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Posted At : May 7, 2009 12:29 PM | Posted By : D McKee
Related Categories:
Donald Trump,Harrah's,Penn National,Tropicana Entertainment,Isle of Capri,Atlantic City,Current,Entertainment,Economy
Speaking at the Southern Gaming Summit, former Harrah's Entertainment COO and current Penn National Gaming President Timothy Wilmott pronounced the last rites for Atlantic City. "That market is in a death spiral. The next two to three years are going to be awful," he said. Wilmott's grave prognosis contains a hidden twist of the knife at his former employer, whom he left abruptly at the start of '07. (Harrah's has four casinos in Atlantic City.)
It's more than rhetorical posturing, too, as Penn has passed on several opportunities to get into that market. Judging from Penn's most recent earnings call, the company's turned the page on its erstwhile desire for a piece of the seaside action.
Isle of Capri Casinos CFO Virginia McDowell, a member of one of several executive teams than have been hustled into and out of Trump Entertainment Resorts in recent years, added that a lack of non-gambling attractions has been Atlantic City's downfall.
We beg to differ ... at least to the extent of noting that Vanessa Williams is playing the Tropicana Atlantic City this weekend. Can't think of a better reason to visit the Boardwalk than that.
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As far as non-gaming attractions go, start with White House Subs, then head across the street to the Walk. Those stores are always crowded, so I don't but the "no non-gaming attractions" line any more. I don't think Pocono Downs is known for its non-gaming attractions, and they seem to be doing well.
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