Published on February 12, 2014 by April Gardner
Revel Casino Hotel was expected to be the savior for the Atlantic City gaming industry after the commercial recession of 2008. The casino, which was going to modernize AC, was being built with billions of greenbacks invested, with the hopes of reviving the brand new Jersey gaming market.
That plan came to a crashing halt when financing ran out shortly after the recession. When the ability was finally opened, it did so as to much fanfare. Despite the attraction for gamblers, Revel fell well in need of expectations, signaling the overall changing of the guard within the Northeast.
With one bankruptcy under its belt, Revel majority shareholders Chatham Asset Management secured the approval this week of the brand new Jersey Casino Control Commission to grab control of Revel. Whether that implies Chatham can be a long-term solution, is yet unknown.
At the hearing to announce the approval, Chatham Principal Evan Ratner explained that the corporate is calling into all options for Revel. By not disclosing a selected plan, Ratner led industry experts to believe that the corporate could be looking to sell, or take Revel through another round of bankruptcy.
Some interesting names have popped up as possible investors into the power. The Seminole Tribe of Florida has expressed their interest in purchasing Revel. The Seminoles currently have a monopoly on table gaming in Florida, with a compact the tribe signed with former Governor Charlie Crist set to run out in 2015.
Caesars Entertainment, with casinos within the US, is another potential buyer. Caesars has made their move into the Northeast over the last decade, and believes they may prosper within the second-largest gaming market at the East Coast.
Two years ago, Pennsylvania overtook New Jersey, for second, behind only Nevada on the subject of overall casino revenue. New Jersey made some changes to their state law, specifically authorizing online casinos, so as to regain the highest spot within the Northeast.
Workers unions were present on the commission hearings this week, with the hope of preserving casino employee jobs. Thousands of workers has been laid off lately in Atlantic City casinos, and the union desires to ensure no further workers are lost within the cost-cutting measures of the Revel.
Read More... [Source: Casino Gambling News]
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