Rick - this is how one of the casinos continues to lose business to the places in AC that actually have an idea on how to compete against the new competition. Trump Plaza and the AC Hilton are two of the worst performers in AC. The Trump Marina would be in the mix, except it's been sold and Landry's is putting a $100 million into renovating it into the Golden Nugget. TER is putting all of their eggs into the Taj Mahal and has had Trump Plaza up for sale. I think what's happening there now is making the place as lean as possible for a quick sale.
The judge who ruled on the TER bankruptcy - giving the properties to the bond holders; instead of Carl Icahn who owns the first mortgage on the properties; I think really screwed up. The current owners do not have the money to properly update the properties. And it shows at Trump Plaza. They've already sold Trump Marina for $38 million, have the Steel Pier up for sale, and were rumored to be in negotiations with the Seminoles to convert the property into a Hard Rock.
Speaking of the Hard Rock; they've submitted paperwork to build a two tower casino in AC. The first phase will have 250 rooms and the second tower will have an additional 600+ rooms. Oh yeah, it's going to be on the south-west end of the Boardwalk. You know, the place that you said would be dying. On the other end of the Boardwalk, they are finishing up Revel. Which should open in May of 2012. It's going to open with about 1,100 rooms, a 5,000 seat arena, convention area, shopping, etc. Both of these properties have plans on upgrading their surrounding areas as well. Revel is pumping millions into the Garden Pier which is home to the AC Historical Museum.
As far as what AC's doing to compete:
ECAC Hockey Tournament
Atlantic 10 Basketball Tournament
Atlantic City Boardwalk Rodeo
Dave Matthews Band Caravan - 3 day concert in Bader Field
Atlantic City Restaurant Week
Philadelphia Flyers minor league hockey team playing games at Boardwalk Hall
AC Air Show
AC Marathon
4th of July double fireworks show: 20 minutes over the Marina and then another 20 minute show on the Boardwalk. (drew about 150,000 people.)
Those are things that I can think of on the top of my head. It's not counting the number of big acts that are playing there either at the Boardwalk Hall or the casinos themselves the UFC fights that are being held there. Or that the third phase of the Walk has started opening stores. AC's not out for the count and probably on the way back. The gaming revenue may be decreasing, but the casinos that have their acts together are doing okay. In any business, those companies that don't keep up falter. If Trump Plaza and/or the AC Hilton do not get new ownership that can put money into their properties; Revel and the Hard Rock will probably put them out of business if they last that long.
