{"id":22002,"date":"2018-07-05T07:57:10","date_gmt":"2018-07-05T15:57:10","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22002"},"modified":"2019-12-09T16:32:59","modified_gmt":"2019-12-10T00:32:59","slug":"atlantic-city-the-morning-after-on-the-dole-in-delaware","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/atlantic-city-the-morning-after-on-the-dole-in-delaware\/","title":{"rendered":"Atlantic City, the morning after; On the dole in Delaware"},"content":{"rendered":"

Even as it celebrates its debut in Atlantic City<\/strong>, Hard Rock International<\/strong>\u00a0is pining for the New York City<\/strong> area, especially \"\"since it has an exclusive contract to operate a casino at Meadowlands<\/strong>. In a display of rather poor taste, Hard Rock CEO Jim Allen<\/strong> used Hard Rock Atlantic City<\/strong>‘s opening to tell reporters that “every study projects a casino at the Meadowlands would do well.” This hardly squares with Allen’s opening-day rhetoric<\/a> that\u00a0“We believe in Atlantic City. We believe in the state of New Jersey<\/strong>. And we truly believe that Atlantic City’s best days are in front of it.”<\/p>\n

Over at Ocean Resort<\/strong>, owner Bruce Deifik<\/strong> is going all-in on sports betting<\/a>. The casino boasts a 7,500-square-foot sports and race book, with the obligatory bar and TV screens. Deifik’s stated goal for Atlantic City overall is move the needle from 24.5 million visitors a year to 30 million. “I think the answer is yes,” he averred. Taking a gloomier view, Global Gaming Business<\/em>\u00a0Publisher Roger Gros<\/strong> predicted that a couple of casinos are on the brink and could close this winter. Complained one customer, “in Vegas there’s a lot more shows and, you know, you can do stuff every night. There’re shows all over.” Hard Rock, with its 300-event lineup, ought to be the answer to that gripe.<\/p>\n

When not casting sheeps’ eyes at Meadowlands, Allen is thinking of ways to diversify<\/a> Atlantic City’s appeal. He told CNBC<\/strong>,\u00a0“We would certainty agree that Atlantic City is still primarily a gaming \"\"total gross revenue market.\u00a0Our goal is to continue to try to move that to where it’s not 80-90 percent, but we eventually get into a 60-65 percent gaming, 35-40 percent or so non-gaming,” That’s a pretty tall order. He threw down the gauntlet to his competitors, saying,\u00a0“We’re all competing for trips. But if you offer a quality experience, [Hard Rock Atlantic City] has so many amenities … that others just can’t compete with.” The proof will be in July’s revenue report.<\/p>\n

One thing Hard Rock has going for it was that it is debt-free<\/a>, having been financed out of free cash flow. Allen understandably took pride in Hard Rock’s solid financial footing.\u00a0In the history of gaming, there is no other organization that has achieved an investment-grade rating simultaneously from Moody\u2019s<\/strong>, Standard & Poors<\/strong> and Fitch<\/strong>.\u00a0That\u2019s what we represent\u2026 This is a financially sound project.\u201d He was also magnanimous to Deifik, saying,\u00a0\u201cI love when there are 1,400 beautiful rooms next door.\u201d Let’s hope the entente cordiale<\/em> lasts.<\/p>\n

* Penn National Gaming<\/strong>‘s takeover of Pinnacle Entertainment<\/strong> is one big step closer to fulfillment as Indiana<\/strong> regulators gave it the green light, which brings Penn a huge trophy asset<\/a> in Ameristar \"\"East Chicago<\/strong>.\u00a0“We have a few more states we need to get zoning [?] commission approvals from. Penn National currently has casinos in 17 jurisdictions. With the sale, the number will go to 20,” Penn’s Jeff Morris<\/strong> said. Knowing not to fix what ain’t broken, Penn will be making\u00a0no changes to Ameristar East Chicago<\/strong>. As Indiana Gaming Insight<\/em> Editor Ed Feigenbaum<\/strong> explained,\u00a0“When a company buys a particular property, it does so because it’s happy with the operations. I’m not sure Penn would be looking to do a whole lot of changes.”<\/p>\n

*\u00a0 Casinos are supposed to help the states in which they operate but Delaware<\/strong> has it backwards, with government continually \"\"propping up its racinos,\u00a0Dover Downs<\/strong>, Harrington Raceway<\/strong> and Delaware Park<\/strong>. These welfare queens are hoping for a state bailout that includes reducing their tax rate and fees<\/a>. But I almost fell over laughing when I read that state Rep. Bill Carson<\/strong> (D) told a newspaper that “He also believes\u00a0… that the casinos will not be asking for more relief for a while.” Just give it a year, Bill.<\/p>\n

*\u00a0 Wall Street<\/strong> is moping about May’s revenue numbers out of Macao<\/strong>, having hoped for a 20% increase and getting ‘only’ 12.5%<\/a>. \"\"However, the amounts to the 23rd consecutive month of revenue games, putting us one month shy of Galaxy Entertainment<\/strong> Chairman Lui-Che Woo<\/strong>‘s two-year benchmark for genuine recovery. We don’t have any breakdown by individual operators yet but hopefully that news will be soon in coming.<\/p>\n","protected":false},"excerpt":{"rendered":"

Even as it celebrates its debut in Atlantic City, Hard Rock International\u00a0is pining for the New York City area, especially since it has an exclusive contract to operate a casino at Meadowlands. In a display of rather poor taste, Hard … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":14189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,23,239,164,201,165,68,62,101,69,30,111,74,31,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22002"}],"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=22002"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22002\/revisions"}],"predecessor-version":[{"id":25572,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22002\/revisions\/25572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/14189"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=22002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=22002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=22002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}