Eldorado Resorts Inc. acquired Caesars Entertainment Corp. for $17.3 billion. The merged 'new Caesars' plans to sell Bally's to another owner.
New Jersey Is Nothing Like Nevada. The most obvious difference everyone mentions when. Las Vegas is by far the best-known casino destination in the United States, with Americans and people from elsewhere in the world all associating the two together. However, there is another city that few foreigners have the same associations with, but most Americans have also heard of, Atlantic City. Trump Taj Mahal 1000 Boardwalk at Virgina Ave. Atlantic City, NJ 08401 (609) 449-1000 trumptaj.com Harrah's Resort Atlantic City The sleek towers of Harrah's Resort soar over Atlantic City as a. Find Harrah's hotels and casinos in Las Vegas, Atlantic City and more locations around the country. Join the fun, come out and play.
A $17.3 billion buyout creating the world's biggest casino company won final approval Friday, with New Jersey gambling regulators agreeing to let Nevada-based Eldorado Resorts Inc. acquire Caesars Entertainment Corp.
It comes after an antitrust analyst had assured the New Jersey Casino Control Commission that the deal affecting four of the nine casino-resorts in Atlantic City would not concentrate too much of the local gambling economy in one company's hands.
Those four casinos in the Shore gambling hub are:
- Caesars Palace Atlantic City
- Bally's
- Harrah's
- The Tropicana
'The stakes could not be any higher,' Commissioner Alisa Cooper said before joining Chairman James Plousis in voting for the deal.
Download our mobile app for iOS or Android to get alerts for local breaking news and weather.
Local
Breaking news and the stories that matter to your neighborhood.
Plousis said he was satisfied after two days of hearings that Eldorado executives had been 'honest about the challenges that lie ahead' and 'acknowledged the importance of Atlantic City to their success.'
Eldorado is expected to close the deal in coming days, vaulting a company that began with a single family-owned casino-hotel in Reno, Nevada, in 1973 to the top of the gambling ownership world. It will have 52 properties in 16 U.S. states, including Las Vegas Strip casino-resorts like Caesars Palace, Paris Las Vegas, Planet Hollywood, Flamingo and Linq.
The buyout also affects Caesars properties in the United Kingdom, Egypt, Canada and a golf course in the Chinese gambling enclave of Macau.
Billionaire investor Carl Icahn will be the largest single shareholder, with more than 10% of the combined company, Eldorado CEO Thomas Reeg said this week. Icahn acquired a large block of Caesars shares after that company emerged from bankruptcy protection in late 2017 and pushed for the sale.
Eldorado plans to buy Caesars stock at $12.30 per share, using $8.70 in cash and the remainder in Eldorado shares, Reeg told Nevada regulators. Eldorado will own 56% of the merged company, which will continue operations and stock trading under the name Caesars Entertainment Inc.
Eldorado stock traded at $39.01 on Friday, and Caesars Entertainment was at $12.39.
Reeg will head what officials have termed 'new Caesars,' and he emphasized the company's focus on U.S. gambling operations.
Approval in New Jersey was the final hurdle. The Federal Trade Commission accepted the plan June 26, after Eldorado agreed to satisfy antitrust concerns by selling properties in Kansas City, Missouri; South Lake Tahoe, California; and Shreveport, Louisiana.
One FTC commissioner voted no, citing projected Eldorado debt of nearly $13 billion and billions in additional obligations to VICI Properties and another real estate investment trust, Gaming and Leisure Properties Inc.
Nevada gambling regulators approved the buyout last week, followed by Indiana casino and horse racing authorities. Eldorado agreed to sell three of its five casinos in Indiana. Executives also have floated plans to sell at least one Las Vegas Strip property.
Of the four affected casinos in New Jersey, Caesars Entertainment and VICI Properties are selling Bally's Atlantic City hotel-casino for $25 million to Rhode Island-based Twin River Worldwide Holdings.
Eldorado is promising not to close the three remaining boardwalk properties — Caesars, Harrah's and the Tropicana — for at least five years. It also says it will spend $400 million improving them over the next three years and reinvest 5% of revenue annually after that. It agreed to remove deed restrictions blocking casino developments by other property owners.
The New Jersey regulators on Thursday rejected requests by the Hard Rock Atlantic City and the Ocean Casino Resort to comment to the commission before the vote, saying it was too late in the process.
Antitrust expert Timothy Watts of New York-based Nera Economic Consulting testified in online hearings that the blockbuster merger 'would not substantially reduce competition' in the Atlantic City gambling market and that the planned sale of Bally's will improve it.
Martin Perry, consultant and head of the economics department at the University of Illinois, Urbana-Champaign, noted the industry's consolidation in Atlantic City in the last 15 years. He did not offer an antitrust conclusion but said selling Bally's was an appropriate regulatory requirement.
He also welcomed the promise to lift restrictions blocking other casino developments and said upgrades of the casinos and hotel rooms could help attract customers.
'These properties have to be invested in if they are going to be competitive with the other major resorts in town,' Perry said.
___
Ritter reported from Las Vegas.
Las Vegas and Atlantic City are unarguably the two gambling meccas of the United States of America.
Both the cities offer visitors a wide variety of casinos, bars, fine dining options (and wedding chapels!) to choose from.
They are super accessible, have plenty of hacks around to get a good deal, and have a notorious reputation of making people forget their worries, drink with abandon, and take decisions they'll regret the next morning. Regardless, gamblers can be seen flocking the two places all round the year.
Even though the two gambling towns are pretty crazy with a colorful nightlife in general, they are often pitted against each other in some key differences that set them apart.
Las Vegas
It is general knowledge that Las Vegas is more thriving in terms of people and revenue.
The Sin City has higher chances of accommodating people within budget since it houses more hotels, resorts, and lodges than Atlantic City. Vegas is bigger and has more choices in everything, including casinos like the well-known New York, New York.
However, this also means that Vegas keeps more crowded at any given time. The place features a famous stretch of road called ‘The Strip ‘ located in the South Las Vegas Boulevard which is home to about 40 casinos.
Another key element of Las Vegas is that it is bearable in winter. This also hugely contributes to keeping its business running round the year. On the other hand in Atlantic City, it starts lightly snowing in winter which leads to the place becoming a predominantly gambling town during the indoor season. This serves as a technical advantage for Vegas, and for the people choosing between the two cities in this season, it become a default choice with its glorious sunshine and warm dry heat.
What takes Vegas a notch higher is the fact that it is always brimming with energetic lights. The charm of its bright neon streets surpasses that of Times Square in New York. This gives Vegas the big city feel that is always busy and abuzz in action.
High octane entertainment
To top it all, the vibrant and innovative level of entertainment in Vegas is unmatched across the US. Guests from all over the world throng the place especially to catch a production of Cirque du Soleil or visit Planet Hollywood with its resident singers.
Cirque du Soleil
Visitors can also walk down to the Bellagio to watch the musical fountains. In downtown Vegas, one can also experience the epic Fremont Street and the LED canopy, among other casinos and restaurants. Casinos near anchorage alaska.
Resorts Casino Atlantic City
Home of the MGM Grand
The biggest hotel-casino giant in Vegas is called the MGM Grand. This top-ranked establishment is also the second-largest hotel in the world. It features high-end cuisines from the finest chefs in the world, five swimming pools, over 6,000 luxurious guest rooms, eight Vegas nightlife hot spots, top-tier shows, and the famous MGM lions at the Lion Habitat. Then again, there's the Bellagio, Planet Hollywood, and many more.
Great gambling action
The spectacular casino at the MGM Grand offers some high intensity gaming action. It has plenty of tables for gamblers to play Blackjack, Pai Gow, and Craps, and over a 1,000 slot machines from denominations ranging from $0.01 to $1000. Some of the world's most talented poker players are present in this casino.
Entertainment unlimited
People can also enjoy some pretty amazing entertainment in the hotel. This can include the Billboard Music Awards, a pop festival with Bruno Mars and Taylor Swift, and parties where super diva Madonna is present along with regulars like David Copperfield. And this will only be getting you started.
Maybe due to popular culture that never misses the chance of projecting Vegas as this place with over-the-top entertainment, there is this inexplicable high energy in the city that just demands attention. The lights, the casinos, and the hotel suites, all of it contribute to Las Vegas remaining a hot favorite for avid gamblers. Due to such diversified elements, Vegas has also been steadily growing in terms of number of visitors.
Atlantic City
The most important factor that sets Atlantic City apart from Las Vegas is that it has beaches. This tiny little aspect is the prime reason for competition between Las Vegas and Atlantic City, because not only does the city have beaches, it has free beaches.
This single-handedly sets Las Vegas far back in choice since beaches are preferable to deserts and can be used as really cool rejuvenation sites between all the gambling and getting drunk.
It is an addition to the getaway experience and a welcome respite after all the money spent in gambling. It is interesting to see that even though beaches have nothing to do with gambling, they are heavy influencers in attracting gamblers. In this regard, the most famous spot in the city is the Jersey Shore that comprises a beautiful view of the ocean.
Casinos on the Boardwalk
The popular Atlantic City Boardwalk along the ocean gives the city a peculiar vibe which is much sought after. It provides a holiday festival feel to the people. There are seven major casinos in Atlantic City like Bally's Atlantic City and Caesars Atlantic City. They are mostly located on the iconic Boardwalk and are within walking distance of each other. During the summer, the city has an overall nice resort feel with the Boardwalk and great beaches.
Another thing that sets Atlantic City apart from Las Vegas is its Pedicabs. These are small vehicles like rickshaws that are manually wheeled on and can help people reach nearby destinations on the Boardwalk. Pedicabs enable tourists to reach their fancy casinos without having to tiring themselves out in heels even before the night starts.
The city is also big on its musical scene and offers outstanding recreational enjoyment. How many cards in rummy. Places like the Golden Nugget and Harrah's Resort host singers and headlining comedians regularly. This is accentuated by the touring musicals and shows like Thunder Down Under.
Thunder From Down Under
The top-rated and the largest hotel-casino in Atlantic City is the Borgata. This premier accommodation is a joint venture between MGM and Boyd Gaming and offers over 2,000 luxury rooms, world-class restaurants with fine wine, and several thrilling shows.
The Borgata houses a marvelous casino that is 161,000 square feet in area. Visitors can get some major gambling action with over 4,000 slot machines and hundreds of table games. The casino is also known for its world-class poker program and is big on daily high-stake tournaments. It is the prime venue for the World Poker Tour.
At the Borgata, visitors can also catch entertainment shows by stalwarts like the Rolling Stones, Mariah Carey, Sting, and Eric Clapton. Other entertainment options include burlesque, comedy, and rock genres in venues with up to a seating capacity of 2,400 people. The place offers the best entertainment in Atlantic City.
In contrast to the free beaches, tourists can also indulge in fine dining and high-end shopping options. This comes in handy when people want to take a break from an extensive day of poker. Known for its local delicacies like Salt Water Taffy, Atlantic City gives a unique spin to tourist experience. These traditional treats act as a perfect add-on to a fun evening. During the peak season, the place is filled with people trying their luck at minting some gambling money.
Staycation vs. day trip
There are several other factors that come into play while both avid gamblers and rookies choose between the East Coast and the West Coast. Some believe that while Atlantic City tends more towards being a day trip with beach action, Vegas is more of a staycation. Some take into consideration the welcoming environment, the glorious thrill attached to the surroundings (casinos aim at visually softening the blow of a lost hand), or simply the respective proximities of the cities from their hometowns.
Casino Name In Las Vegas And Atlantic City
Some professional gamblers also base their decision on which city has so far brought them the most amount of luck. This is often related to their stand at the online gambling scenario. For example, if a gambler has been highly invested in CaesarsCasino.com and the virtual boardwalk, he is most likely to visit Atlantic City.
Whether they test out their odds at Spin the Wheel, bank upon lucky slot machines to hit the jackpot, or a trust a hot pair of dice rolls, one thing is for sure, all gamblers, even the casual ones, experience both the cities at least once in their lifetimes.
