to get first dibs on one share every one of the latest Caesars Acquisition Co. (CAC) for each and every share for the parent that is existing they own. This restructuring is in the works since this Spring that is past was officially approved 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 point of all this fundraising is to pay the company down’s massive current debt, but apparently, these are typically studying the White House financials, because they do say the raised funds will go towards brand new casino projects in the U.S., as well as more online development, in conjunction with 888 Holdings, to get a few on-line casino web sites up and rolling in New Jersey whenever that state goes online on November 26. They must be in a pissing contest with Obama for the highest achievable debt ceiling.
Gambling’s Highest Debt Load
Think we’re kidding? Caesars has the dubious honor of holding the casino industry’s highest-ever long-lasting debt load at $23.5 billion. In early 2014, they will execute a refi of about $5 billion of that, and got about $200 million towards that amount in a stock sale already.
This somewhat scary debtload doesn’t appear to be deterring anybody from teaming up with the gaming behemoth though; Detroit-based Rock Gaming is in on a joint venture with Caesars to own and run the $400 million Horseshoe Baltimore once it’s completed and ready to open in 2015. And Suffolk Downs Racetrack in Boston moved into partnership because of the company as well, as they try to obtain $1 billion casino project accepted and built in Boston in Massachusetts’ Battle for the Casino Giants game.
Tends even Caesars Deputy General Counsel Michael Cohen isn’t completely sure about this restructuring gameplan, nevertheless.
‘Compared to our money structure, that’s not a big change,’ he told the Nevada Gaming Control Board about the organization’s spinoff concept if they signed off on the plan in July. ‘Caesars features a complete lot of debt. We think it is manageable, but others disagree.