September 4, 2014 |
ATLANTIC CITY - In the end, the Revel ball did not roll off the tower into the ocean, and no buyer emerged in the middle of the night to save the day. Instead, Revel merely unraveled through the night to an anticlimactic predawn closing Tuesday of its moribund casino floor. Employees of Ivan Kane's Royal Jelly Burlesque Club held a stubbornly spirited after-party as remaining on-duty dealers watched from emptying tables, waiting to inventory final stacks of chips. One supervisor put fingers to his head like a gun and rolled his eyes.
September 3, 2014 |
ATLANTIC CITY - A certain circle of life keeps One Stop Bait & Tackle here open, from tiny worms and minnows to striped bass and bluefish to eager anglers. It's common sense, owner Noel Feliciano said, as he plopped bags of bloodworms onto the counter yesterday. And that's why the nearby Revel Casino Hotel, rising up like a shark fin along the Boardwalk, was a failure, he said - a gleaming, $2.4 billion lure thrown out haphazardly to attract gamblers to a city already full of baited hooks.
August 31, 2014 |
ATLANTIC CITY - As his city faced the first of casino layoffs expected to number in the thousands in the next few weeks, Mayor Don Guardian put the best spin he could Friday on the dire circumstances. "We've been down before, but we've always come back up," said Guardian, standing out among tourists in a beige suit, a blue shirt, and his signature bow tie. Just like a salesman hawking his wares - in this case, his city - Guardian took to the Boardwalk outside the Landshark Bar & Grill, part of the year-old Margaritaville dining and entertainment complex owned by Resorts.
August 30, 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.