{"id":18337,"date":"2016-06-03T11:24:37","date_gmt":"2016-06-03T19:24:37","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=18337"},"modified":"2021-02-05T06:35:00","modified_gmt":"2021-02-05T14:35:00","slug":"atlantic-city-back-on-death-watch-money-problems-at-moulin-rouge","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-back-on-death-watch-money-problems-at-moulin-rouge\/","title":{"rendered":"Atlantic City back on death watch?; Money problems at Moulin Rouge"},"content":{"rendered":"

Things are suddenly looking grim for Atlantic City<\/strong>: A new Monmouth University<\/strong> poll shows voters evenly divided<\/a> on a referendum to end the Boardwalk’s monopoly on casino \"hilton-atlantic-city-casino-hotel\"gambling, an erosion of public support for the resort city. Assessing the situation — and the prospect of casinos at the Meadowlands<\/strong> and in Jersey City<\/strong> — Fitch Ratings<\/strong> has come out with a report that marks Resorts Atlantic City<\/strong>, Trump Taj Mahal<\/strong>, the Golden Nugget<\/strong> and possibly Bally’s<\/strong> for death if the referendum passes. It would only take a 10% drop in gross gaming revenue to send the Taj into the abyss. If that figure reaches 20%, Resorts is toast and a 25% dropoff would be the end of the Golden Nugget, according to Fitch’s research. The only silver lining is that Fitch predicts that northern New Jersey<\/strong> casinos wouldn’t open until 2020 0r 2021 … although Meadowlands Racetrack<\/strong> owner Jeff Gural<\/strong> says he could get a casino online sooner than that.<\/p>\n

It feels odd to us to be opposing gambling expansion but New Jersey could be robbing Peter to pay Paul if the referendum passes. The consequence could be a couple of viable casinos and a ghost town around them. Assemblyman Ralph Caputo<\/strong> (D) is peddling the concept that higher-profile Internet gambling could save Atlantic City<\/a>, but that ship sailed a while back. (The Golden Nugget has found a way around the federal sports-betting ban: online wagering on “virtual sports;” you bet\u00a0on fantasy games played by hypothetical lineups. If you’re a cricket fan, your “first eleven” will be chosen by the casino. We have to commend the Nugget and InspiredGaming<\/strong> for thinking outside the box that is New Jersey’s sports-betting quandary.)<\/p>\n

* Speaking of dead or dying casinos, mark your calendars for June 14<\/a>. That’s the day that the Monaco Tower<\/strong> of the Riviera<\/strong> will be imploded. (Good viewing spots are still available<\/a>.) It’s an event fit for a city that never sleeps, as it’s scheduled for 2 a.m., partly to reduce the number of spectators who might be exposed to potentially hazardous particulate matter. The second Riviera implosion is expected to take place in August, assuming that demolition contractors can extract the asbestos from the building’s outer walls by then.<\/p>\n

* Ceremonial groundbreaking notwithstanding, we’re skeptical that the announced casino project on the Moulin Rouge<\/strong> site will actually materialize. The property’s receiver is seeking court permission to sell the land for $8 million to Moulin Rouge Holdings LLC<\/strong>. \"moulin\"Trouble is, Moulin Rouge Holdings boss Boris London<\/strong> is $7.5 million short of the cash required<\/a>. Demolition is lagging and no construction permits have been pulled \u201cThe project is too big for just me to handle it,” he says with refreshing candor, adding, “it\u2019s a huge, huge development.\u201d It’s nominally budgeted at $125 million, but that number is considered something of a placeholder.<\/p>\n

In a nonstarter of a move, London called for the City of Las Vegas<\/strong> to subsidize the development, a move which the city says would be unprecedented. After all, if the Lucky Dragon Casino<\/strong> didn’t qualify for tax-increment financing, why should be public dollars be allocated to the Moulin Rouge? London thinks he has the answer:\u00a0\u201cEntire Las Vegas is booming, and the west side is kind of \u2014 I mean, seriously, it\u2019s not Las Vegas.\u00a0It\u2019s like a war zone other there. They need to do something with that. I have never seen a city \u2014 I mean, maybe Detroit<\/strong> \u2014 but I\u2019ve never seen such a segregated city as Las Vegas.\u201d The need for more Downtown casinos is questionable and the Moulin Rouge site is well away from any of the tourist corridors. It might be time for London to call it a day.<\/p>\n

* You could make the case that this isn’t the right time for Macao<\/strong> casinos to go smoke-free. City Hall seems to agree. The enclave is curtailing its proposed smoking ban to allow for airport-style smoking lounges on casino floors. This appears to be a common-sense response to a problem for which there is no easy solution.<\/p>\n

* The American Gaming Association<\/strong> has done a 180 on Massachusetts<\/strong>‘ “Play My Way” software, which seeks to deter problem gambling.”Any responsible gaming tool should be targeted to assist the small minority of players that may confront irresponsible play without harming the entertainment experience for nearly all players who enjoy our entertainment experience responsibly,” said the AGA’s Christopher Moyer<\/strong>. “We’re optimistic this tool will help to achieve this goal.”\u00a0As poised to be implemented at Plainridge Park<\/strong>, the system periodically notifies enrolled gamblers (who can opt out at any) point when they are nearing their self-imposed limit.<\/p>\n

The AGA had been against “Play My Way” on the grounds that analogous systems had been tried overseas and proven ineffective. (A more stringent version is currently installed in British Columbia<\/strong> casinos.) But the AGA had “productive conversations” with the Massachusetts Gaming Commission<\/strong> that changed its mind. While the MGC is expected to mandate that MGM Springfield<\/strong> and Wynn Everett<\/strong> use “Play My Way,” the Mashpee Wampanoag<\/strong> are keeping their own counsel as to whether they’ll deploy it at their Taunton<\/strong> casino.<\/p>\n","protected":false},"excerpt":{"rendered":"

Things are suddenly looking grim for Atlantic City: A new Monmouth University poll shows voters evenly divided on a referendum to end the Boardwalk’s monopoly on casino gambling, an erosion of public support for the resort city. Assessing the situation … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,51,14,26,117,7,37,62,112,11,167,69,90,25,55,32,129,169],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18337"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=18337"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18337\/revisions"}],"predecessor-version":[{"id":29222,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18337\/revisions\/29222"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=18337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=18337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=18337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}