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NEWS
July 14, 2014 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - While the amusement-park sound of slot machines filtered through Trump Plaza on Saturday, the men and women who staff the casino put on their brave faces. While they dealt cards, swept the gaming floor, or emptied trash bins as usual, the crisis in this battered resort had deepened the night before. Owners of Trump Plaza confirmed they plan to close the casino in mid-September and will issue formal layoff notices Monday to about 1,600 employees. "I'm not ready to believe it until I get that notice in my hands, telling me it's time to look for another job," said slot attendant Parimal Mehta, 57, of Egg Harbor Township, who has worked at Trump Plaza for 22 years.
NEWS
July 1, 2014 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - The blows came fast and furious for this struggling resort over the last week and a half. Its newest and most expensive casino, Revel, declared bankruptcy for the second time June 19 and is threatening to close if it doesn't find a buyer. Four days later, the U.S. Supreme Court shot down New Jersey's effort to get sports betting, thus denying Atlantic City casinos an option they had long wanted to bring patrons in during the slow winters. And on Thursday, Caesars Entertainment Inc., which owns four casinos here, announced it was closing the Mardi Gras-themed Showboat by summer's end. About 2,100 employees received 60-day notices the next day. The city had already shed the Atlantic Club, a smaller, underperforming Boardwalk casino in mid-January - leaving it with 11 casinos.
NEWS
June 30, 2014 | BY CHRIS BRENNAN, Daily News Staff Writer brennac@phillynews.com, 215-854-5973
U.S. REP. Bob Brady's dream of a Philadelphia casino to help fund the city's public schools and municipal pensions is dead. Penn National Gaming announced yesterday that it is pulling the plug on its application to build a $480 million casino at 7th Street and Packer Avenue in South Philly. "A contributing factor in our decision to withdraw our proposal was the city of Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the city's education and pension fund liabilities," Timothy J. Wilmott, president and CEO of Penn National Gaming, said in a company news release.
NEWS
June 29, 2014 | By Harold Brubaker and Jacqueline L. Urgo, Inquirer Staff Writers
The planned closure of the Showboat casino on Aug. 31 is a severe blow to its 2,100 workers and another deep bruise on the Atlantic City casino industry. But at a Friday afternoon news conference outside the Tanger Walk outlets, where a Bass Pro Shop is under construction, Mayor Don Guardian kept his chin up and said, "Atlantic City is still on the move despite this economic hiccup. " The mayor called the decision by Las-Vegas-based Caesars Entertainment Corp. to close Showboat "a shame," and said it would motivate him to "work 24/7 to bring new investment to Atlantic City.
BUSINESS
June 29, 2014 | By Harold Brubaker, Inquirer Staff Writer
Penn National Gaming Inc. has dropped its bid to build a $480 million Hollywood casino in South Philadelphia, the Wyomissing, Pa., company said Friday. "A contributing factor in our decision to withdraw our proposal was the City of Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the city's education and pension fund liabilities," said Timothy J. Wilmott, Penn National's president and chief executive.
NEWS
June 27, 2014 | BY CHUCK DARROW, Daily News Staff Writer darrowc@phillynews.com, 215-313-3134
ATLANTIC CITY - As rumors swept through this beleaguered gambling resort that casino titan Steve Wynn is poised to rescue Revel Casino-Hotel from almost-certain extinction, about 2,100 employees at Showboat Atlantic City found themselves on the brink of unemployment. According to a union official, workers at the 27-year-old gambling den on the Boardwalk's eastern end will receive letters today stating the intention of corporate parent Caesars Entertainment of Las Vegas to close the Showboat by summer's end. The notices are required under a federal law that mandates businesses with more than 500 employees give such information at least 60 days in advance.
NEWS
June 21, 2014 | By Harold Brubaker and Amy S. Rosenberg, Inquirer Staff Writers
The Revel Casino Hotel in Atlantic City, a $2.4 billion property that has operated at a loss since opening in 2012, filed for its second bankruptcy Thursday. The new filing came about 13 months after the company wiped out $932 million in debt and cut yearly debt payments by 96 percent in bankruptcy last year. Despite the massive debt relief, the casino at the north end of the Boardwalk continued losing money on an operating basis before debt payments. The loss was $21.75 million in this year's first quarter.
NEWS
June 20, 2014 | BY CHRIS BRENNAN, Daily News Staff Writer brennac@phillynews.com, 215-854-5973
A LIBERAL political group yesterday accused a billionaire casino investor of making an illegal campaign contribution to Gov. Corbett. Keystone Progress filed a complaint with the state Gaming Control Board against Sheldon Adelson, a Republican mega-donor and CEO of the Las Vegas Sands Corp. The group claims that an Adelson contribution of nearly $1 million ended up in Corbett's campaign account, in violation of the state gaming law's prohibition of casino owners giving political contributions in Pennsylvania.
NEWS
June 20, 2014 | BY SEAN COLLINS WALSH, Daily News Staff Writer walshSE@phillynews.com, 215-854-4172
CASINO DEVELOPERS make big promises, many of which never become reality. But this one's worth noting. PHL Local Gaming, one of the five bidders for Philadelphia's second casino license, yesterday unveiled plans to build a 615-foot-tall "Skyspire" on its proposed site for Casino Revolution, at Pattison Avenue and Front Street. It's like Seattle's Space Needle, except it would be 10 feet taller and have motorized "gondolas" going up its shaft. "Tomato King" Joseph Procacci, who owns one of the nation's largest produce-distribution companies, is behind the venture.
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