In an effort to survive withering competition from Pennsylvania and New York slots parlors, Atlantic City is considering expanding casino gambling into areas that were never envisioned when gambling was approved in the 1970s. The City Council Wednesday night approved changes to its master plan that will rezone parts of Route 30 to allow construction of a casino on the site of a former oil depot.
The slots player used to be the cash cow for the 11 casinos in the city. But now that kind of player is held in less regard, and for two reasons: Atlantic City is losing slots players, at least the frugal ones, to the Pennsylvania slots-only casinos, and the generally lousy economy is hurting the Shore resort. The casinos are comping less, and when they do, it is happening for the high-roller slots players and far-more-profitable table-game gamblers.
Atlantic City - The Atlantic City Hilton Casino Resort has lost its chief executive in a management change that follows a steep decline in revenue and profits at the smallest gaming hall in town. Anthony Rodio resigned as president Tuesday and will be replaced by Michael Frawley, who is coming up from two Mississippi casinos to take charge of the Hilton as the new chief operating officer.
The chairman of Pinnacle Entertainment Inc. reassured New Jersey gaming regulators last week that his company remains serious about building a new casino, despite uncertainty about the financing and timing of the project. Chairman Dan Lee said Pinnacle has already invested USD 400 million in land, design work and other expenses and is waiting for the global credit crunch to finally ease before it seeks construction financing for a megaresort that could cost "in the billions."
High gas prices, fierce competition and an ailing economy have taken a heavy toll on Atlantic City's casinos, and industry analysts predict even more pain ahead, including layoffs, bankruptcy filings and lower tax revenue for senior citizen programs. "Atlantic City is truly at a crossroads," said Harvey Perkins, senior vice president of the casino consulting firm Spectrum Gaming Group. "Layoffs are a given.
Despite the slowing economy, which prompted several gaming companies to put the brakes on expansion in Atlantic City, a city councilman there says development of the city’s most coveted tract of land is “way behind schedule.” Councilman Dennis Mason and other city officials have laid out a timetable for the development of Bader Field, the 140-acre former airport valued at approximately USD 1 billion.
Newark, New Jersey - (AP) -- Any hope for a turnaround at Atlantic City's casinos evaporated in the July heat. Summer is usually a hot time for the 11 gambling halls, but not this year. Revenues fell 6.6 percent this July compared to a year ago, increasing the likelihood that the city's industry will have its second consecutive down year. The casinos took in USD 438.7 million in July, compared to USD 469.6 million a year earlier...
Atlantic City, New Jersey (AP) -- Pinnacle Entertainment Inc. says a new mega-casino it plans to build in Atlantic City will have a beach house theme. The Las Vegas-based company plans to hold onto its land on and near the Boardwalk area of Atlantic City until credit markets improve and it can build its mega-casino project, chairman Dan Lee said Wednesday. The theme of the casino has been a closely held secret for nearly two years.
If at first you don’t succeed, try, try again. That seems to be the motto of Tropicana Entertainment LLC, which against all odds is trying to regain ownership of the Tropicana Casino Hotel in Atlantic City. The holding company, a subsidiary of Columbia Sussex Corp., lost control of the property in December when the Casino Control Commission deemed it unfit to run a gaming operation in New Jersey.
Atlantic City, New Jersey (AP) -- A nasty June swoon at the resort's 11 casinos could be evidence that Atlantic City is heading for a second straight down year in terms of revenue. The gambling halls took in [[USD]] 373.6 million in June, an 11 percent decrease over the same month a year ago. Only one of the 11 casinos saw revenues increase last month, and of the losers, eight posted double-digit declines.
Atlantic City, New Jersey - A new casino on the outskirts of Atlantic City's Route 30? Don't bet on it. That's the message from a city councilman who says a proposal to build a casino on the White Horse Pike - away from the existing casino zones on the Boardwalk and the marina district - has only a limited chance of happening. Penn National Gaming wants to build a casino on the 23-acre property.
Atlantic City, New Jersey - A New Jersey appeals court was just as put off by massive layoffs, bug-infested rooms and uncooperative management at the Tropicana Casino and Resort as state regulators were, and upheld the denial of the casino's license. Tuesday's ruling affirmed last December's decision by the state Casino Control Commission to strip the former owners of the gambling resort of their license and put the property up for sale.
