Even though it’s still on pace to close Aug. 31, Showboat‘s last chapter may have yet to be written. Caesars Entertainment spokesman Gary 
Thompson told reporters that multiple expressions of interest in the property have been received. He added that the proverbial “interested party” was getting a tour of the place. Having reclassified Showboat with the SEC as a “discontinued operation,” there’s no chance that Caesars will keep the Showboat open on an interim basis. However, for those who work there there is now the slim but tangible chance that they’ll be able to come back under different ownership.
Revel, meanwhile, is packing away the food and drink as its pace toward shutdown accelerates. Since no bankruptcy-auction bidder was willing to promise to keep Revel operating as a casino, doom followed close behind. Lacking a qualifying (i.e., casino-operating) bid, that was that.
“The debtors remain hopeful that a qualified bid will emerge from continued negotiations with potential bidders. At this time, however, the debtors are unable to set a definitive timeframe for the sale process,” wrote Revel lawyer Michael Viscount, whistling past the graveyard. Reviving the white elephant that is Revel would be no small undertaking, especially compared to Showboat, which is widely viewed as a viable casino cut with little or no good reason.
Incidentally, if you haven’t cashed in your gaming chips or slot tickets, better do it sooner or join Revel’s queue of unsecured creditors. You’ve got until 6 a.m. Tuesday to get it done.
Caesars CEO Gary Loveman was busy down the pike in Baltimore, unveiling Horseshoe Baltimore, which drew — like you expected otherwise? — a huge and impatient throng. Estimates of the number of opening-night players and lookie-lous ranged as high as 15,000. The only misstep seems to have been a welshed promise of early access made to “a crowd made up mostly of senior citizens and the wheelchair bound.”
The $442 million Horseshoe’s 1,700 employees will represent fully a third of casino employment in the Free State. Caesars certainly shouldn’t have to worry about Horseshoe drawing business off Atlantic City, as Harrah’s Philadelphia has already done that damage. Some Baltimore-based Total Rewards addicts may redirect their play from Philadelphia to closer to home but the effect, if any, will probably be marginal.
* Since casinos provide free liquor to players as a courtesy, where is it written that they have to give away the store? That rum-and-Coke in your hand might be made with Lady Bligh instead of Captain Morgan, but is this really a topic for outrage? I always assume my Bloody Mary is made from whatever off-brand is in stock. I can intellectually understand why some might find this “shocking and more than a little disappointing” but I just can’t get worked up about it.
