Caesars To Take Over Revel?
Caesars Entertainment is considering a bid for the troubled Caesars Hotel Casino.
According to Bloomberg News, the deadline to submit a bid for the casino comes in two weeks, and a takeover of Revel would have many benefits for Casears. Robert Heller, president of Spectrum Gaming Capital, says Caesars could use its data base, the largest in the industry, according to Bloomberg, to bring customers to Revel.
Heller also believes Revel would also be a major addition to the Caesars lineup of four properties in Atlantic City including Harrah’s, Bally’s and Showboat.
The Hard Rock Cafe was also considering a bid for Revel, according to Bloomberg.
Revel emerged from bankruptcy in June and began an aggressive campaign to bring attention to its beachfront amenities. The casino’s smoking ban was lifted and the poker room closed.
In November, Revel said it was pursuing “strategic alternatives” which usually lead to a sale of bankruptcy.
Dino Flammia and the Associated Press contributed to this report.