America’s most famous son-in-law, Jared Kushner, evidently has faith in Atlantic City as a place to live. His Kushner Properties has acquired a $2 million, seven-acre plot of land near Absecon Inlet, with a view to erecting 180 townhomes. This is the latest of several plans for the acreage, none of which have come to pass. We hope Kushner has better luck than his predecessors.
According to our Boardwalk correspondent, “For flood insurance regulations, the living areas need to be at least 10 feet above street level. (Do I sense elevators with each unit? Yes I do.) There will also be a clubhouse with pool facing the water.” However, not just anyone can afford these. Our man on the East Coast reckons that the houses without a water view will start at a cool $500K apiece. “With no supermarket in A.C., the Acme in nearby Brigantine will have 180-plus new customers,” he adds.
Speaking of oceanic views, even the Starbucks at Ocean Casino Resort has one. Our reporter has been defecting to Ocean of late, with side visits to the Golden Nugget. He explains, “Golden Nugget doubled my wife’s free slot play for February. Bally’s reduced her play. Bally’s has no entertainment, but has had one ‘party’ each month. So far no party at Bally’s during February, but Golden Nugget is having a Valentine’s party … Looks like GN wants their better players to go there and Bally’s just doesn’t give a crap about their better players.” Way to hang on to last place, Bally’s!
Another factor weighing in Ocean’s favor, by the way, is that its players’ lounge is open at 11 a.m. on Saturdays and Sundays for breakfast. No such luck at Bally’s, which recently curtailed its lounge hours, in its ongoing quest to cut every imaginable corner.
It’s business as usual at City Hall in Atlantic City. And among those suffering as a consequence is the owner of the former Atlantic City Hilton, who had to go to the Board of Appeals seven times over to have the property moved from city control to that of New Jersey. At one point, it was allegedly suggested that his problems would be solved if he met privately with scandal-plagued Mayor Marty Small (D). Evidently he knew better than to do that. Anyway, the plan for the long-suffering site (aka ACH, aka Atlantic Club) is to convert it to a 330-room Hyatt or Hilton hotel, with 108 condo units in the second tower, plus banquet facility, F&B outlets and retail. Our A.C. scribe informs us that the Atlantic Club parking garage has only a six-foot clearance. Good luck getting your truck or large SUV in there.
Since the Garden State still nominally runs Atlantic City, it’s overriding the objections of Atlantic County and mulling a an extension of the ‘payment in lieu of taxes’ (aka PILOT) program whereby casino pay a lump sum to Trenton. The county’s beef is that it supposedly hasn’t received its fair PILOT share, the money having gone to pay down the city’s debts. Atlantic City is supposed to revert to self-rule this year, whether it’s learned to manage its monies in the meantime or not. An unfettered Small at the helm? The mind reels.
Another area newspaper just bit the dust, by the way. The Newark Star-Ledger has gone online-only. Its final print edition had a decidedly morbid air: One feature photo showed the late Whitney Houston singing at deceased Trump Taj Mahal in 1998. The failed Taj is now the wildly successful Hard Rock Atlantic City. We wonder if the Star-Ledger‘s second act will be so prosperous.
Speaking of things with the former Trump brand, Bally’s A.C. is employing a casino wall to display (of all things) a photo of the greens in the Bronx where it aspires to erect a casino on the erstwhile Trump Links. Is this their way of thumbing their nose at the Boardwalk clientele? “Nice knowing you, but our heart’s really in New York City?” Or: “Wouldn’t you rather be playing on our Bronx golf course than in our casino?” As with most decisions at Bally’s, it’s anybody’s guess.
In mid-January at Bally’s, “both bathrooms in their high-limit slot room were closed. Saturday, they opened one, then both. A public street runs underneath the hotel lobby, the gift shop, and the high limit slot room. An employee said this happens every year when the water freezes under these restrooms.” However, that is not the infrastructural problem with which Bally’s Corp. appears to be concerned. No, it’s rumored to be contemplating demolition of the four-story Garden Tower. However, our correspondent asked an employee if that was indeed happening and was told no. Why? “Because it would cost money.” And money is one thing of which Bally’s is desperately short.
Gambling revenues were modestly down in Ohio in December, dipping 2%. However, that’s still 22.5% higher than they were in the comparable stretch of 2019. If anything, it’s more evidence of gaming coming in for a soft landing after several consecutive years of heated (overheated?) business. Sports betting took it in the neck, with revenues plunging 33% on handle of $944 million (jumping 17%), as hold was a dismal 6%. Books took in $56.5 million and gave away 48% of it in free play and other promos.
In spite of a 1.5% slippage, MGM Northfield Park led the state with a slots-only $26.5 million. (No casino or racino was revenue positive except one.) Hollywood Columbus was flat at $24 million, followed by Jack Cleveland, down 5% to $23 million. Hard Rock Cincinnati softened 2% to $22 million, while Hollywood Toledo ($20 million, -3%) was nosed out by Miami Valley Gaming ($21 million, -4%). Scioto Downs posted $19 million (-2%), Jack Thistledown recorded $16 million (-2.5%) and Belterra Park was flat at $7.5 million. Hollywood Dayton ceded 3.5% to $13.5 million. Hollywood Mahoning Valley has been one of Penn Entertainment‘s star performers and so it was in December, hopping 4% to $14 million.
FanDuel took a 36% wallop to its winnings but still led the Buckeye State with $24 million, closely pursued by DraftKings and its $21.5 million (-16%). Distant third place went to Bet365 ($4 million), followed by Fanatics ($2.5 million), BetMGM ($2 million) and Caesars Sportsbook ($1 million). ESPN Bet was embarrassed, recording a measly $300K.
Golden Nugget has a complicated parking system in which you have to use an app on your cellphone to exit the garage. Good luck trying to figure it out.