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.
August 14, 2014 |
ATLANTIC CITY - When Revel made its glittering debut two years ago, it was touted as bringing something unusual to this gambling town: a casino within a luxurious "lifestyle" resort. Its promise of glitz and prosperity is now dashed. What becomes now of the 6.3 million-square-foot, glass sheathed, 57-story building, which cost $2.4 billion to construct, and its 20-acre beachfront footprint on the northern end of the Atlantic City Boardwalk? Designed by Arquitectonica and BLT Architects, construction of the building - the second tallest in the state behind the Goldman Sachs tower in Jersey City - was fraught with setbacks: Early in the construction process six key executives of the company were killed in a charter-plane crash on their way to a meeting in Minnesota regarding the glass to be used in the structure.
August 14, 2014 |
ATLANTIC CITY - The embattled and forever-troubled Revel Casino Hotel will close by Sept. 10, nearly 2 1/2 years after it opened, its ownership said Tuesday. Some 3,200 employees will be out of work as a result of the closing, adding to the thousands more who are also slated to lose their jobs at two other Atlantic City casinos by mid-September. Revel had been aiming for a bankruptcy auction, scheduled for last week. Instead, that auction had been delayed until Thursday. It was reported on Monday that Revel did not receive a qualifying bid, a factor that almost surely led to the decision to close.
August 4, 2014 |
ATLANTIC CITY - The fallout over mass layoffs from three potential casino closings next month could have a severe impact on the Shore economy, as those whose livelihoods depend on a thriving casino industry brace for the worst. Local retailers, restaurants, and other businesses that rely on casino workers are expecting a hit. Experts say the region could also see an exodus of laid-off workers, especially among those who live in Atlantic City, as they seek jobs and futures elsewhere. About 6,500 workers from Showboat, Trump Plaza, and possibly Revel could all lose their jobs from Aug. 31 to Sept.
July 31, 2014 |
At certain quarterly-earnings conference calls in the casino industry, the condition of Atlantic City inevitably comes up. Here's how that went Tuesday when Gaming & Leisure Properties Inc., spun off last year to own Penn National Gaming Inc.'s real estate, discussed its second-quarter earnings. An exchange with Joel Simkins, a Credit Suisse gambling analyst, showed just how far Atlantic City has fallen in the estimation of some gambling executives. The plan for Gaming & Leisure Properties, of Wyomissing, Pa., was to buy additional casino real estate, while renting the properties to other companies that will run the gambling operations.
July 28, 2014
New Jersey wants to double down on a losing bet. Sites are being considered for proposed North Jersey casinos that would soak up diminishing dollars from an industry that has already overplayed its hand. Both Gov. Christie and Senate President Stephen Sweeney (D., Gloucester) say any casino up north must share proceeds with Atlantic City, just as gaming revenue from the south has traveled north over the years. But what can be the benefit to Atlantic City if new North Jersey casinos lure even more gamblers?
July 25, 2014 |
New Jersey Senate President Stephen Sweeney said Wednesday that he envisioned creating a nonprofit board composed of top business leaders that would reinvest gaming revenue from potential casinos in North Jersey into Atlantic City. Faced with the prospect of four Atlantic City casinos closing this year, Sweeney recently signaled an openness to casino expansion in North Jersey, possibly as soon as November 2015. Sweeney's idea is one of several being contemplated as the Shore city grapples with declining gaming revenue and worker layoffs.
July 22, 2014 |
ONCE UPON a time, Atlantic City's casino showrooms hummed and buzzed year-round. Classic gaming-hall venues like the Claridge's Palace Theater and the Trump Plaza showroom were dark only when one midweek presentation had ended and another was preparing to open. Today, extended-run presentations, much like the city itself, are pretty much warm-weather attractions - somewhat odd when you consider that summertime is AyCee's peak season and thus less-dependent on such attendance-growing lures.
July 22, 2014 |
ATLANTIC CITY - This resort faces the prospect of having four major vacancies on its famed Boardwalk come mid-September. The grim reality sank in July 14 when Trump Plaza issued layoff notices and targeted Sept. 16 as the date to cease operating as a casino. Perception is reality in tourism, experts say, and the Boardwalk is synonymous with Atlantic City. How will four hulking, empty buildings sit with visitors - especially at night - and will they impede tourism when Atlantic City needs it the most?
July 20, 2014 |
A study by two Philadelphia researchers has found that crime in the immediate area of SugarHouse Casino in Philadelphia's Fishtown section has not increased since the casino opened 2010. The study, by Lallen T. Johnson, assistant professor of criminal justice at Drexel University, and Jerry H. Ratcliffe, chair of Temple University's department of criminal justice, says crime rates in Fishtown were largely unaffected by the arrival of SugarHouse in the 1000 block of North Delaware Avenue in September 2010.