BUSINESS
May 22, 2013
In the Region Revel formally out of bankruptcy Atlantic City's $2.4 billion Revel casino formally completed its financial restructuring and emerged from Chapter 11 bankruptcy Tuesday. The reorganization plan, approved by a U.S. bankruptcy judge and the New Jersey Casino Control Commission last week, eliminates about $1.2 billion of the casino's $1.5 billion debt through a debt-for-equity swap with its creditors. Revel has struggled since opening April 2, 2012, on the Boardwalk.
NEWS
May 19, 2013 | By Bill Ordine, For The Inquirer
Las Vegas has casinos in a desert. Atlantic City has casinos by the ocean. But the operators of Maryland's spectacularly successful casino about 15 miles south of Baltimore, Maryland Live, knew where they wanted to put theirs - in a shopping mall parking lot. So far, the move has paid off huge for both the casino and the adjacent Arundel Mills Mall in Hanover, Md., as the two have combined to form arguably Maryland's single biggest-drawing destination....
NEWS
May 18, 2013 | By Dan DeLuca, Inquirer Music Critic
The summer of 2013 pop-music schedule at the Jersey Shore is not quite so star-studded as last year. Atlantic City got a boost in 2012 with Beyoncé christening the then-brand-new Revel casino. Bader Field hosted Metallica's Orion music festival, which has moved on to Detroit, another town seeking revitalization via rock. Still, there will be plenty of marquee names playing down the Shore this season: Willie Nelson, Mary J. Blige, Ke$ha, Sting, Pitbull, B.B. King, Steely Dan, and, yes, Beyoncé are all coming to Atlantic City between now and Labor Day. Outside the orbit of the gambling town, there's noteworthy action, ranging from farther up the Garden State Parkway in Asbury Park, to Dover, Del., where the second Firefly Music Festival will set up shop in June on the way to the beaches of Delaware Bay. Things start to kick into gear Memorial Day weekend in Atlantic City, with Southside Johnny at the House of Blues on May 24 and Mary J. Blige at Caesars on May 25-26.
NEWS
May 18, 2013 | By Jacqueline L. Urgo, Inquirer Staff Writer
Before we do anything, let's address the giant elephant in the room - and we're not talking about Lucy of Margate. Nearly seven months ago, Sandy wrought devastation on the Jersey Shore like never before: The largest Atlantic storm on record created more than $30 billion in damage up and down the state's 127-mile coastline. More than 346,000 structures were damaged or destroyed when Sandy whipped across the state on Oct. 29. Some of the places that held memories so dear for many of us - beaches, homes, boardwalks, piers, shops, amusements, and restaurants - got washed away.
NEWS
May 17, 2013 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - Maybe you've noticed the new lighting on the Boardwalk. Or the dozens of "ambassadors" along it eager to answer questions about where to dine, shop, or just have fun. Most likely, you've seen the splashy "DO AC" ads on TV and billboards, or heard them on the radio. All are part of a bigger effort, along with the Atlantic City Tourism District that was created last year by Gov. Christie and the Legislature, to boost tourism and give the Queen of Resorts a makeover.
NEWS
May 17, 2013 | BY CHUCK DARROW, Daily News Staff Writer darrowc@phillynews.com, 215-313-3134
FOR A TOWN whose economy is built on luck, Atlantic City has seen plenty of the bad sort the past half-decade or so. First came casinos in eastern Pennsylvania, which brought full-scale gambling to millions who previously had to go to AyCee for their wagering action. Then the economy went south, wiping out discretionary income and capital to invest in new casino-hotels. Last fall, national news media erroneously spread the word that Superstorm Sandy had destroyed the world-famous boardwalk when, in fact, only a part of the Great Wooden Way - in the Inlet area away from the casino strip - was obliterated.
NEWS
May 17, 2013 | BY ROBERT STRAUSS, For the Daily News
OF ALL THE images in the aftermath of Superstorm Sandy last October, two seemed to linger - that of the unmoored roller coaster in Seaside Heights, and the one of the blown-away section of Boardwalk in Atlantic City. While the former was a real victim of the rain and high winds, the latter was, in many ways, just an unfortunate circumstance. The fallout from a perfect storm, if you will. "It caused a lot of misinformation about the damage from the storm and we have spent the last months trying to recover from that," said John Palmieri, executive director of the Casino Reinvestment Development Authority, overseer of the biggest swath of Shore tourism: the Atlantic City casino district.
NEWS
May 15, 2013 | By Jane M. Von Bergen, Inquirer Staff Writer
The man who created and then lost the vast Cherry Hill-based Commerce Bank network wrapped up his time on the witness stand in federal court in Camden Monday insisting that millions in compensation is being improperly withheld from him. "I want the jury," Vernon Hill testified, "to enforce the terms of my employment agreement. " In January 2008, six months after Hill was ousted as chairman, president, and chief executive at Commerce, he filed a lawsuit asking the bank, which by then had been acquired by TD Bank, to make good on his contract.
BUSINESS
May 13, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
From the broken concrete of Deemer's Beach, you can see north up the Delaware River toward Philadelphia, south down Delaware Bay toward the Atlantic, and east over two miles of sun-tipped waves to hazy New Jersey to get a sense of what people lost when they turned their backs on the waterfront. "There was the tidal bathing pool, and the trolley, and the baseball ground, and the roller rink, and the dance hall, and the arcade, and the 1,500-foot-pier, and the place where the Wilson Line ships used to dock," said Harold West, owner of the property since 1987.
BUSINESS
May 11, 2013 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - Revel's new Pearl Lounge takes pains to show it is not just any slots parlor. With its canopy entrance, strung-pearl ceiling design, custom-print glass doors, and red oak floors, exclusivity is what it's all about. The 3,000-square-foot space just off the main gaming floor is intended as a complement to the casino's Ultra Lounge, a private space for high-end table players. "We needed this," George Mancuso, vice president of slot operations at Revel, said during a media tour Thursday on the eve of Pearl Lounge's opening.