Caesars Rumored To Be Planning Bid For Revel
Recent reports have suggested that land based casino operator Caesars Entertainment is planning to make a bid for the troubled Revel Casino Hotel in Atlantic City. Revel was declared bankrupt in March 2013 – less than one year after opening – and companies interested in acquiring it have less than two weeks to submit their bids.
When Revel opened in 2012 it employed a smoke free policy and it was hoped this would attract plenty of players looking to enjoy its smoke free environment. The anticipated crowds failed to materialize though and even after scrapping the policy the casino still struggled to flourish. Following bankruptcy proceedings it is currently owned by a group of hedge funds.
Should Caesars be successful in purchasing in Revel it would bring their holdings in Atlantic City to a total of five casinos. This would likely attract the attention of the New Jersey Division of Gaming Enforcement as it may go against their restrictions on “undue economic concentration”. In such an event Caesars may have to divest themselves of one of their existing properties in the region.
Hard Rock International is also a potential buyer. They have previously been linked with a purchase of the casino but it is not known at this time if they are still planning to pursue the possibility. The company once planned to build their own casino in Atlantic City, but scrapped plans back in 2012 due the market conditions at that time.
At the time of writing, Revel has not yet made any comments on possible purchasers.
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