February 19, 2015 |
Revenues from table games at the four casinos in Southeastern Pennsylvania climbed 7.4 percent in January, to $27.9 million, compared to $26 million the year before, the Pennsylvania Gaming Control Board reported Tuesday. Parx, SugarHouse, Harrah's, and Valley Forge all posted gains in the month. All but Harrah's recorded highs for January, since table games, such as poker and craps, started in fiscal 2011. The overall gain for the state's 12 casinos was 12.5 percent, to $66.02 million from $58.71 million.
February 19, 2015 |
Saladworks , the Conshohocken restaurant chain, has filed for Chapter 11 bankruptcy reorganization in Delaware and is hunting for new owners. All locations remain open, spokeswoman Gail Scardapane , wife of founder John Scardapane , told me. The company hopes the move resolves the long-running struggle between John Scardapane, the founder and chairman, and investor Vernon Hill , who founded Commerce Bank and Britain's Metro Bank P.L.C. Saladworks hired SSG Advisors , the West Conshohocken investment bank that specializes in selling troubled companies, to search for buyers or investors.
February 9, 2015 |
Legal maneuvers over the potential sale of the bankrupt Revel Casino Hotel flew into the weekend as Florida investor Glenn Straub's Monday deadline to buy the property for $95.4 million approached. "The whole thing has gotten a lot more complicated," said Stuart J. Moskovitz, an attorney for Straub. Straub has agreed to buy the Atlantic City complex - which cost $2.4 billion to build - but on terms that have been under attack by Revel's tenants. Lawyers for ACR Energy Partners L.L.C., which owns the utility plant that supplies electricity and hot and cold water to Revel, filed an emergency motion Saturday morning in U.S. District Court in Camden.
January 21, 2015 |
ATLANTIC CITY - Can Atlantic City be a real place, a city with a life separate from its casino identity? Philadelphia developer John Longacre (American Sardine Bar, South Philly Tap Room, Newbold) thinks so. "Every time a casino closes, I get goose bumps," he said. That's because Longacre - along with a handful of developers who are to gather at a forum at noon Wednesday on new housing opportunities in Atlantic City - sees the epic contraction of the casino market as the key to the city's reinvented future.
January 20, 2015 |
The loss of 8,000 jobs in Atlantic City's casino industry in the last 12 months has sent shock waves through the region's economy, but an even more precipitous collapse is underway in the city's property-tax base. Eight or nine years ago, casinos owned 85 percent of Atlantic City's real estate, based on assessed values, Mayor Don Guardian said last week. Now, they account for about 55 percent of the assessed values and are expected to keep falling, he said. A proposal by New Jersey Senate President Stephen Sweeney (D., Gloucester)
January 19, 2015 |
ATLANTIC CITY - The winter here is traditionally brutal for resort business, but a glut of vehicles to transport patrons that once filled the casinos has created a new class of beleaguered taxicab drivers. Nadir Khan, 57, is ready to throw in the towel after four years. "I can't make a living," Khan said as he sat in his taxi outside the Trump Taj Mahal last week. From 8 a.m. to 3 p.m. Wednesday, Khan had two fares totaling $29. The lease on his cab was recently dropped from $275 to $170 a week because business has been so off. Still, Khan - who has three children and a stay-at-home wife to support - can't cover the lower fee, much less his daily gas. "I bring my dreams to America, but now I don't know where to go," said the Pakistani native who arrived in Atlantic City in 1986 - eight years after the first casino, Resorts, opened on the Boardwalk.
January 18, 2015 |
U.S. District Judge Jerome B. Simandle scheduled an emergency hearing for Tuesday in Camden to hear arguments to block the sale of Atlantic City's Revel Casino Hotel by tenants who spent millions on facilities for the failed casino. Angel Management Group, which spent $16 million to build Revel's popular HQ clubs and Center Bar, appealed a Jan. 8 order by U.S. Bankruptcy Judge Gloria M. Burns that would allow Florida investor Glenn Straub to buy Revel "free and clear of liens, claims, encumbrances, and interests.
January 17, 2015 |
The bankruptcy filing Thursday in Chicago by Caesars Entertainment Corp.'s largest unit includes Caesars and Bally's on the Atlantic City Boardwalk, but not the Harrah's casinos in Chester and Atlantic City. All Caesars properties included in the bankruptcy remain open. "With the overwhelming support of our first-lien bondholders, we are moving forward to implement our previously announced restructuring plan," Caesars chief executive Gary Loveman said. The long-anticipated filing by the Las Vegas gambling giant sets up a jurisdictional fight.
January 15, 2015 |
New Jersey has landed a $29.4 million federal grant to help displaced Atlantic City casino workers affected by recent closings, officials said Tuesday. The National Emergency Grant through the U.S. Department of Labor will be used for training programs to help the workers learn skills for jobs in new fields. Atlantic City lost four of its 12 casinos last year, throwing more than 8,000 people out of work, roughly a fifth of the casino workforce. The gaming industry has struggled to stay afloat amid competition from nearby states' casinos.
January 10, 2015 |
ATLANTIC CITY - The new method of casino taxation under consideration by state legislators could have an unintended casualty: the highly regarded Atlantic City Free Public Library. State legislators acknowledged Thursday that the Atlantic City recovery bills, as currently written, would leave the library in the lurch for much of its current $5 million budget. Library director Maureen Sherr-Frank said Thursday that it would remove 70 percent of the funding. Marshall Spevak, aide to State Sen. Vincent Mazzeo, said legislators would seek a remedy in the bill to prevent any drastic impact on the library, which also operates a branch on Richmond Avenue, and the city's historical museum and archives.