“There will undoubtedly be tough sledding ahead for Atlantic City, especially in light of the increasing competition from neighboring states. However, I believe that Atlantic City, with its beautiful beaches, can again become a premier destination resort.” — Carl Icahn, upon taking control of the Tropicana Atlantic City. Thus ends a three-year ordeal for the property, one year under the mismanagement of Columbia Sussex and two being shopped around as a ward of the New Jersey Casino Control Commission. S&G wishes Icahn and his new employees the best of luck.
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From the article:
“Now, he and banker Andy Beal are battling a group that includes Donald Trump to become the owners when that company emerges from bankruptcy.”
– Are there *any* businesses that bear the Trump name that are not or haven’t been bankrupt?
YOU JUDGE A PERSON BY THEIR TRACK-RECORD…..CARL ICHAN HAS BEEN EXCEPTIONALLY SUCCESSFUL….NEED I SAY MORE…..
Somebody correct me if I’m wrong, but it seems to me the last time Atlantic City was a “premier destination resort” was about, say, 1940. Building a bunch of casinos next to a Third World-style blighted slum didn’t turn AC back into either a “destination” or a “resort”; the vast majority of its customers are daytrippers from nearby cities. This was exacerbated by three factors: 1. There was, and still is to some extent, a huge undersupply of hotel rooms. 2. Until quite recently, it was often fatal to venture even half a block inland from the Boardwalk without being equipped with at least body armor, mace, and a stun gun. An AK-47 would have been even better. 3. A walk on the beach in AC, except maybe in July or August, isn’t the most pleasant thing in the world.
I don’t know what caused the place’s complete deterioration from an early 20th-century Coney Island sort of place to the absolutely horrible shithole that it was in 1979, when the casinos came. In any case, the casinos did nothing to restore the place in any way—they turned it from a horrid, dangerous, smelly, dilapidated dump to a horrid, dangerous, smelly dilapidated dump WITH CASINOS. Unless some of the trillions that the casinos make ever gets put into the surrounding community (first step: police, second step: bulldozers) then AC won’t ever be even a “destination” dump.