September 14, 2012 |
In what could be the first sign of a ripple effect from the financial condition of the new and expensive Revel Casino, Hard Rock International said Wednesday that it was ending plans to construct a $300 million casino-hotel in Atlantic City. Those close to the project acknowledged that Revel's dismal performance in its first five months - the $2.4 billion casino is generating only about half of what it needs to stay solvent - would deter banks from providing the financing needed to get the Hard Rock, or any other casino, built in Atlantic City.
August 22, 2012 |
Revel casino, which is badly in the red just 4 1/2 months after opening, is asking its lenders for up to $100 million to make it through this year and 2013. The $2.4 billion Las Vegas-style gambling palace, heralded as "Atlantic City's future" by many - including Gov. Christie, who directed more than $300 million in state assistance toward getting it built - said Monday that it had entered into discussions and expected to receive $70 million in additional financial commitments. Wall Street gaming analysts say Revel needs the money to avoid defaulting on its loans.
January 16, 2012 |
ATLANTIC CITY - You know that all-in moment, when you push most of your pile of chips out onto the table and wait to see where the little white ball lands to know whether you're a winner or a big loser? The year 2012 is looking a lot like that for Atlantic City. Pummeled by a half-decade losing streak brought on by unrelenting competition from casinos in neighboring states and worsened by the sluggish economy, the resort has been anxious for 2012 and the $2.4 billion Revel casino-hotel that is expected to bring in new gamblers and new money.
November 17, 2011
ACH Casino, formerly the Atlantic City Hilton on the Boardwalk, announced Thursday it was laying off 150 workers one day after a rescue financing plan to keep it afloat was approved by the New Jersey Casino Control Commission. The casino's chief operating officer, Michael Frawley, said the cuts were made across all departments, including management and among its 1,900 rank-and-file workers. On Wednesday, state regulators approved a plan to pump about $24.3 million into the casino to keep it open for at least another year.
October 13, 2011 |
ATLANTIC CITY, N.J. - As the mother of a famous college basketball player, Liza Cartmell traveled the country going to ever-bigger games as the NCAA championship drew near. In those towns, when a Sweet 16, an Elite 8 or a Final Four game was being played, "It felt like every night was New Year's Eve," said Cartmell, whose son, Brian Zoubek, was a member of Duke's 2010 championship team. "We need to create that atmosphere here," said Cartmell, who will try to do just that in her new role as Atlantic City's booster-in-chief.
June 23, 2011 |
Hard Rock International has moved one step closer toward building its proposed $275 million casino hotel on the Atlantic City Boardwalk. New Jersey's first boutique casino will be built in two phases: It will open as a 54,800-square-foot gaming hall with a 208-room hotel and 2,400-space garage, then eventually add 27,500 square feet, 642 rooms, and 600 parking spaces. That's according to documents contained within a 4-inch-thick binder, accompanied by a 5-inch-thick collection of renderings, submitted late Friday by AC Gateway L.L.C.
May 27, 2011 |
It's hard to tell whether the problem is a lack of financial resources on the part of Atlantic City's 11 casinos, a dearth of available A-level talent or, perhaps more likely, a combination of the two. Whatever the reason, there's no denying AyCee's summer entertainment lineup, while certainly boasting plenty of big names, doesn't quite have the star power we've seen in previous years. As it currently stands, between now and Labor Day, there are but a handful of sizzling, au courant attractions booked in Atlantic City, and three of the gigs aren't even casino-sponsored.
May 26, 2011 |
ATLANTIC CITY - Hard Rock International is moving ahead with its planned $300 million venture at the southern end of the Boardwalk by seeking the permits necessary to build the resort's first boutique casino hotel, with fewer than 500 rooms. On June 6, Hard Rock is expected to file a petition for a Coastal Area Facility Review Act (CAFRA) permit, among the first prerequisites for building along the coast of New Jersey, according to several parties involved in the project. State Sen. James Whelan (D., Atlantic)
May 11, 2011 |
ATLANTIC CITY - Table games are not even a year old at Pennsylvania casinos, but they are already claiming market share and jobs in the casino industry here. While slots revenue has been free-falling for four years, figures released Tuesday by the New Jersey Division of Gaming Enforcement confirmed what had been suspected since poker and blackjack debuted in Pennsylvania in July - the new competition would eat into what had been 25 percent of Atlantic City's revenue. Total casino revenue among 11 gambling halls fell 7.1 percent last month, to $289.4 million, from April 2010, according to the DGE. While slots revenue took a 3.4 percent hit, revenue from table games registered a 15.4 percent decrease, to $80.9 million.