June 16, 2015 |
While Atlantic City's casino-hotel scene is at a troubled moment, two events - growth spurts, really - point toward better days. At the very least, July 4's opening of developer Bart Blatstein's Playground at Caesars, with music venues booked by Bonfire Entertainment, and Saturday's unveiling of Borgata Festival Park, booked by Live Nation, prove AC won't play dead. And what better hopeful celebration than the locally based troika of the Hooters, G. Love & Special Sauce, and Southside Johnny & the Asbury Jukes?
May 21, 2015 |
Atlantic City is attempting today to sell $40.56 million in bonds to repay a state loan issued in December when the financially beleaguered city was shut out of the bond market over concerns that the city would default. This time Atlantic City is using a New Jersey program established by the Municipal Qualfied Bond Act that diverts state aid into a fund to repay bonds. Moody's Investors Service said in a note that the state backing "should improve the city's market access," but warned the city still faces numerous financial challenges, including a $101 million deficit this year and thousands of property-tax appeals.
May 16, 2015 |
Atlantic City is the new home of the BeachGlow Festival. On June 27, the fourth annual EDM fest will debut in A.C. after previously taking place in Wildwood. "Atlantic City welcomed us with open arms," co-organizer Gerard Kunkel said about the switch. BeachGlow is a nonprofit and all-volunteer. Last year, the fest donated $40,000 to the Red Cross. This year's charity is Little Kids Rock, an organization that raises money for music programs in public schools. An extra $10 donation, in addition to the ticket, is suggested.
May 2, 2015 |
The parent company of Borgata Hotel Casino & Spa boosted its 2015 earnings target for the Atlantic City property to $165 million from $160 million after a strong first quarter. Boyd Gaming Corp., of Las Vegas, on Thursday reported first-quarter net revenue for Borgata of $182.6 million, up 9 percent from $167.3 million in the same period a year ago. The market-leading casino's operating profit nearly doubled to $37.8 million from $20.5 million, thanks in part to a property tax benefit.
April 18, 2015 |
ATLANTIC CITY - A stagehand died this week after falling while working on a concert venue at the Borgata Hotel Casino & Spa. Tony Haines, 61, of Atlantic City, died Sunday after falling off the top-level bleacher section of the Event Center at Borgata. Sources say he was tearing up a set with elevated seating for the headliner act the night before, the comedian Jerry Seinfeld, when he fell about 12 feet to the ground. The show was sold out, so bleacher seating was needed. It remained unclear why Haines lost his balance.
April 2, 2015 |
ATLANTIC CITY - With legislation to end casino tax appeals and stabilize this city's finances languishing in Trenton, Borgata and others confirmed that they have filed, or will file, petitions to appeal their 2015 property-tax assessments to meet Wednesday's 5 p.m. deadline. Successful tax appeals by the casinos have cost the city nearly $400 million in refunds since 2007, which has depleted municipal coffers and put the city in dire financial straits. Most of the refunds are being repaid with borrowed money.
March 23, 2015 |
ATLANTIC CITY - Al Callejas had a quick explanation for how he was able to top a field of 750 competitors in Borgata's free-throw contest Saturday. "I'm a coach's son. I've had a ball in my hands since I was 3 years old," Callejas, 37, of Archbald, Pa., said after winning the grand prize of $10,220 with his score of 16 in the final round - the first-grade teacher's own bit of March Madness. Answering the question of whether the tournament was a winner for Borgata would take longer, because it depended on how many of the participants and their friends spent money gambling, eating out, or staying at the hotel.
March 22, 2015 |
Borgata Hotel Casino & Spa sued Friday to block Atlantic City from borrowing $43 million in the bond market to repay a state loan due March 31. The lawsuit, filed in Superior Court in Atlantic County, claims that the borrowing plan, endorsed by Atlantic City Council on March 4, violates a September ordinance allowing the city to borrow up to $140 million to pay property-tax refunds, such as $88.25 million owed to Borgata. The Borgata lawsuit came just days before the city's emergency manager, appointed Jan. 22 by Gov. Christie, is expected to issue recommendations on stabilizing Atlantic City's finances, and it sets up a three-way fight among the state, the city, and Borgata, Atlantic City's most successful casino.
February 20, 2015 |
ATLANTIC CITY - Financial pressure on Atlantic City will intensify this year as taxable real estate values are expected to plummet to $7.35 billion from more than $11 billion last year. But instead of sharply raising the tax rate as the city has done in each of the last two years to keep revenues stable, the city is taking a sharper scalpel than ever to its operations, Mayor Don Guardian said Wednesday evening in his State of the City address before the City Council. "This year we have no intention of doing that," Guardian said, referring to boosting the property-tax rate.
February 14, 2015 |
Borgata Hotel Casino & Spa, Atlantic City's highest-grossing and most profitable casino, logged excellent fourth-quarter financial results, Boyd Gaming Corp., its managing partner, reported Thursday. "We set all-time quarterly records for market share in every single metric, including table win, slot win, poker, and gross gaming revenue," Keith Smith, Boyd's president and chief executive, said on a conference call with analysts. "We're seeing growth in our non-gaming business as well.