April 18, 2014 |
Gamblers lost $67.93 million playing poker and other table games at Pennsylvania casinos last month, the highest total since table games began in July 2010, the Pennsylvania Gaming Control Board reported Wednesday. The total was $551,490 more than the figure for March 2013, the previous high. Sands Casino Resort Bethlehem, which has been up for sale for nearly a year, continued to hold the top spot in table games, with $15.3 million in revenue, slightly less than the figure a year ago. The biggest gain in dollars was registered by SugarHouse, which logged a $825,555 increase in table games revenue.
April 11, 2014 |
Revel Casino Hotel in Atlantic City, built for $2.4 billion, is worth $25 million to $73 million, according to estimates by Unite Here, a hospitality workers union that represents casino workers in Atlantic City and across the country. The union resorted to estimating Revel's value based on land values and on the value of hotel rooms, because the property is unlikely to be profitable for many years, making it impossible to use traditional metrics to estimate a sale price. Land values in recent Atlantic City casino sales ranged from $1.25 million to $2.71 million an acre.
April 9, 2014 |
Caesars Entertainment Corp. last year slashed the value of three Atlantic City casinos by 89 percent, recording $2.2 billion in impairment charges, according to documents released Monday by the New Jersey Division of Gaming Enforcement. Over the last two years, the Las Vegas company cut the value of Showboat, the smallest of its Atlantic City operations, by 94 percent. Caesars Entertainment's other New Jersey casinos are Bally's AC, Caesars, and Harrah's. Saverio R. Scheri III, president and chief executive of WhiteSand Gaming L.L.C., a consulting firm with offices in Atlantic City, Las Vegas, and overseas, said the write-downs were not surprising amid Caesars' recent financial maneuvers designed to salvage the company that has struggled under more than $20 billion in debt.
April 9, 2014 |
Ira Lubert , the Philadelphia-based investor - clients include the Pennsylvania state pension funds and Pennsylvania State University - who heads the group that runs the Valley Forge Casino Resort , says he knows why Pennsylvanians aren't gambling more. Gambler fatigue, he told me, as young women dressed as Hawaiian dancers shuffled to the music around his table Thursday for Lubert's latest promotion, a deal with US Airways . "We're just starting to see it," he said.
March 31, 2014 |
PHILADELPHIA Developer Bart Blatstein is buying for $13 million the site of the derailed Foxwoods Casino project in South Philadelphia, a property he owned 21 years ago, according to people familiar with the deal. Blatstein declined to comment. Others involved in the transaction say the sale will open up a critical section of the central Delaware River waterfront to the public. As part of the deal, Blatstein will convey to the Natural Lands Trust, a local land conservation organization, a 100-foot-wide strip of land along the river's edge from Tasker Street to Reed.
March 21, 2014 |
PART of what makes "Cosmos: A Spacetime Odyssey," the Fox remake of the PBS classic, cool is the mind-blowing science. The other part? The insane visuals, which are thanks to Ambler's Kara Vallow , a Germantown Friends grad who developed and produced the animation on "Cosmos. " "I'm a very proud Philadelphian and no one understands why," Vallow said. Vallow has been the producing partner of Seth MacFarlane for more than a decade, working on "Family Guy," "American Dad!"
March 17, 2014 |
Of the five would-be owners of a second Philadelphia casino, only two - Bart Blatstein and Joe Procacci - are new to Pennsylvania's casino industry. It's not clear whether it matters to the Pennsylvania Gaming Control Board that the other proposed ownership groups have members with significant stakes in or full ownership of Pennsylvania casinos. Ira Lubert, for example, who would own 25 percent of Market8, already owns 50 percent of the Valley Forge Casino with his son. Lubert, a leading investment manager in the region, also owns 2.8 percent of Rivers Casino in Pittsburgh.
March 8, 2014 |
Elvis Costello, Jamie Foxx, and Johnny Winter lead the headliners at Atlantic City's casinos this weekend. You can catch Elvis Costello and the Imposters at 9 Saturday night in the Circus Maximus Theater at Caesars. (Tickets: $65-$105. Information: www.caesarsac.com , 1-800-745-3000.) The ever-prolific Costello's most recent recording is last year's Wise Up Ghost , a collaboration with Philadelphia hip-hop band the Roots. He does have a date on his docket with the Tonight Show ensemble, but that's at the Capitol Theatre in Port Chester, N.Y., on Wednesday.
February 28, 2014 |
During final arguments Wednesday on who should get Philadelphia's second casino license, applicants' lawyers took potshots at other proposals and dismissed SugarHouse Casino's argument that there are too few gamblers to support another casino. At the Pennsylvania Gaming Control Board's hearing in Harrisburg, the applicants, as well as SugarHouse and a neighborhood group opposed to the Provence, were allowed 15 minutes to summarize their cases without introducing any new evidence.
February 27, 2014 |
The five companies vying to build a second casino in Philadelphia are competing against each other, but also against the ghost of Foxwoods, which in 2006 won a license for a casino along the Delaware in South Philadelphia but failed to secure the money to build it. Current bidders - scheduled to make final arguments to the Pennsylvania Gaming Control Board on Wednesday - have used a variety of tactics to convince commissioners that they are not...