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Category Archives: Trump Entertainment Resorts
Ultimate pulls the plug on A.C.
Ultimate Gaming is exiting Atlantic City but don’t take that as a slight on the New Jersey market for Internet gambling. Ultimate lost patience with dubiously solvent Trump Taj Mahal, which it accuses of being two months in arrears and owing … Continue reading
Atlantic City: The good, the bad and the very ugly
Taking a glass-half-full view of Atlantic City, CEO of MGM Resorts International Jim Murren wanted back in. Why not, when it means having half of by far the dominant joint in town, Borgata? Now that MGM has been vetted and … Continue reading
Posted in Atlantic City, Boyd Gaming, Carl Icahn, Donald Trump, Glenn Straub, Harrah's, Internet gambling, Japan, Massachusetts, Mohegan Sun, Revel, Trump Entertainment Resorts
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Oh no, not him again!
Donald Trump is posturing as the potential rescuer of Trump Plaza and Trump Taj Mahal, provided he can get them dirt cheap. (Principal creditor Carl Icahn will have a thing or two to say about that.) In true Trump fashion, he … Continue reading
Cycle of futility; Hard luck in Indian Country
As the casino industry braces itself for Global Gaming Expo, this could hardly be a worse moment to be hawking slot machines. Not only is it undergoing a painful contraction but new markets (like Boston and Washington, D.C.) are a … Continue reading
Posted in Atlantic City, Bally Technologies, California, Economy, G2E, Harrah's, IGT, Maryland, Massachusetts, Mississippi, Revel, Scientific Games, Station Casinos, Tribal, Trump Entertainment Resorts
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When a loss is a gain
Come this time next month, we could easily be reporting year/year gains in Atlantic City. Last month, as Revel and Showboat were winding down operations, the Boardwalk was only 1% off last year’s pace. Internet gambling played a role in … Continue reading
He came to buy Atlantic City
Just when you thought Atlantic City had shed several casinos, they’re coming right back. Would-be Revel buyer Glenn Straub would include casino gambling in his larger strategy for the property but make it incidental to other “hobbies.” “Who in the hell … Continue reading
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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Dispatches from Iowa and Illinois
August was a good month for Iowa, as casino revenues rose 4%. The big winner was Pinnacle Entertainment‘s Ameristar Council Bluffs, up 7% with a $15 million gross. Caesars Entertainment had mixed results, with Horseshoe Casino ($16 million) down 3% … Continue reading
Posted in Boyd Gaming, Harrah's, Illinois, Iowa, Isle of Capri, MGM Mirage, Neil Bluhm, Penn National, Pinnacle Entertainment, Trump Entertainment Resorts, Warner Gaming
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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
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
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
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
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
The majesty of the law
For years New Jersey casino regulators have had to endure legislative backchat that they’re overstepping their authority. This week, lawmakers learned that such regulatory authority doesn’t extend as far as they thought. Even in its most dire straits, the Tropicana … Continue reading
Slump in Macao; Trump’s latest tantrum
July was unkind to casino operators in Macao, with revenues down 4%. Mass market table win was healthily up, 17%, and slot revenue increased, albeit by 4%. However, VIP revenues were 14% on 13.% less volume of play. This pulled … Continue reading
Packer returns
James Packer is back. Undoubtedly encouraged by the recent groundswell of development on the Las Vegas Strip, he’s bought the New Frontier site for a casino development that will be underwritten by the Oaktree Capital Management hedge fund. Construction is to … Continue reading
Posted in Atlantic City, Australia, Cosmopolitan, Fontainebleau, Harrah's, International, James Packer, Japan, Macau, Revel, Steve Wynn, Taxes, The Strip, Trump Entertainment Resorts, Wall Street
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