In a sham ritual (only two of five members were present), the New Jersey Casino Control Commission green-lit the Eldorado Resorts takeover of Caesars Entertainment. Effectively rebuking the recommendations of the Division of Gaming Enforcement, the two commissioners allowed deed restrictions imposed by Caesars remain in place at the Showboat, Atlantic Club and Claridge Hotel. Regulators are sometimes accused of stifling economic development and this would be a clear case in point. What’s more, gaming-entitled Boardwalk land is in finite supply and the NJCCC has effectively reduced it further, in its prostration before Eldorado. NJCCC Chairman James Plousis voiced platitudes that the merged companies “would be in a position to harm fair competition in the Atlantic City market.” Yet it was his idea to leave the deed restrictions in place.
“One hand washes the other” is a euphemism for the campaign taking dollars from regular people, many seniors on fixed incomes, and bailing out struggling hospitality businesses during the pandemic… The hotel/resort business model is currently in the toilet, and it will remain there until the air travel business model resurges…
AC: yes, the fix is in, and yes, this is New Jersey, any questions? Ten years ago, Bally’s & Caesars was a decade behind in updating their hotel and public areas. Bally’s & Caesars have numerous meeting spaces/rooms, with no takers. Both Bally’s & Caesars have closed up buildings (not Covid related) that won’t be used.
AC: The Philly news at noon stated the Eldorado-Caesars merger was complete. Mike A: our Gov Murphy took away the only small tax break that we seniors had, a few hundred bucks off our real estate taxes so he could give the money to the multi-billion $ casino interests to “jump start” the poor casino owners.
Just the other day I was complimentary to the NJ CCC for doing their job. Looks like they failed again….