Hard Rock, Empire City and Other Deals Highlight 2018 For Nicholas Casiello Jr.
"For me, there is nothing bigger than acquiring, licensing and opening a new casino."
June 10, 2019 at 06:14 PM
4 minute read
Nicholas Casiello Jr. has been a gaming lawyer since 1980 and is chair of Fox Rothschild's gaming group, practicing in the firm's Atlantic City office. Apart from the Hard Rock and Empire City matters he mentions below, Casiello handled numerous other significant deals in the past year. Among them were his representation of Wynn Resorts and a subsidiary in a licensure matter for the $2.6 billion Encore Boston Harbor project in Boston, representation of Tavistock Group and Harmony Cove in a casino licensure matter for a $1 billion project in Jamaica, and representation of Churchill Downs in its partnership with Golden Nugget Atlantic City for online gambling and sports betting. He also is active in various professional and industry groups.
What were some of your most satisfying successes of 2018, and why?
Obtaining the regulatory approvals for the new Hard Rock Hotel & Casino Atlantic City was the single most satisfying matter in 2018, both professionally and personally. For me, there is nothing bigger than acquiring, licensing and opening a new casino. Personally, this was especially satisfying because it meant a lot to the CEO of Hard Rock, who I have known and respected for many years, and it was in my hometown. However, it was not the most complicated or difficult transaction I was involved with last year. That honor goes to the acquisition of the Empire City Casino in Yonkers, New York, by MGM Resorts International and its controlled REIT, MGM Growth Properties. MGM Resorts acquired the assets, including the land, for $850 million, then sold the land to MGM Growth Properties for $625 million, and MGM Resorts then leased the land back. I do want to emphasize that every matter I am involved in is a team effort, involving multiple partners and associates as well as other law firms. In these two matters, Fox partners Marie Jones and Jesse Maysr and associates C.J. Fisher, Harry Jackson, Robert Baldassare and Elizabeth Bennett all contributed substantially.
What recent economic factors have affected your practice area?
The new practice area of sports betting is now open as a result of the State of New Jersey's successful fight to overturn the federal Professional and Amateur Sports Protection Act of 1992, a court battle that went all the way to the U.S. Supreme Court. While New Jersey has been at the forefront, several other jurisdictions have now legalized sports betting and many others are actively considering doing so.
Amid a changing market for legal services, what does it take to become a trusted transactional lawyer in New Jersey?
Honesty and competence. They are equally important and go hand in hand. One without the other is not sufficient.
A prospective client in crisis calls and asks why your team should be retained. What is your answer?
With our experience and know-how, we do the job better—and more efficiently—than anyone else, and our track record of success is proof of that.
Dealmakers are extraordinarily busy people. What does the firm do to ensure that they remain engaged with pro bono work, their communities and their families?
Fox Rothschild is supportive in myriad ways. One tremendous benefit of being part of a large, national law firm is the opportunity for administrative and structural support. Fox's Pro Bono Committee is led by a pair of partners in the Philadelphia and Minneapolis offices who ensure that adequate resources are provided for all pro bono efforts. Giving back to the communities where we live and work is also a core value at Fox, and the firm has strong ties to numerous charitable organizations.
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