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Category Archives: Atlantic City
Atlantic City: MGM returns, Revel sold
There was a happy ending for MGM Resorts International in its long soap opera with New Jersey gaming regulation. The New Jersey Casino Control Commission voted unanimously to relicense the company, reuniting it with Borgata — and with 86 million … Continue reading
Trump bookmarks Chapter 11; Christie’s canny moves
Trump Entertainment Resorts is back in familiar territory: Chapter 11. It is the fourth time that minority owner Donald Trump‘s casinos have gone insolvent. He may try to wash his hands of the mess, but he gets equity for the use … Continue reading
New hope for Showboat, gloom for Atlantic City
While Revel and Trump Plaza go begging — and Trump Taj Mahal reportedly plans to close in November — suitors are lining up to woo Caesars Entertainment for the Showboat Atlantic City. Already Atlantic Properties Group has pitched the idea … Continue reading
Posted in Atlantic City, Boulder Strip, Donald Trump, Harrah's, history, Japan, MGM Mirage, Revel, Tribal, Trump Entertainment Resorts
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Trump card played; NBA embraces sports betting
Can casino-based Internet gambling keep going after the host casino has ceased to be? That’s the existential question faced by New Jersey regulators. Although it is closing Trump Plaza, owner Trump Entertainment Resorts wants to continue the property’s online-gambling platform, … Continue reading
Oh no, not again!
Trump Taj Mahal is heading back to a familiar bookmark: Chapter 11 bankruptcy. The casino is in violation of certain loan covenants and talks with creditors have proven unfruitful. The one creditor who really matters is Carl Icahn and he’s … Continue reading
Revel: A quiet death
“Gaming in Atlantic City isn’t dead, but it has to go on a crash diet to survive.” That’s the coroner’s verdict of the Newark Star-Ledger, in which former Atlantic Club worker Bill Terrigino adds his voice to the chorus that … Continue reading
Big Apple, smaller bites; Checkmate on the Strip
“There will never be another Mohegan Sun. That’s the way the market has shifted.” So says Mohegan Tribal Gaming Authority CEO Mitchell Grossinger Etess on the smaller, economy-sized casinos he and his fellows will have to build in New York … Continue reading
Posted in Atlantic City, Economy, Harrah's, Mohegan Sun, New York, Planet Hollywood, The Strip
Comments Off on Big Apple, smaller bites; Checkmate on the Strip
Showboat, 1987-2014; Paris, 1999-????
In the end, the Showboat Atlantic City had a good run of it, lasting almost three decades on the Boardwalk. It succumbed, in part, to wounds inflicted by owner Caesars Entertainment, which cut into its customer base by building Harrah’s … Continue reading
Quote of the Day
“As it pertains to Revel, management [of Boyd Gaming] believes that any buyer would have to spend significant time and money to make the asset viable going forward.” — J.P. Morgan analyst Joseph Greff, making it clear who won’t be … Continue reading
Posted in Atlantic City, Boyd Gaming, Revel
1 Comment
Caesars has a live one, Revel not
Even though it’s still on pace to close Aug. 31, Showboat‘s last chapter may have yet to be written. Caesars Entertainment spokesman Gary Thompson told reporters that multiple expressions of interest in the property have been received. He added that … Continue reading
Posted in Atlantic City, Dining, Economy, Harrah's, Maryland, Pennsylvania, Revel
Comments Off on Caesars has a live one, Revel not
Bad ideas never die; The Fugees; Left holding the bag
Politicians are ever-fond of the notion of using casinos as surrogate police, tasking them with collecting delinquent child-support payments. Louisiana has actually been doing this since 2011 and hit the jackpot: $2 million-plus to date. So where do deadbeat dads … Continue reading
Posted in Atlantic City, Cantor Gaming, Delaware, Harrah's, Louisiana, Neil Bluhm, Penn National, Pennsylvania, Regulation, Revel, Sports, Taxes
Comments Off on Bad ideas never die; The Fugees; Left holding the bag
When the punishment doesn’t fit the crime
Matthew Eisenberg is no Jean Valjean. Still, that’s no excuse for levying upon him a fine that is 375 times the amount he stole ($200 in chips) from Rivers Casino. The fault lies not with Rivers but with Pennsylvania laws. … Continue reading
Posted in Atlantic City, Genting, Harrah's, International, Pennsylvania, Regulation, Tourism
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Revel’s 21 grand goof
Revel‘s high-speed shutdown is descending into farce. Its armored-car contractor, GardaWorld, managed to lose $21,000 of long green. How? They — no kidding — left a cash bag on top of the truck. Security footage shows the cash still precariously … Continue reading
MGM, Garden State peace talks continue
A situation in which then-MGM Mirage and shareholder Kirk Kerkorian let sentiment trump common sense has long been causing them trouble in New Jersey. But no longer. The Division of Gaming Enforcement has stipulated to an agreement whereby MGM will … Continue reading
Posted in Atlantic City, Boyd Gaming, Dubai, MGM Mirage, Pansy Ho, Regulation
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Life after Revel?
Once safely closed — and rid of those pesky employees — Revel could find itself a valuable commodity again. Salaries really are at the crux of the issue. Current ownership is losing $2 million a week and that “black hole” … Continue reading
Posted in Atlantic City, Economy, Macau, Racinos, Regulation, Revel, Sheldon Adelson, Singapore, Sports, Taxes
1 Comment
Exit Revel, eight days early
Labor Day has taken on a cruel, new meaning in Atlantic City, where it will mark the closure of Revel‘s hotel. (The casino will stay open until dawn on Sept. 2.) This takes away eight days of employment that soon-to-be-jobless … Continue reading
Posted in Atlantic City, Cordish Co., Delaware, Economy, Harrah's, Maryland, Racinos, Revel, Steve Wynn, The Strip
1 Comment
Atlantic City: Worse to come
If you thought this year’s shrinkage of the Atlantic City casino market from 12 casinos to eight was bad, brace yourself. A Deutsche Bank report predicts more contraction to come. Resorts Atlantic City and Trump Taj Mahal have been marked … Continue reading
Revel reprieved, sort of
Ownership of Revel may have given up on the casino itself, scheduled to close Sept. 10. However, they’re still trying to sell the property, indefinitely adjourning yet another bankruptcy auction in order to entertain “ongoing negotiations [with] certain potential bidders … Continue reading
Posted in Atlantic City, Economy, Politics, Revel, Taxes
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Quote of the Day
“But a lot of people say when I left, that’s when it went bad.” — Donald Trump, in full self-delusion mode about Atlantic City.
Posted in Atlantic City, Donald Trump, Economy
2 Comments
Dispatch from the Boardwalk
As Revel informs the bankruptcy court that it’s dickering with “potential” bidders, a new set of gaming numbers rolls in with the tide. Subtracting the Atlantic Club Hotel from the comparisons, Atlantic City is down 7% year/year. Online gaming revenue, … Continue reading