August 29, 2014 |
The Pennsylvania Department of Revenue, represented by attorneys from Ballard Spahr L.P., asked a U.S. Bankruptcy Judge in Philadelphia to dismiss or abstain from hearing a lawsuit by the Foxwoods Casino group seeking to retrieve the $50 million license fee Foxwoods paid in 2007. In connection with an April 1 bankruptcy filing, the Foxwoods group sued the state in May. The Pennsylvania Gaming Control Board revoked Foxwoods' license in 2010, and the group lost bids in state court to win back the $50 million.
August 28, 2014 |
The closure of three Atlantic City casinos by mid-September will wipe $2 billion from property-tax values next year, exacerbating the financial plight of the already cash-strapped city, Mayor Don Guardian warned Tuesday. By 2017, Guardian said on a conference call to discuss Atlantic City's way forward as a center of tourism, property values are expected to have fallen as low as $7.5 billion, from $20 billion five years ago. In the short term, Guardian said, the New Jersey Department of Community Affairs has made money "available for some bridge loans to make sure that the city continues functioning with this year's budget because of any concern that we might have that a casino's closing, going bankrupt, might hold off payments.
August 27, 2014 |
ATLANTIC CITY - When gambling was being proposed for Atlantic City 38 years ago, most religious denominations opposed casinos. They viewed gambling as a vice that could destroy families and communities. Now, many of the same churches are standing firmly by the casino workers, a number of whom fill their pews on Sundays, who are expected to lose their jobs in massive numbers, starting Labor Day weekend with the closure of the Showboat and Revel. Many houses of worship are offering counseling for the affected workers, increased food pantry hours, or just someone to pray with.
August 22, 2014 |
Mark Manzoni, a bartender at the doomed Revel Casino Hotel in Atlantic City, has a manila envelope in his hand and a smile on his face. "I just got a job," the Galloway Township resident says. "My last shift at Revel ends at 8 a.m. on Labor Day, and I go down to Maryland Sept. 2. " Manzoni, 50, was the first to arrive and the first hired during the job fair sponsored Tuesday and Wednesday by the Maryland Live! Casino. With the Atlantic Club already dark and Revel, Showboat, and Trump Plaza scheduled to shut down within weeks, an estimated 8,000 Atlantic City casino workers will have lost their jobs this year.
August 21, 2014 |
A North Jersey business group on Tuesday unveiled a $1.17 billion plan to add two hotels with casino floors and conference facilities to the Meadowlands Sports Complex, which is already home to MetLife Stadium and Meadowlands Racetrack. The Meadowlands Regional Chamber's proposal, which updates a 2011 plan that also included a casino, comes as momentum is building among lawmakers to end Atlantic City's monopoly on casino gambling in New Jersey. "This is not a plan to create a district that competes with Atlantic City," Jim Kirkos, chief executive of the business group, said.
August 20, 2014 |
As painful as the Sept. 2 closure of the Revel casino in Atlantic City will be for the more than 4,000 employees who work there, it could help spur a sale of the $2.4 billion property, a Revel attorney said in bankruptcy court Monday. None of the bidders who submitted bids by the Aug. 4 deadline were willing to operate Revel as it exists and bankroll losses of between $1 million and $2 million a week. "It may be that some of the dust has to settle from our shutdown," John K. Cunningham, a White & Case L.L.P.
August 19, 2014 |
ATLANTIC CITY - Revel's waning days stand in stark contrast to just over three years ago, when its chief executive at the time, Kevin DeSanctis, wowed everyone at the East Coast Gaming Congress with his vision. Four months before, in early February 2011, Revel had secured $1.15 billion in new financing to finish construction, which had been halted for more than a year by the recession and frozen lending. In April 2010, Morgan Stanley, Revel's original chief financial backer and operator, had decided to pull out of the project, taking a $932 million loss on it, rather than spending the $1 billion that finishing the casino would cost.
August 16, 2014 |
OCEAN CITY - Unrest spurred by a spate of upcoming casino closures in Atlantic City confronted Gov. Christie on Thursday at the Shore, as workers showed up at a town-hall-style event and demanded that Christie take action. Christie, meanwhile, told the crowd in Ocean City that there was a limit to what he could do. "The government can't order private businesses to do things," Christie told those gathered for the event at the Ocean City Music Pier. "And you don't want to live in a world where we do. " At the same time, Christie said his administration was working to find jobs for the soon-to-swell ranks of the unemployed in Atlantic City, where the number of casinos that have closed or are slated to close grew to four this week.
August 15, 2014 |
ATLANTIC CITY - Absorbing wave upon wave of bad news about the resort town they are paid to promote, Atlantic City's beleaguered marketers have reached into their quiver to fire back. "Atlantic City Responds to Negative Press with what else, an ad," is how Jeff Guaracino, chief strategist and communications officer with the Atlantic City Alliance, put it Wednesday, a day after the stunned town absorbed the blow of the announcement that the big glass ball-topped Revel would be closing Sept.
August 15, 2014 |
ATLANTIC CITY - The 3,200 workers who have made Revel home the last 28 months are hoping against hope that the casino snags a buyer before its targeted Sept. 10 closing to save their jobs and a key piece of Atlantic City's skyline. If the casino gets shuttered, the vast majority of them will be unemployed and thrown into a glutted labor market that will soon include 2,100 workers laid off at Showboat if it, too, doesn't secure a buyer by Aug. 31, and 1,100 at Trump Plaza when that casino closes on Sept.