About two dozen potential buyers have expressed interest in the Tropicana Casino and Resort, whose owners were stripped of their license last month. The names include well-established local and other national casino operators seeking a cheaper way to buy into Atlantic City for about half the price of building a new casino from scratch.
Las Vegas (AP) -- Casino operator MGM Mirage took a step forward Tuesday on its proposed MGM Grand Atlantic City project by filing for a coastal area development permit. MGM said in October that it would spend up to USD 5 billion on the 3,000-room Atlantic City, N.J., casino resort, targeted to open in 2012. The casino operator filed an application with the N.J. Department of Environmental Protection's land-use regulation program for a Coastal Area Facility Review Act permit.
Atlantic City, New Jersey (AP) -- About two dozen potential buyers have expressed interest in the Tropicana Casino and Resort, whose owners were stripped of their license last month. The names include well-established casino operators here, as well as others around the country seeking a cheaper way to buy into Atlantic City for about half the price of building a new casino from scratch.
Pennsylvania slots are no longer just a threat here, but are wreaking havoc on the Boardwalk casinos - a point underscored by the Tropicana Casino & Resort’s fight for its life in a state relicensing hearing. "We really underestimated the impact of Pennsylvania,” William J. Yung III, president and CEO of the Tropicana’s parent company, said during last month’s hearing, trying to explain to the New Jersey Casino Control Commission why he ordered 900 layoffs at the casino resort this year.
Atlantic City (AP) -- State casino regulators extended the Tropicana Casino and Resort's license until next week, when a final decision on whether it should be renewed can be made. The state Casino Control Commission has heard two weeks of testimony on whether to relicense the casino in light of concerns about cleanliness, staffing levels and compliance with state regulations.
As the Tropicana fights to keep its casino license in Atlantic City and its parent negotiates with lenders on USD 2.3 billion in debt, the company's chief financial officer announced yesterday he was resigning to take a job in Ohio. John Jacob, who last week testified about Tropicana's finances in its licensing hearing before the N.J. Casino Control Commission, is the second CFO Tropicana Casinos and Resorts has lost this year.
A burst of new, luxurious mega-casino projects to be built by 2012 will change the face of New Jersey’s gambling capital. Atlantic City will be transformed into a more futuristic -and crowded - gambling resort. At least four companies are betting a combined USD 9 billion that the makeover will help Atlantic City catch up with Las Vegas as a place to come — and stay — for more than just gambling.
Revenues at Atlantic City’s 11 casinos are down again, which continue to see their profitable slots customers flee to Pennsylvania and New York. The gambling halls took in USD 384.4 million in October, a 7.5 percent decline from the October 2006. Slots revenues were USD 270.3 million, a decrease of 12.6 percent over a year ago. It matched the worst month of the year so far for slots here, along with September, which was also down 12.6 percent.
Atlantic City, New Jersey (AP) -- The leaves are falling, and so are revenues at Atlantic City's 11 casinos, which continue to see their profitable slots customers flee to Pennsylvania and New York. The gambling halls took in USD 384.4 million in October, a 7.5 percent decline from the October 2006. Slots revenues were USD 270.3 million, a decrease of 12.6 percent over a year ago. It matched the worst month of the year so far for slots here, along with September, which was also down 12.6 percent.
Atlantic City, New Jersey - The newest addition to Atlantic City's skyline will be a twin-tower mega-casino that appears as if it were sculpted by ocean waves. Revel Entertainment Group unveiled designs Wednesday for its USD 2 billion casino to be built on the Boardwalk next to the Showboat Hotel-Casino, and said the project will debut earlier than had been planned. Kevin DeSanctis, the company's chairman and CEO, said the project would be called simply "Revel" and would open in the second half of 2010.
New York (Reuters) - New Jersey's Atlantic City casinos could lose 12.3 percent of their "gross gaming revenues" once New York and Pennsylvania install their planned video lottery terminals, a new report said on Wednesday. The report, commissioned by the New Jersey treasurer, also analyzed how much revenue New Jersey might generate if it allowed the addition of video lottery terminals at the state's three race tracks: Meadowlands Racetrack, Monmouth Raceway and Freehold Raceway.
Atlantic City will say goodbye tomorrow night to what’s left of the old Sands Casino. An implosion will bring down the 21-story hotel tower in just seconds. After a six minute fireworks show Thursday night, the Sands will be turned to dust. By drilling holes into concrete columns and loading them with explosives, demolition crews were preparing to implode the Sands casino. Tourists were taking pictures Tuesday of the casino because soon it will be gone forever.
