Revel and Glenn Straub are back at the bargaining table. No interested parties emerged to acquire Revel after the deal with Strain was called off last week. The two sides agreed to continue with the previously proposed sale at a lower price.
The current deal would see Straub pay $82 million for the property. This is less than the original $94.5 million. In that failed transaction, Revel kept a $10 million deposit made by Straub. The deal is not final. There are still issues revolving around an existing tenant at Revel and the property’s power plant.
Nevada casinos won $953 million in January 2015. That was an 8% increase over the previous year. The Las Vegas Strip was responsible for all of this gain. The Strip resorts won $577 million in January, up 15% from the previous year. Baccarat was the game with the highest gains.
The remainder of the Las Vegas gaming market did not follow suit. Downtown, the Boulder Strip, and other locals markets were all down in January.
Las Vegas saw 3.4 million visitors in January, the Las Vegas Convention and Visitors Authority said Friday. Hotel occupancy was also on the rise in January. Hotel rates were up 15 percent, with occupancy hovering around 84 percent in the Las Vegas market.
The Nevada Gaming Commission approved Olympic betting at its Thursday hearing this week. Nevada sports books almost immediately posted odds on major events. Olympics were not previously permitted because it was considered a non-collegiate amateur sporting event. That form of wagering is illegal in Nevada.
Between demand and the number of professional players involved in Olympic events, sports books lobbied the state to change the policy. That push finally became reality.
Bally’s on the Las Vegas Strip opened its Grand Bazaar shops this week. This is the new mall area along the area that used to be moving sidewalks outside of Bally’s. Visitors on the southeast corner of Flamingo and Las Vegas Blvd entering Bally’s now have a mall to walk through to get to the casino.
A Caesars subsidiary sold its 20% stake in three Ohio casinos to its partner this week. The Las Vegas Review-Journal reported that Rock Gaming acquired the remaining shares in the Horseshoe Cleveland, Horseshoe Cincinnati, and Thistle Down Racetrack and casino just outside of Cleveland. Caesars will continue to manage the casino properties. This includes keeping the Total Rewards players card program.
Billionaire investor Carl Icahn has proposed a deal that Trump Taj Mahal debt holders appear to be getting behind. Icahn holds the property’s mortgage and has offered to buy out all other debtors for $3.5 million. If approved, this deal would help Trump Taj Mahal emerge from bankruptcy and remain open indefinitely. This is similar to Icahn’s approach with the Tropicana in Atlantic City, a property he now owns after acquiring it through bankruptcy proceedings.