“The revenue increase is a positive. Right now the industry should be in ‘grow-the-market’ mode rather than seeking to consolidate profits, so a decrease in profits isn’t necessarily the worst news we could get. Overall, what Atlantic City needs right now is to improve its image and marketing and become a destination in a crowded Northeast casino market.”—Roll the Bones author David G. Schwartz on a 15% increase in Atlantic City casino revenue (and a narrowing of operating profit), the best numbers in eight years.
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COULD NOT AGREE MORE! Good to hear from the other Dave 🙂
AC: The AC press 1/17 front page headline reported “we’ve got to do something”. Jim Allen, Hard Rock CEO “if the image of AC doesn’t change…the last recession was a challenge, the next one is going to be tenfold”, and “we’re fearful”. And “consensus of nearly all the casino heads, the city has to do better”. Marcus Glover, Borgata COO: “AC has to figure out how not to be in the crosshairs of negative attention”. Steve Callender, Tropicana SVP: “it hurts our business and frightens our customers”. Resorts owner and the Union is right, Mayor Small may be part of the AC problem. Mayor Small stated forcing the demolition of the former Trump Plaza is his top goal. What about the hundreds of privately owned abandoned properties all over the city? As Resorts CEO, Mark G. stated: “perception is reality”.
Over the last year I’ve barely been to Vegas but have been to AC over 10 times staying at Ocean, Caesars or Ballys. Small is right about Trump Plaza, its yucky. The casinos are designed to make it hard to walk to nice places in AC like Docks, White House, etc. If I had to run one property it would be Ocean, great potental and they are finally on the right track.