January 13, 2014 |
When the Atlantic Club Casino Hotel closes Monday, the loss of 1,659 jobs will be a terrible blow to the community, but eliminating a casino with 1,641 slot machines will move Atlantic City closer to gambling's new reality. As casino gambling has spread throughout the Northeast, the amount of money Atlantic City's casinos have won annually from gamblers has fallen 42 percent, from a peak of $5.22 billion in 2006 to $3.05 billion in 2012. Full-year figures for 2013 will not be available until Tuesday, but Atlantic City would have to report its best December since 2007 to reach even $3 billion for the year.
December 25, 2013 |
When the Atlantic Club Casino Hotel closes next month, under a bankruptcy sale approved Monday, it will be the first victim of a slump that has seen Atlantic City's gambling revenue fall to an expected total of less than $3 billion this year from $5.2 billion in 2006. Will others follow the Atlantic Club out of business, as Atlantic City continues losing gamblers to the spread of casinos throughout the Northeastern United States? "Everybody speculates that," said Frank Fantini, publisher of Fantini's Gaming Report.
November 14, 2013 |
Atlantic City casinos won $216.9 million from gamblers in October, a 3.6 percent gain over the same period a year ago, when casinos were ordered shut for a day because of Hurricane Sandy. During the first ten months of this year, the city's casinos won $2.4 billion, down 8.4 percent from the same period of 2012. Only three of the 12 casinos in Atlantic City have recorded year-to-date gains. Those are Borgata, Atlantic Club, and Revel, which began test operations on March 28, 2012.
June 22, 2013 |
ATLANTIC CITY - Revel is embracing all things gambling-related, with a shift in strategy to address its biggest trouble spot and a tweak to its name. The casino at the Boardwalk's north end, which emerged May 21 from a bankruptcy resulting from anemic monthly gaming revenue, Thursday announced the new name, Revel Casino Hotel, and a new marketing theme, "Gamblers Wanted. " The campaign pulls away from Revel's original emphasis on its nongaming attractions, and involves an aggressive slot promotion in which the casino will refund all slot losses greater than $100 to gamblers using Revel Cards for the entire month of July.
April 22, 2013 |
ATLANTIC CITY - The California development company that plans to buy Atlantic City's Trump Plaza Hotel & Casino for $20 million says the deal is on hold. In a statement issued late Friday, the Meruelo Group said the sale could not currently be completed as planned because Trump Entertainment had been unable to obtain the release of a mortgage held by a "senior secured lender. " When the deal was announced in February, Meruelo said it hoped to close the sale by May 31 The Press of Atlantic City said Trump spokesman Brian Cahill confirmed Meruelo's statement but had no further comment.
March 10, 2013 |
Land is dirt-cheap in Atlantic City, just like some of its aging casinos. Gaming insiders say Pinnacle Entertainment Inc.'s deal to sell land it has owned at the resort since 2006 for $30.6 million underscores the painful fact that things have drastically changed - and not for the better. Las Vegas-based Pinnacle Enpaid $270 million for the 19 acres at the heart of the Boardwalk district, site of the former Sands Casino Hotel. Pinnacle imploded the Sands in 2007 to make way for a $1.5 billion megacasino, but scrapped those plans as the economy and Atlantic City gambling revenue tanked.
February 15, 2013
BIG BEAR LAKE, Calif. - Officials said Thursday that the burned remains found in a California mountain cabin have been positively identified as fugitive former police officer Christopher Dorner. Jodi Miller, a spokeswoman for the San Bernardino County sheriff-coroner, said that the identification was made through Dorner's dental records. Miller did not give a cause of death. The search for Dorner began last week after authorities said that he had launched a deadly revenge campaign against the Los Angeles Police Department for his firing, warning that he would bring "warfare" to LAPD officers and their families.
November 3, 2012 |
Gov. Chris Christie this morning allowed Atlantic City's casinos be reopened to the public, six days after his executive order declaring them closed in preparation for Hurricane Sandy's arrival. Christie ordered gaming suspended on Saturday. He said they could reopen starting 10 a.m. today. Sandy officially came ashore in Atlantic City 8 p.m. Monday night and was severely impacted by the storm, with part of the the boardwalk being washed away in the northern end. Christie had suspended operations at all 12 casinos, which forced closure of all the hotels, simulcast facilities and gaming.
December 10, 2011
In the Region A.C. casino revenues down Total revenues for Atlantic City's 11 casinos declined last month 6.3 percent from a year ago to $245.1 million. The decrease continued a streak of year-over-year losses to 39 consecutive months. Larger properties had revenue increases, such as Borgata , up 2.4 percent; Harrah's Resort , up 3.4 percent, and Caesars , up 17.6 percent. Casinos reporting the largest declines were Trump Plaza , down 31.8 percent; ACH , down 26.9 percent, and the Trump Taj , down 26.5 percent.
December 9, 2011
Total revenues for Atlantic City's 11 casinos declined last month 6.3 percent from a year ago to $245.1 million. The decrease continued a streak of year-over-year losses to 39 consecutive months. Larger properties had revenue increases, such as Borgata, up 2.4 percent; Harrah's Resort, up 3.4 percent, and Caesars, up 17.6 percent. Casinos reporting the largest declines were Trump Plaza, down 31.8 percent; ACH, down 26.9 percent, and Trump Taj, down 26.5 percent. The resort continues to feel competitive pressure from casinos in Pennsylvania and New York and from racetracks with slot machines.