March 10, 2015 |
ATLANTIC CITY - A measure aimed at stabilizing this city's taxes has stalled in the Statehouse, just three weeks before a deadline for the casinos to challenge their assessed value in a shrinking gaming market, leaving embattled Atlantic City Mayor Don Guardian caught between two of the state's most powerful politicians. Gov. Christie and Senate President Stephen Sweeney (D., Gloucester) are at odds over the fate of an Atlantic City tax relief plan, formally known as the Casino Property Taxation Stabilization Act, that Sweeney sponsored.
March 4, 2015 |
A Los Angeles developer expressed interest in buying Revel Casino Hotel in Atlantic City after a U.S. Bankrutpcy judge on Feb. 19 allowed Revel to terminate the planned $95.4 million sale to Glenn Straub, according to a bankruptcy-court filing by lawyers for a group of Revel's restaurant and retail tenants. Revel last week revived its deal with Straub, a Florida developer, but at the singificantly lower price of $82 million. A hearing to approve the new deal with Straub is scheduled for Wednesday in Camden.
March 2, 2015 |
Out in the casino diaspora, the workers from Atlantic City tend to want to keep a low profile. They know how it can turn out, turn sour, end abruptly. Those who lost jobs - some 8,000 in 2014 - or saw the writing on the wall in Atlantic City and were able to find work elsewhere have moved on. When necessary, they also have moved, sometimes leaving their families in New Jersey. They're now at casinos in Pennsylvania, Delaware, Maryland, Florida, Connecticut, Las Vegas, Detroit, even Wisconsin.
February 26, 2015 |
The Gaming Oversight Committee of the Pennsylvania House of Representatives has scheduled two public hearings on March 18 to consider ways to keep the state's casinos competitive. There will be a 9 a.m. hearing at Harrah's Philadelphia Casino in Chester and a 2 p.m. hearing at SugarHouse Casino in Philadelphia. For April, the committee has three scheduled hearings: "Games of Skill vs. Games of Chance" on April 1; "Internet Gaming and Mobile Gaming" on April 16, and a session on Pennsylvania's casino-ownership restrictions on April 21. State regulations limit companies to owning one casino outright, plus one-third of another.
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 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 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)