{"id":19163,"date":"2016-11-28T10:39:11","date_gmt":"2016-11-28T18:39:11","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=19163"},"modified":"2016-11-28T10:39:11","modified_gmt":"2016-11-28T18:39:11","slug":"all-right-in-atlantic-city-trump-the-asia-connection","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/all-right-in-atlantic-city-trump-the-asia-connection\/","title":{"rendered":"All right in Atlantic City; Trump: The Asia connection"},"content":{"rendered":"<p>Columnist <b>Steve Ruddock<\/b> recently took a deep dive into <b>Atlantic City<\/b> and found the water to be just fine, thank you. He didn&#8217;t just mean his hotel room at <b>Resorts Atlantic <img loading=\"lazy\" class=\"alignleft size-medium wp-image-4314\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/atlantic-city-300x224.jpg\" alt=\"atlantic-city\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/atlantic-city-300x224.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/atlantic-city-150x112.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/atlantic-city.jpg 550w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>City<\/b>, which he deemed cleaner and better-maintained than many on the <b>Las Vegas Strip<\/b>. No, he was talking about the operating profits of the surviving casinos, many of which are skyrocketing as the market goes through the process of right sizing itself. The only exception was <b>Carl Icahn<\/b>&#8216;s <b>Tropicana Atlantic City<\/b>, where operating profit dipped 22% from 2014 to 2015. By contrast, though you wouldn&#8217;t know it on a month-by-month basis, the repositioning of <b>Bally&#8217;s Atlantic City<\/b> as a grind joint has fattened the bottom line, with operating profit up 77%. The tightest-run ships appear to be Resorts (+525%) and <b>Golden Nugget<\/b> (+396%). <b>Borgata<\/b> (+36%) had the highest dollar volume of profit, while <b>Caesars Atlantic City<\/b> and <b>Harrah&#8217;s Resort<\/b> (+39% and +26%) made respectable gains.<\/p>\n<p>As these numbers might suggest, Ruddock <a href=\"http:\/\/www.uspoker.com\/blog\/atlantic-city-state-flux\/15687\/\" class=\"broken_link\">concludes<\/a> that the answer in Atlantic City is not more casinos. However, altruism is not the foremost characteristic of <!--more-->the free market, and neither <b>Glenn Straub<\/b> at <b>Ten<\/b> nor Icahn at the temporarily closed <b>Trump Taj Mahal<\/b> can be expected to refrain from re-entering the lists shortly. Some ex-casinos appear beyond rescue, including deed-restricted <b>Trump Plaza<\/b>. Ditto <b>Showboat<\/b> (From a gaming standpoint) while the <b>Atlantic Club<\/b> has a possible date with the wrecking ball, having found no <a href=\"http:\/\/www.pressofatlanticcity.com\/business\/empty-atlantic-club-empties-crowds-from-nearby-boards\/article_5ced5a82-6e37-11e6-9cc4-1b12be68590b.html\">takers<\/a> on the open market. (Remember that <b>Caesars Entertainment<\/b> and <b>Tropicana Entertainment<\/b> made off with its gaming entitlement.) Unless Straub can hook up with a gambling operator with a sizable database at hand and Icahn can restore labor peace at the Taj, both face serious challenges reentering the Boardwalk. But, for the established operators, happy days are here again.<\/p>\n<p>* Although it has yet to enter the <b>White House<\/b>, the incoming Trump regime is generating a fair number of gaming-related <a href=\"http:\/\/www.forbes.com\/sites\/muhammadcohen\/2016\/11\/21\/american-casinos-in-asia-roll-dice-on-trump-presidency\/#11fbb55944cc\" class=\"broken_link\">headlines<\/a>. <b>Saipan<\/b> casino operator <b>Best Sunshine<\/b> is hoping that the new administration will continue the visa-free entry <img loading=\"lazy\" class=\"alignright size-medium wp-image-6535\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2011\/05\/donald-trump3-300x232.jpg\" alt=\"donald-trump3\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2011\/05\/donald-trump3-300x232.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2011\/05\/donald-trump3-150x116.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2011\/05\/donald-trump3.jpg 440w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>relationship with <b>China<\/b>. Fortunately for the company, it is headed by former Trump executive <b>Mark Brown<\/b>. In <b>Vietnam<\/b>, casino firm <b>Asian Coast Development<\/b> has just named former <b>Trump Entertainment Resorts<\/b> corporate counsel (and ex-<b>Ivanka Trump<\/b> lawyer) <b>Loretta Pickus<\/b> to its board of directors. However ACDL is hedging its inside-the-Beltway bets by also appointing <b>Tony Podesta<\/b>, brother of Clinton family <i>consigliere<\/i> <b>John Podesta<\/b>, to its board as well. ACDL has a $1 billion megaresort, the <b>Grand Ho Tram<\/b>, in progress south of <b>Ho Chi Minh City<\/b> and would apparently like <b>Washington<\/b> to smile upon the project.<\/p>\n<p>* Add <b>Bermuda<\/b> to the roster of nations where casinos are <a href=\"https:\/\/news.worldcasinodirectory.com\/bermuda-passes-revised-gaming-legislation-with-no-objections-38148\">legal<\/a>. Lawmakers on the island-state have green-lit a pair of casinos. Unfortunately for would-be developers, the legislation comes too late for aforesaid casinos to be ready in time for the <b>America&#8217;s Cup<\/b> next May, even though their hotel locations are spelled out in the new law. At least Bermuda&#8217;s regulatory body will have a strong and eloquent head: <b>Richard Schuetz<\/b>, late of the <b>California Gambling Control Commission<\/b>. Before he made the transition to the regulatory side of the fence, Schuetz was CEO of the <b>Stratosphere<\/b> during some of its most difficult days, so he&#8217;ll be well qualified to advise startups on how to get it right.<\/p>\n<p>* Could pot smokers light up on <b>Plainridge Park<\/b>&#8216;s patio, amid all the cigarettes and cigars? <b>Penn National Gaming<\/b> isn&#8217;t asking for that permission but the <b>Massachusetts Gaming Commission<\/b> is looking into the <a href=\"http:\/\/www.bostonglobe.com\/metro\/2016\/11\/22\/marijuana-smoking-casinos-least-for-now\/TxeoCRI5EIIQBEXe1laWfL\/story.html\">implications<\/a> of the Bay State&#8217;s new legal-marijuana status. Spotting tokers on smoking verandas should be easy enough but policing federal law in those hundreds of as-yet-unbuilt hotel rooms is something else again. The MGC is taking input rather than a stance for the moment.<\/p>\n<p>* The effort of the <b>Wild Rose<\/b> casino chain to extend into <b>Cedar Rapids<\/b> with a $40 million, boutique casino opposite the convention center is looking anything but a slam dunk. Civic leaders are bound by a pledge to support an older, bigger, more-expensive proposal from a rival developer. If the lack of support from City Hall weren&#8217;t enough to worry about, <b>Iowa<\/b> casino regulators &#8212; concerned about market saturation &#8212; are said to be looking <a href=\"http:\/\/www.thegazette.com\/subject\/opinion\/blogs\/24-hour-dorman\/twists-and-turns-ahead-for-cedar-rapids-casino-20161122\" class=\"broken_link\">askance<\/a> at Wild Rose&#8217;s initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Columnist Steve Ruddock recently took a deep dive into Atlantic City and found the water to be just fine, thank you. He didn&#8217;t just mean his hotel room at Resorts Atlantic City, which he deemed cleaner and better-maintained than many &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/all-right-in-atlantic-city-trump-the-asia-connection\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,82,42,185,7,22,86,112,11,167,69,25,157,129,21,169,177],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19163"}],"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=19163"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19163\/revisions"}],"predecessor-version":[{"id":19166,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19163\/revisions\/19166"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=19163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=19163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=19163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}