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NEWS
December 22, 2014 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - The 22d annual toy drive by the local nonprofit Just 4 Kids came Saturday in a holiday season like no other for Atlantic City - holiday cheer for some of the children whose families have suffered from unprecedented casino layoffs. Among the 200 families treated at St. Michael's Church was that of Flor Dalia Castro, 41, of Atlantic City, who said she has one wish this Christmas: a job. She lost her cleaning job of two years at Revel when the casino closed four months ago. Unemployed since, she has five children, from 3 to 13 years old, and a husband with kidney cancer to support.
NEWS
December 20, 2014 | By Jeff Gelles, Inquirer Staff Writer
The three losing bidders and the owner of the city's only existing casino all are heading to the state Supreme Court to challenge the Pennsylvania Gaming Control Board's decision to grant a second casino license for a gambling complex proposed near the South Philadelphia sports complex. The gaming board issued the license last month to Live! Hotel & Casino, a joint venture by Cordish Cos. of Baltimore and Greenwood Gaming & Entertainment, which also owns Parx Casino in Bensalem. The companies argued that a stadium-area casino would draw sports fans and appeal to gamblers who wanted to arrive by car. The losing applicants had 30 days to appeal to the state's high court, and all were expected to file challenges by the end of Thursday - as lawyers did by late afternoon on behalf of proposed Center City casinos Market8 and the Provence.
NEWS
December 20, 2014 | By Amy S. Rosenberg and Suzette Parmley, Inquirer Staff Writers
A deal between billionaire Carl Icahn and the casino workers union in Atlantic City fell apart Thursday, but Icahn said he would spend $20 million to keep the bankrupt Trump Taj Mahal open past a looming Saturday closing date. Icahn made his pledge in a letter posted on Twitter about an hour after union president Bob McDevitt accused Icahn of backing out of the deal. Icahn said he remained hopeful a deal could be reached, and said he would spend up to $20 million to keep the casino open through bankruptcy proceedings.
NEWS
December 16, 2014 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - It wasn't long ago that the ovens at Formica Bros. Bakery were going full blast - putting out 50,000 pieces of bread a day. As recently as 2007, the nearly century-old establishment in the city's Ducktown section employed 70 people. Owner Frank Formica recalls how orders from casinos were like yeast to his dough, lifting his bakery's bottom line ever higher. Then, pummeled by out-of-state competitors, the casinos began to fall into a swoon, and this year, as four of them closed, Formica lost a big chunk of his business "in the blink of an eye. " He is down to 35,000 to 40,000 pieces a day, employs 40, and is sending his trucks ever farther to find new customers.
BUSINESS
December 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
As Caesars Entertainment Operating Co. - which owns 99.5 percent of Harrah's Philadelphia - negotiates with lenders over how to restructure its debilitating $18.43 billion debt load, the Chester property appears to be sitting on the sidelines. Bank lenders owed $5.4 billion on Thursday evening released documents detailing proposals that would wipe out as much as $10 billion in Caesars bank and bond debt, but Harrah's Philadelphia's $330 million in bonds remain whole under the plans.
BUSINESS
December 14, 2014 | By Harold Brubaker, Inquirer Staff Writer
U.S. Bankruptcy Judge Gloria M. Burns on Friday approved Revel AC Inc.'s request to terminate the deal to sell the closed Atlantic City casino to Brookfield Asset Management Inc. for $110 million. Next up for the $2.4 billion Revel, which opened in April 2012 and never turned a quarterly profit, is a Jan. 5 hearing for the judge to consider a sale to the backup bidder, Florida investor Glenn Straub, for $95.4 million. Neither Brookfield nor Straub - in Key West, Fla., for an unrelated court hearing - were represented at the hearing or on the phone participating in the hearing in Camden.
BUSINESS
December 11, 2014 | By Harold Brubaker, Inquirer Staff Writer
The full extent of Atlantic City's economic turmoil showed up in October's metropolitan-area employment report, released Tuesday by the Bureau of Labor Statistics. Atlantic County, which is home to Atlantic City, lost 9,900 jobs in the 12 months ended Oct. 31, as four of the city's dozen casinos closed. A fifth, the Trump Taj Mahal, could close Dec. 20. The next-biggest job loss nationally - 2,200 - was recorded in Davenport, Iowa, and two cities just across the Mississippi River in Illinois.
NEWS
December 5, 2014
WE ARE hardworking volunteers and spend many hours fighting to maintain the quality of life of the residents south of Packer Avenue that live in our two communities. District 1 comprises 221 residences between 13th and Broad streets, South of Packer Avenue - three blocks from the proposed Live! Casino. District 2 comprises 1,250 residences and is a few blocks farther west, and is already heavily impacted by the traffic that the sports complex generates now. Our convent, rectory, the Mastery Charter Elementary School and Stella Maris Church are within two blocks of 10th and Packer.
BUSINESS
November 26, 2014 | By Harold Brubaker, Inquirer Staff Writer
Amid the gloom of Atlantic City casino closings and looming city budget cutbacks, there was relatively good news Monday from the New Jersey Division of Gaming Enforcement's quarterly financial report on casinos. Four of Atlantic City's eight casinos still open on Sept. 30, when the third quarter ended, posted higher operating profits than in the same quarter a year ago. They were Borgata, Tropicana Casino & Resort Atlantic City, Resorts, and Golden Nugget. Those that did not post gains have well-known problems.
NEWS
November 24, 2014
AFTER THAT meeting last Wednesday called together by the stadium district powers that be, I have some thoughts and a real concern to those who live close to Darien and Packer. I agree that all of South Philadelphia should stick together and nothing should go into a neighborhood that the residents do not want. And, yes, our elected officials know they work for us, especially those officials who are now under attack. However, casino hearings were held more than once at the Convention Center last year and the turnout was minimal, even though at the time three locations between Front Street and 10th at Packer/Pattison were possible locations.
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