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Cwasars to Close Showboat Casino in Atlantic City

Topic closed. 108 replies. Last post 2 years ago by eddessaknight.

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Posted: June 27, 2014, 4:34 pm - IP Logged

Caesars Entertainment Corp. said Friday it would close one of four casinos the Las Vegas-based company operates in Atlantic City, shutting down operations of the Showboat on Aug. 31. :-(

 

Fortes fortuna juvat

 

Eddessa_Knight

http://www.lvrj.com/rd-SHOWBOAT-JUN28-14.htm

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    NNJ
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    Posted: June 27, 2014, 8:14 pm - IP Logged

    Caesars Entertainment Corp. said Friday it would close one of four casinos the Las Vegas-based company operates in Atlantic City, shutting down operations of the Showboat on Aug. 31. :-(

     

    Fortes fortuna juvat

     

    Eddessa_Knight

    http://www.lvrj.com/rd-SHOWBOAT-JUN28-14.htm

    I was just in AC last week (Tues. thru Thurs.)  Showboat appeared pretty busy compared to Trump Plaza which was a ghost town. Sorry to see it go.

    According to the Star Ledger, the Revel will also close in August if a buyer can't be found.

      haymaker's avatar - Lottery-012.jpg
      Egg Harbor twp.south Jersey shore
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      Posted: June 27, 2014, 10:57 pm - IP Logged

      Yep ! there goes my job w/ it, 27 years.

      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

        eddessaknight's avatar - nw paladin.jpg
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        Posted: June 30, 2014, 6:21 pm - IP Logged

        I was just in AC last week (Tues. thru Thurs.)  Showboat appeared pretty busy compared to Trump Plaza which was a ghost town. Sorry to see it go.

        According to the Star Ledger, the Revel will also close in August if a buyer can't be found.

        Thanks Speedy & haymaker, et al, for your input

        It's more sadness added on to the closing pile up like Historic Hollywood Park, etc

        When the Showboat in LV was shut down, we witnessed many good guys & good gals being shut out. The Showboat was one of the last active lounge acts where ol' Louis Prima sideman "Sam Butera" would end his show with "When the Saints Go Marching In."

         

        Good Bye Sam & to the way it was.....but thanks for the memories.

        Fortes Fortuna Juvat

        Eddessa_Knight

         

        PS

        Sorry for the typos on great Caesars name

          Coin Toss's avatar - shape barbed.jpg
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          Posted: July 1, 2014, 12:45 am - IP Logged

          haymaker,

          Ouch. Sorry to hear that.

          eddessaknight,

          Within the 'racket' the 'Boat' had quite a reputation. A lot of the dealers were old timers, some had retired and joked about the wife wanting them out of the house. (This was late 1970s- early 80s, there were no females in the dice pits).

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          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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            Kentucky
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            Posted: July 1, 2014, 10:02 pm - IP Logged

            Thanks Speedy & haymaker, et al, for your input

            It's more sadness added on to the closing pile up like Historic Hollywood Park, etc

            When the Showboat in LV was shut down, we witnessed many good guys & good gals being shut out. The Showboat was one of the last active lounge acts where ol' Louis Prima sideman "Sam Butera" would end his show with "When the Saints Go Marching In."

             

            Good Bye Sam & to the way it was.....but thanks for the memories.

            Fortes Fortuna Juvat

            Eddessa_Knight

             

            PS

            Sorry for the typos on great Caesars name

            When I stayed at the LV Showboat in 1999, the casino was almost empty by 10:00 PM. But I do have fond memories of the lanes because I came in second in a bowling tourney.

              haymaker's avatar - Lottery-012.jpg
              Egg Harbor twp.south Jersey shore
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              Posted: July 2, 2014, 2:02 pm - IP Logged

              haymaker,

              Ouch. Sorry to hear that.

              eddessaknight,

              Within the 'racket' the 'Boat' had quite a reputation. A lot of the dealers were old timers, some had retired and joked about the wife wanting them out of the house. (This was late 1970s- early 80s, there were no females in the dice pits).

              Coin Toss, thanks for saying so !

               

              It's important to note that the folks that ran the oldtime "boat" were not the same ones that will close the "boat" in A.C.

              The Atlantic city operation closing was greed driven people at Caesar's INC.

              the place is still making a profit, although not as much as it used to,

              but things are not what they used to be cause they treated the place as a cash cow,

              so now when the milk stops they kill it to get the meat.

               

              They also bought and closed the Atlantic club (Atlantic city's 1st golden nugget built by Stephen Wynn) just so they could shrink the market

              and get their customers, it backfired, the customers went elsewhere, ironically the new Golden Nugget on the other side of town.

               

              so I'm asking folks to not patronize any casino owned by Caesar's INC.

              there are many around the country, they said they wanted to be the General Motors of gaming,

              well... I guess this is just another RECALL !

              Thanks for hearing me out.

              Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                eddessaknight's avatar - nw paladin.jpg
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                Posted: July 3, 2014, 8:05 pm - IP Logged

                Coin Toss, thanks for saying so !

                 

                It's important to note that the folks that ran the oldtime "boat" were not the same ones that will close the "boat" in A.C.

                The Atlantic city operation closing was greed driven people at Caesar's INC.

                the place is still making a profit, although not as much as it used to,

                but things are not what they used to be cause they treated the place as a cash cow,

                so now when the milk stops they kill it to get the meat.

                 

                They also bought and closed the Atlantic club (Atlantic city's 1st golden nugget built by Stephen Wynn) just so they could shrink the market

                and get their customers, it backfired, the customers went elsewhere, ironically the new Golden Nugget on the other side of town.

                 

                so I'm asking folks to not patronize any casino owned by Caesar's INC.

                there are many around the country, they said they wanted to be the General Motors of gaming,

                well... I guess this is just another RECALL !

                Thanks for hearing me out.

                I Agree!

                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 Emoji

                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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                  Posted: July 12, 2014, 6:38 pm - IP Logged

                  Caesars Entertainment Corp. said Friday it would close one of four casinos the Las Vegas-based company operates in Atlantic City, shutting down operations of the Showboat on Aug. 31. :-(

                   

                  Fortes fortuna juvat

                   

                  Eddessa_Knight

                  http://www.lvrj.com/rd-SHOWBOAT-JUN28-14.htm

                  News AlertUnhappy

                  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
                    eddessaknight's avatar - nw paladin.jpg
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                    Posted: July 12, 2014, 8:10 pm - IP Logged

                    News AlertUnhappy

                    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

                    ATLANTIC 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.

                    Still no direct comment from 'THE DONALD" himself???

                     

                    Eddessa_Knight

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                      Egg Harbor twp.south Jersey shore
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                      Posted: July 12, 2014, 8:18 pm - IP Logged

                      News AlertUnhappy

                      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

                      Trump plaza had a buyer last year for 20 Mils.

                      Multi-millionaire Carl Icahn who owns the Tropicana in Atlantic City

                      and Stratosphere and Arizona Charlie's in Las Vegas holds the mortgage note on Trump plaza, stopped the sale saying the price was too low.

                      why would these people rather see these places closed instead of sold ?

                      These guys are playing monopoly for real !

                      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

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                        NNJ
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                        Posted: July 12, 2014, 8:41 pm - IP Logged

                        ATLANTIC 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.

                        Still no direct comment from 'THE DONALD" himself???

                         

                        Eddessa_Knight

                        Donald Trump is no longer on the Board of Trump Entertainment Resorts. According to Wikipedia, the organization still uses his name.

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                          Posted: July 13, 2014, 6:59 pm - IP Logged

                          Donald Trump is no longer on the Board of Trump Entertainment Resorts. According to Wikipedia, the organization still uses his name.

                          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

                           
                          Trump Plaza Hotel and Casino in Atlantic City N.J., shown here on July 11, 2014, will shut down on Sept. 16, its parent company told The Associated Press on Saturday July 12, 2014. It would be the third Atlantic City casino to shut down this year, and more than 1,000 workers would lose their jobs. (AP Photo/Wayne Parry)
                          .

                          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 …
                          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 …
                          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.

                          ___

                            eddessaknight's avatar - nw paladin.jpg
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                            Posted: July 14, 2014, 3:43 pm - IP Logged

                            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

                             
                            Trump Plaza Hotel and Casino in Atlantic City N.J., shown here on July 11, 2014, will shut down on Sept. 16, its parent company told The Associated Press on Saturday July 12, 2014. It would be the third Atlantic City casino to shut down this year, and more than 1,000 workers would lose their jobs. (AP Photo/Wayne Parry)
                            .

                            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 …
                            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 …
                            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.

                            ___

                            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.

                             

                            View photo

                            .
                            Atlantic City's iconic Boardwalk, voted one of the best in the country.

                             

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                              Posted: July 15, 2014, 4:17 pm - IP Logged

                              As Atlantic City’s fortunes fade, casino workers fear bleak future

                              "LIKE A GHETTO"

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                              Eddessa_Knight

                               

                              ATLANTIC CITY — After 19 years working as a cook at Atlantic City’s Showboat Casino, Dave Rose is counting the weeks until he and about 2,000 fellow workers lose their jobs when the casino is shuttered at the end of the summer.

                              The Showboat will be the second major casino to close in this struggling New Jersey shore city this year, a trend that has some tourism officials talking about revamping the aging gambling Mecca to broaden its appeal beyond bachelor parties and bus loads of retirees, with more family-friendly attractions.

                              “They’ve been saying that for ten years,” said Rose, who holds out little hope of that strategy working and fears he will have a hard time finding a job that matches the $18.18 per hour he earns at the Showboat.

                              “There aren’t too many good-paying jobs out there,” he said. The unemployment rate in the city stood at 10.3 percent in May, among the highest of any major U.S. metropolitan area and well above the national rate, which was at 6.3 percent in May, and has since fallen to 6.1 percent in June.

                              FALLEN HARD

                              Atlantic City, which once held a lucrative East Coast gambling monopoly, has fallen hard. Gaming revenue has fallen to $2.8 billion, a little more than half its 2006 peak of $5.2 billion.

                              The decline reflects the opening of new casinos in the northeastern United States in recent years: New York, Pennsylvania, Delaware, Maryland and Connecticut today all have casinos and Massachusetts is in the process of awarding licenses.

                              One of the main questions for officials and workers in Atlantic City is, after Caesars Entertainment Corp. pulls the plug on the Showboat on Aug. 31, how many of the city’s remaining 10 casinos will survive.

                              The Revel casino and resort, which was a centerpiece of New Jersey Gov. Chris Christie’s effort to bring Las Vegas-quality gambling to Atlantic City’s declining gaming business when it opened in April 2012, last month filed for bankruptcy for the second time in its short history.

                              The casino, which employs 3,140 workers and is losing $2 million a week even in the peak summer season, is trying to line up a buyer. If it doesn’t find one in the next few weeks it plans to close.

                              Christie had provided a $261 million tax package to help build Revel after Morgan Stanley, which had begun building the casino, pulled out of the project two years ago and took a $932 million loss.

                              “We still have five or six relatively successful casinos,” said John Palmieri, the executive director of New Jersey’s Casino Reinvestment Development Authority, an economic development agency funded by a tax on casinos. “There were 12. Can we support nine? Will that end up dropping to seven or eight? That’s the big question.”

                              Losing more casinos could punch a big hole in Atlantic City’s budget, which has historically offered generous contracts to public employees and relied on casinos to provide about 80 percent of its tax revenue, said Michael Busler, a professor of finance at Richard Stockton College, located in Galloway, New Jersey.

                              “We aren’t done dropping yet,” Busler said. “What (the mayor) has to do is get spending way down.”

                              Atlantic City Mayor Don Guardian took office early this year to discover the city ran a $10 million budget deficit last year, a number that is on track to rise this year without budget action. Almost one in three city residents live below the poverty line, according to U.S. Census Bureau data, more than triple the poverty rate across New Jersey.

                              Guardian was not available for comment but he will hold a teleconference on Thursday to brief the press on the city’s efforts to address changing market conditions, officials said.

                              ‘LIKE A GHETTO’

                              Just a block off Atlantic City’s boardwalk, the glitz fades quickly. Busy commercial strips are filled with payday lenders, liquor stores and other businesses targeting low-income consumers.

                              The city’s crime rate, six times higher than the state average, prompts many visitors not to wander from their hotels or the boardwalk. A heavy blow to the city’s reputation came in 2010 when gambler from north New Jersey was car-jacked inside a casino parking garage, stuffed in his trunk and murdered in a rural area.

                              “It’s like a ghetto,” said Bob Jeannotte, 70, a visitor from East Brunswick, N.J., who sat on the boardwalk in early July while his wife slept late. “You’d think the casinos would help bring the place up.”

                              Voters opened the door to casinos in 1976, hoping to revitalize the city’s run-down hotels. While money flowed in, it did little to bring up the rest of Atlantic City, as funds from the taxes casinos paid were spent on projects all over the state, Palmieri said.

                              State law allows property owners to retroactively appeal over the taxable value of their property and the city’s decline has prompted several casino owners to do so, leaving the city to pay refunds on past taxes. In June, the owner of the Borgata Casino said it had reached a settlement with the city that would bring it a refund of $88.25 million for tax payments made from 2011 through 2013.

                              The city had to borrow $143 million in fiscal 2013 to cover the cost of the successful tax appeals by Borgata and others.

                              FUTURE IN FAMILIES?

                              For all the troubles, there remains a steadfast group of local business people who believe in Atlantic City’s future.

                              “This town has amenities that can’t be replicated in any other market,” said Anthony Catanoso, who owns the Steel Pier boardwalk amusement park. “We are packed with families every night.”

                              Tourism officials and civic leaders say the future lies in reinventing itself as a family-friendly resort, an approach that Las Vegas tied in the 1990s. Las Vegas has since returned to its traditional focus on more hedonistic entertainment capture in its “What Happens Here, Stays Here” slogan.

                              Local officials see hope in a newly built outlet mall, a Bass Pro Shop currently under construction, and construction of a new conference center at one casino.

                              One hotel operator, St. Petersburg, Florida’s TJM Properties has bought into the idea, acquiring the former Atlantic Club Casino, which closed in January, and the Claridge Hotel, which it plans to develop with a 30,000-square-foot (2,787 square meter) children’s museum.

                              “We are going after families,” said Sherry Amos, a spokeswoman for the hotel. “We want people to take their families to the outlets, and we want them to take their families to the beach.”

                              The terms of the sale of the former Atlantic Club prohibit the space from housing a casino in the future.

                              Atlantic City officials note that even as gambling income has declined, the city’s other revenues have picked up. Taxes on drinks and tickets to shows hit $35.5 million last year, up from $26.2 million in 2005. But those tax receipts are dwarfed by the city’s earnings from taxes on gambling and parking, which came to $214 million in 2013, though that is less than half their level a decade ago.

                              The developments elsewhere in the region has some longtime Atlantic City workers wondering if they would have better luck moving to chase casino jobs in other places rather than counting on a revival at home.

                              “If this closes, I’ll have to take my children out of the state,” said Mike DeVita, a 52-year-old bartender who has worked at the Showboat for 27 years. “It’s the only trade I know.”