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Cwasars to Close Showboat Casino in Atlantic CityPrev TopicNext Topic
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Egg Harbor twp.south Jersey shore
United States
Member #112,963
June 29, 2011
4,160 Posts
OfflineExtraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D.
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Zeta Reticuli Star System
United States
Member #30,469
January 17, 2006
11,788 Posts
OfflineThose who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.
There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.
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Egg Harbor twp.south Jersey shore
United States
Member #112,963
June 29, 2011
4,160 Posts
OfflineExtraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D.
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Gentlemen of Gaming:
Appreciate the many personal & professional insights bring shared about gaming current events & consequences
We are not seeing the old marks Of Bill Harrahs, since massive brand bland & greedy corporate bean counters have taken over bring the whole network to operate @ the lowest mass market level for every e nickel.
In the last 20 years I haven't heard any employee say anything positive about Harrhas, the old axiom, :Take care of your employees & they will take care of your customers" and if you don't care of your customers, somebody else will. All has gone by the waste side causing great justifiable grumbling - thus low morale, many of their front line people always looking to find new jobs with locals like Station Casinos.
Aside of the Showboats sinking,L@@K @ what brilliant mis-management did to the once elegant Caesars clientel; the once locally prized fun RIO Resorts that was successfully built, & run by offering good value & fun to customers by the Manelli family before being sold into the above shekel chain.
"Investors bet against Caesars"
NEW YORK — Caesars Entertainment’s ability to negotiate a debt exchange that keeps it out of bankruptcy is being complicated by a surge in credit-default swaps that would be profitable if the casino operator defaults.
Of course their are other majors who are guilty of over mass homogenization policies- The further any concept, design, art, architecture, business, gets away from it's originating spirit, the more it loses it's moorings that made it distinguishable & successful. :-(
VERY SHORT FOR FORM BOTTOM LINE:
Bad for customer, employees suffer, tourists, conventioneers & investors loses long terms
Unfortunately micro to macro this what the whole country has to L@@K forward to
Thanking all who participated for sharing their know leg able insights & considerations
Wishing All a most Happy 4th remembering the cost for our freedoms, liberty & Republic
Fortes Fortunata Juvat
Eddessa_Knight
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News Alert
Eddessa_Knight
Owners of Trump Plaza expect mid-September closureATLANTIC CITY — Atlantic City’s crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino in Atlantic City said they expect to shut down in mid-September -
News Alert
Eddessa_Knight
Owners of Trump Plaza expect mid-September closureATLANTIC CITY — Atlantic City’s crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino in Atlantic City said they expect to shut down in mid-September -
Egg Harbor twp.south Jersey shore
United States
Member #112,963
June 29, 2011
4,160 Posts
OfflineNews Alert
Eddessa_Knight
Owners of Trump Plaza expect mid-September closureATLANTIC CITY — Atlantic City’s crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino in Atlantic City said they expect to shut down in mid-September Extraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D.
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Ladies & Gentlemen of the Gaming Jury :-)
Much appreciation for the confirming contributing posts, by Speedy, haymaker, Coin Toss, et -al here is the latest full to date from AP on demise of AC as a gambling Mecca.
NOTE BENE:
In view of the fatal major property closing, the AC Authorities are scrambling to re-configure public image as a vacation destination Valhalla maybe they will bring back the Diving Horse Act along with Miss America on the once famous Atlantic Ocean Boardwalk??
Fortes Fortuna Juvat
Eddessa_Knight
Owners of Trump Plaza casino expect it will close
.View gallery
Trump Plaza Hotel and Casino in Atlantic City N.J., shown here on July 11, 2014, will shut down on Sept. …ATLANTIC CITY, N.J. (AP) — Atlantic City's crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino said they expect to shut down in mid-September.
Trump Entertainment Resorts told The Associated Press that no final decision has been made on the Boardwalk casino. But the company said it expects the casino to close its doors Sept. 16.
Notices warning employees of the expected closing will go out to the casino's 1,000-plus employees Monday.
If Trump Plaza closes, Atlantic City could lose a third of its casinos and a quarter of its casino workforce in less than nine months. The Atlantic Club closed in January, the Showboat is closing next month and Revel might do likewise if a buyer can't be found in bankruptcy court.
The head of Atlantic City's main casino workers' union demanded state lawmakers help head off what he called a "pending catastrophe" that will affect the state's tourism industry and tax collections.
Trump Entertainment Resorts told the AP that its managers and board of directors "have been reviewing alternatives for the property. Although this review has not been completed and no final decision has been made, the company expects that it will terminate the operations of Trump Plaza Hotel and Casino on or shortly after September 16, 2014."
View gallery
This Tuesday, Oct. 12, 2010 file photo shows the Trump Plaza Hotel Casino in Atlantic City, N.J. The …A source with direct knowledge of the situation who was not authorized to speak to the media told the AP that the company has hired a search firm to solicit buyers for Trump Plaza, an effort that remains ongoing. So far, no buyer has emerged.
The company did not indicate what might become of the building after it is closed.
Bob McDevitt, president of local 54 of the Unite-HERE union, said 7,000 casino workers — or about one in four — have been warned their jobs could disappear within 60 days.
"While this is a personal tragedy for every family involved, it is also a crisis for the state," he said. "We expect Trenton to react with more than just sympathetic sound bites; we demand action equal to the magnitude of this pending catastrophe."
Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Donald Trump's pet projects. The real estate mogul has since limited his dealings in Atlantic City to a 10 percent stake in Trump Entertainment Resorts.
View gallery
This Dec. 9, 2011 photo shows the exterior of Trump Plaza Hotel and Casino in Atlantic City N.J. The …"I let them use my name, but I have nothing to do with it," Trump told the AP on Saturday. "Atlantic City has suffered for years. Many mistakes were made by government, tremendous mistakes, including no reinvestment in town; they would take casino revenue and put it in places that had nothing to do with Atlantic City. I got out seven years ago; my timing was tremendous."
New Jersey in recent years has required casino development taxes to be used only in Atlantic City.
The news is the latest in a cascade of setbacks for Atlantic City's gambling market, which until just a few years ago was the second-largest in the nation after Nevada; Pennsylvania has now taken over that spot. Analysts have long said that the casino market here, and in the Northeastern United States, has been oversaturated, and that some casinos need to close to ensure the survival of others.
On Jan. 1, Atlantic City had 12 casinos. By the end of September, it could have eight.
The Atlantic Club closure cost 1,600 workers their jobs. An additional 2,100 at Showboat will be unemployed as of Aug. 31, in addition to the 1,009 Trump Plaza workers on the payroll. Revel has 3,100 workers who could lose their jobs if the 2-year-old casino resort is not sold.
Trump Entertainment Resorts has tried for years to sell Trump Plaza, the poorest performing casino in Atlantic City. A deal to sell it last year for $20 million to a California firm fell through.
It won less than $73 million from gamblers in all of last year, ranking last out of the 12 casinos that operated then. So far this year it has taken in nearly $21 million, down almost 27 percent from the same period last year.
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Ladies & Gentlemen of the Gaming Jury :-)
Much appreciation for the confirming contributing posts, by Speedy, haymaker, Coin Toss, et -al here is the latest full to date from AP on demise of AC as a gambling Mecca.
NOTE BENE:
In view of the fatal major property closing, the AC Authorities are scrambling to re-configure public image as a vacation destination Valhalla maybe they will bring back the Diving Horse Act along with Miss America on the once famous Atlantic Ocean Boardwalk??
Fortes Fortuna Juvat
Eddessa_Knight
Owners of Trump Plaza casino expect it will close
.View gallery
Trump Plaza Hotel and Casino in Atlantic City N.J., shown here on July 11, 2014, will shut down on Sept. …ATLANTIC CITY, N.J. (AP) — Atlantic City's crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino said they expect to shut down in mid-September.
Trump Entertainment Resorts told The Associated Press that no final decision has been made on the Boardwalk casino. But the company said it expects the casino to close its doors Sept. 16.
Notices warning employees of the expected closing will go out to the casino's 1,000-plus employees Monday.
If Trump Plaza closes, Atlantic City could lose a third of its casinos and a quarter of its casino workforce in less than nine months. The Atlantic Club closed in January, the Showboat is closing next month and Revel might do likewise if a buyer can't be found in bankruptcy court.
The head of Atlantic City's main casino workers' union demanded state lawmakers help head off what he called a "pending catastrophe" that will affect the state's tourism industry and tax collections.
Trump Entertainment Resorts told the AP that its managers and board of directors "have been reviewing alternatives for the property. Although this review has not been completed and no final decision has been made, the company expects that it will terminate the operations of Trump Plaza Hotel and Casino on or shortly after September 16, 2014."
View galleryThis Tuesday, Oct. 12, 2010 file photo shows the Trump Plaza Hotel Casino in Atlantic City, N.J. The …A source with direct knowledge of the situation who was not authorized to speak to the media told the AP that the company has hired a search firm to solicit buyers for Trump Plaza, an effort that remains ongoing. So far, no buyer has emerged.
The company did not indicate what might become of the building after it is closed.
Bob McDevitt, president of local 54 of the Unite-HERE union, said 7,000 casino workers — or about one in four — have been warned their jobs could disappear within 60 days.
"While this is a personal tragedy for every family involved, it is also a crisis for the state," he said. "We expect Trenton to react with more than just sympathetic sound bites; we demand action equal to the magnitude of this pending catastrophe."
Trump Plaza, which cost $210 million to build, opened in May 1984 as one of Donald Trump's pet projects. The real estate mogul has since limited his dealings in Atlantic City to a 10 percent stake in Trump Entertainment Resorts.
View galleryThis Dec. 9, 2011 photo shows the exterior of Trump Plaza Hotel and Casino in Atlantic City N.J. The …"I let them use my name, but I have nothing to do with it," Trump told the AP on Saturday. "Atlantic City has suffered for years. Many mistakes were made by government, tremendous mistakes, including no reinvestment in town; they would take casino revenue and put it in places that had nothing to do with Atlantic City. I got out seven years ago; my timing was tremendous."
New Jersey in recent years has required casino development taxes to be used only in Atlantic City.
The news is the latest in a cascade of setbacks for Atlantic City's gambling market, which until just a few years ago was the second-largest in the nation after Nevada; Pennsylvania has now taken over that spot. Analysts have long said that the casino market here, and in the Northeastern United States, has been oversaturated, and that some casinos need to close to ensure the survival of others.
On Jan. 1, Atlantic City had 12 casinos. By the end of September, it could have eight.
The Atlantic Club closure cost 1,600 workers their jobs. An additional 2,100 at Showboat will be unemployed as of Aug. 31, in addition to the 1,009 Trump Plaza workers on the payroll. Revel has 3,100 workers who could lose their jobs if the 2-year-old casino resort is not sold.
Trump Entertainment Resorts has tried for years to sell Trump Plaza, the poorest performing casino in Atlantic City. A deal to sell it last year for $20 million to a California firm fell through.
It won less than $73 million from gamblers in all of last year, ranking last out of the 12 casinos that operated then. So far this year it has taken in nearly $21 million, down almost 27 percent from the same period last year.
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Atlantic City Continues Transition from Casino-Centric Market to Multi-Faceted Tourism Destination
Non-Gaming Sectors Showing Significant and Sustained Growth
Within Atlantic City, non-gaming revenues have increased by more than $160 million in just the last two years and are now approaching $1 billion annually.
The CRDA has attracted more than $700 million in capital investment, with more than $290 million in process, to continue to grow the market's non-gaming amenities
Enjoy the full future plan w/pix below: DATELINE
Good Luck AC
Eddessa_Knight
ATLANTIC CITY, N.J., July 10, 2014 /PRNewswire/ -- Atlantic City's beach is busy, its Boardwalk is bustling, its nightclubs are buzzing, its restaurants are full and its stores are enjoying brisk sales. In short, it's a typical summer day at the seaside resort.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/players/English/7240651-atlantic-city-more-than-just-gaming
Amid all the umbrellas in the sand and visitors strolling on the Boardwalk, the fact is that Atlantic City is a destination in transition.
Atlantic City, which used to be one of only two U.S. jurisdictions with legalized casino gaming, is currently in the midst of an aggressive, multi-year effort to broaden its appeal among non-gamers. As gaming supply outstrips demand regionally and nationally, mature casino markets such as Atlantic City, Delaware, Pennsylvania, Connecticut and others are being impacted by the proliferation of casino gambling nationwide.
The glut of slot machines and table games recently led ratings agency Moody's Investors Services Inc. to lower its outlook on the nation's casino industry to "negative" from "stable." Total domestic gaming revenue was down 1.8 percent in April and 0.8 percent in May for 15 of 18 jurisdictions that had released May results in time to be included in the Moody's report.
Regionally, New Jersey, Delaware and Connecticut are facing significant competition from casinos in Pennsylvania, New York and Maryland.
"Consider that Atlantic City was host to nearly 39,000 slot positions in 2006," said Atlantic City Mayor Don Guardian. "Pennsylvania, New York and Maryland have since nearly doubled the number of regional slot positions, adding 36,000 – with more to come. Fortunately, this trend of increased supply and competition isn't a surprise to Atlantic City. We're making significant progress in our transition to a destination that relies less on casino gambling and more on a comprehensive mix of attractions to draw tourists to the Jersey Shore."
New Jersey Tourism
Tourism is the third most important industry in the state of New Jersey. Atlantic County represents 20 percent of the Garden State's tourism industry, with Atlantic City serving as the single most significant contributor. At the same time that the local casino industry is necessarily contracting in response to regional and national gaming saturation, Atlantic City is seeing significant growth in other critical sectors, including dining, entertainment and retail.
"In Atlantic County, non-gaming revenues have increased by $240 million, from $4.72 billion in 2010 to $4.96 billion in 2013," said Casino Reinvestment Development Authority (CRDA) Executive Director John Palmieri."Within Atlantic City, non-gaming revenues have increased by more than $160 million in just the last two years and are now approaching $1 billion annually."
The CRDA has attracted more than $700 million in capital investment, with more than $290 million in process, to continue to grow the market's non-gaming amenities, Palmieri said.
Leisure Travel
Another indicator of the growth in entertainment spending is represented by the luxury tax receipts – taxes on alcoholic beverage, tickets and other amusement attractions.
- In the first quarters of 2011, 2012 and 2013, these receipts averaged 20.7 percent higher than the four-year average from 2007 to 2010, growing from $5.6 million quarterly to $6.8 million. On the same basis, second quarter receipts were 33.1 percent higher, third quarter receipts were 20.8 percent higher and fourth quarter receipts were 20.2 percent higher.
- Atlantic County's retail sector has expanded over the past three years, with 2013 retail wages and salaries increasing 8.1 percent relative to 2010, from $381.9 million to $412.9 million. Wages at full-service restaurants in Atlantic County reached estimated 2013 levels that were 28.3 percent ahead of 2010 -- $128.1 million to $164.3 million – and bars were 42.7 percent ahead ($12.8 million to $18.3 million).
The influx of visitors seeking a leisure getaway has been fueled by an innovative mix of special events, new attractions and modern facilities, said Atlantic City Alliance CEO Liza Cartmell.
"We're proud to host A-list performers such as Lady Gaga, who did a sold-out show at Boardwalk Hall earlier this summer, and feature top-flight entertainers in free concerts on our magnificent beach," Cartmell said. "We just concluded the Sand Sculpting World Cup and look forward to welcoming AVP pro beach volleyball back to Atlantic City in the months to come."
Meetings and Conventions
In addition to broadening its appeal among tourists, Atlantic City is positioning itself for considerable growth in the meetings and conventions space. Caesars Entertainment, the largest casino operator in Atlantic City, is investing $126 million in a new, state-of-the-art convention center at its Harrah's property in the Marina District.
Since 2009, group bookings at the core group travel properties has grown from 274,000 room nights to more than 361,000 room nights – an increase of more than 22 percent. Atlantic City currently owns just about 6 percent of room nights used for group business whereas regional convention and meetings hotels currently run at roughly 25 percent, providing the destination significant opportunity to grow its convention nights moving forward.
In 2014, the Casino Reinvestment Development Authority selected Global Spectrum to manage the Atlantic City Convention Center and Historic Boardwalk Hall. The CRDA also authorized the creation of a new convention sales organization, called Meet AC, to be laser focused on building the group, meeting and convention business.
"Atlantic City's revitalization won't happen overnight, but as we continue to diversify our offerings, attract new investment, maximize our material assets and identify new and innovative ways to promote our differentiating characteristics, Atlantic City will grow stronger and stand taller for having experienced its recent challenges," Guardian said.
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