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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: August 13, 2014, 7:02 pm - IP Logged

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

"LIKE A GHETTO"

Curtains as Luck Run Out, but AC had a profitable run >>>>>>

Fortes Fortuna Juvat

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.”

  • SO LONG    9:59AM ET 
$2.4 billion Atlantic City casino to close after two miserable years
Spencer Platt/Getty Images
Spencer Platt/Getty Images

Atlantic City's Revel Casino Hotel will close for good next month after failing to find a buyer willing to shepherd the troubled business through bankruptcy.

The massive $2.4 billion casino opened just two years ago to much fanfare and hopefulness that it could rejuvenate the struggling Jersey resort town's signature industry. It was the first new casino to be built there in almost a decade, as competition from nearby Pennsylvania casinos had sapped much of the town's old clientele; Atlantic City's casino revenue has nearly halved since 2006, when Pennsylvania's first casino opened,  according to the  Associated Press.

Yet for all the hype, the Revel never turned a profit, and it twice filed for bankruptcy last year. The casino's board met Monday to consider bid proposals, but determined it had not found a viable plan to stay in business. Still, Revel said it hoped to find a buyer during the bankruptcy process who could take over after the casino goes dark

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
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    Posted: September 3, 2014, 12:43 pm - IP Logged

    I was on duty at the time of the closing, quite a hectic day !

    27 1/2 years ago I was on duty when it opened, yea, that was a hectic day also.

     

    I'm still working but I'll be done in a few more days,

    bye everyone ! Sad Cheers

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

      Avatar
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      YN
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      September 4, 2014
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      Posted: September 4, 2014, 2:46 pm - IP Logged

      Got some good information on this website.

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        Posted: September 5, 2014, 8:37 pm - IP Logged

        So Sad. A lot of great memories @ the showboat. Especially when the bowling lanes were there.

        I use to bowl on a league called the Atlantic city league out of Baltimore.

        We would have at the least 3 to 4 bus loads of people going up. It was a big league.

        At the end of each season, the whole league had the playoffs in Atlantic city at the Showboat.

        Cash prizes and trophies were presented at the end of the games and then most of us went gambling.

        Didn't win much, but it was fun.

        Feeling,  PRICELESS!!!Banana

        Come on Jackpot!!!

          eddessaknight's avatar - nw paladin.jpg
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          Posted: September 6, 2014, 9:00 pm - IP Logged

          I was on duty at the time of the closing, quite a hectic day !

          27 1/2 years ago I was on duty when it opened, yea, that was a hectic day also.

           

          I'm still working but I'll be done in a few more days,

          bye everyone ! Sad Cheers

          Appreciate the personal sharing Haymaker, while most people were spectating these events, you played a active role in it's real time history.

          Sorry to see it  end this way for all negatively impacted & involved but, as litebets says, I am grateful for the good memories 

          Up next rhe Taj the Trump Card

          Eddessa_Knight Sun Smiley

           

          Trump Taj Mahal Closing In Atlantic City? Donald Trump Gloats: ‘When I Left, That’s When It Went Bad’

          Trump Taj Mahal Closing In Atlantic City? Donald Trump Gloats: 'When I Left, That's When It Went Bad'

          With the possibility of Trump Taj Mahal closing on the table, you might wonder what Donald Trump himself thinks about the situation and how thousands of employees are losing their jobs. While Trump says the situation is “sad,” he claims that Atlantic City went bad when he got out.

          In a related report by The Inquisitr, the news that the Trump Plaza was closing as well seemed to put the writing on the wall for Atlantic City.

          Whether or not we’ll actually see Trump Taj Mahal closing in 2014 seems to be up in the air at the moment. A recent filing to the state Division of Gaming Enforcement indicates the company has been “adversely affected” by “extremely cold winter weather and frequent snowstorms in the Mid-Atlantic United States, increased utility costs, intense competition in our market and surrounding markets, and current economic conditions.” While the filing does not explicitly say the Trump Taj Mahal casino is closing, the information provided does seem to point to a potential future closing.

          “If the Company is unable to achieve significant revenue increases and improvements in its operating results, the Company will have difficulty funding its operations and meeting its payment obligations, unless the Company is able to obtain additional sources of liquidity or restructure its business and/or its indebtedness and other obligations,” the filing stated. “There can be no assurance that the Company will achieve such revenue increases or that it will be successful in obtaining additional sources of liquidity.”

          The name of Donald Trump has been in Atlantic City since the 1980s when he began buying up properties, controlling up to a third of the entire market at his peak. Long story short, in 2004, Trump’s company underwent debt restructuring in a Chapter 11 bankruptcy, and eventually Donald lost his CEO title and gave up majority control despite the company being called Trump Entertainment Resorts, Inc. Donald even sued to have his name removed from the side of the buildings since he felt the Trump Taj Mahal and the Trump Plaza were not “synonymous with the highest levels of quality, luxury, prestige, and success.”

          Still, if we see the Trump Taj Mahal closing down, the Donald will have some regrets.

          “I think everyone knows that I’m gone. Atlantic City was a place that I really loved; you know, I did it for a long time in Atlantic City. But a lot of people say when I left, that’s when it went bad. And in one way, I’m honored by that statement, but in another way, I feel badly about Atlantic City.”

          More recently, Donald Trump went on to Twitter to discuss how the Trump Taj Mahal closing might affect the employees… but not without giving himself a pat on the back.


          Read more at http://www.inquisitr.com/1457469/trump-taj-mahal-closing-in-atlantic-city-donald-trump-gloats-when-i-left-thats-when-it-went-bad/#uCCZTwIQEMPkxO83.99

            eddessaknight's avatar - nw paladin.jpg
            LAS VEGAS
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            November 22, 2006
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            Posted: September 9, 2014, 5:26 pm - IP Logged

            Appreciate the personal sharing Haymaker, while most people were spectating these events, you played a active role in it's real time history.

            Sorry to see it  end this way for all negatively impacted & involved but, as litebets says, I am grateful for the good memories 

            Up next rhe Taj the Trump Card

            Eddessa_Knight Sun Smiley

             

            Trump Taj Mahal Closing In Atlantic City? Donald Trump Gloats: ‘When I Left, That’s When It Went Bad’

            Trump Taj Mahal Closing In Atlantic City? Donald Trump Gloats: 'When I Left, That's When It Went Bad'

            With the possibility of Trump Taj Mahal closing on the table, you might wonder what Donald Trump himself thinks about the situation and how thousands of employees are losing their jobs. While Trump says the situation is “sad,” he claims that Atlantic City went bad when he got out.

            In a related report by The Inquisitr, the news that the Trump Plaza was closing as well seemed to put the writing on the wall for Atlantic City.

            Whether or not we’ll actually see Trump Taj Mahal closing in 2014 seems to be up in the air at the moment. A recent filing to the state Division of Gaming Enforcement indicates the company has been “adversely affected” by “extremely cold winter weather and frequent snowstorms in the Mid-Atlantic United States, increased utility costs, intense competition in our market and surrounding markets, and current economic conditions.” While the filing does not explicitly say the Trump Taj Mahal casino is closing, the information provided does seem to point to a potential future closing.

            “If the Company is unable to achieve significant revenue increases and improvements in its operating results, the Company will have difficulty funding its operations and meeting its payment obligations, unless the Company is able to obtain additional sources of liquidity or restructure its business and/or its indebtedness and other obligations,” the filing stated. “There can be no assurance that the Company will achieve such revenue increases or that it will be successful in obtaining additional sources of liquidity.”

            The name of Donald Trump has been in Atlantic City since the 1980s when he began buying up properties, controlling up to a third of the entire market at his peak. Long story short, in 2004, Trump’s company underwent debt restructuring in a Chapter 11 bankruptcy, and eventually Donald lost his CEO title and gave up majority control despite the company being called Trump Entertainment Resorts, Inc. Donald even sued to have his name removed from the side of the buildings since he felt the Trump Taj Mahal and the Trump Plaza were not “synonymous with the highest levels of quality, luxury, prestige, and success.”

            Still, if we see the Trump Taj Mahal closing down, the Donald will have some regrets.

            “I think everyone knows that I’m gone. Atlantic City was a place that I really loved; you know, I did it for a long time in Atlantic City. But a lot of people say when I left, that’s when it went bad. And in one way, I’m honored by that statement, but in another way, I feel badly about Atlantic City.”

            More recently, Donald Trump went on to Twitter to discuss how the Trump Taj Mahal closing might affect the employees… but not without giving himself a pat on the back.


            Read more at http://www.inquisitr.com/1457469/trump-taj-mahal-closing-in-atlantic-city-donald-trump-gloats-when-i-left-thats-when-it-went-bad/#uCCZTwIQEMPkxO83.99

            News Alert
            Trump Entertainment Resorts files bankruptcy

            WILMINGTON, Del. — Trump Entertainment Resorts, the company founded by Donald Trump, has filed for bankruptcy, putting a fifth Atlantic City casino in danger of closing if it fails to negotiate concessions with union 

            UnhappyAnother Unfortunately 

            Eddessa_Knight

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              Posted: September 13, 2014, 2:58 am - IP Logged
              News Alert
              Trump Entertainment Resorts files bankruptcy

              WILMINGTON, Del. — Trump Entertainment Resorts, the company founded by Donald Trump, has filed for bankruptcy, putting a fifth Atlantic City casino in danger of closing if it fails to negotiate concessions with union 

              UnhappyAnother Unfortunately 

              Eddessa_Knight

              `

                eddessaknight's avatar - nw paladin.jpg
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                Posted: September 17, 2014, 6:56 pm - IP Logged

                Final Curtain Trump Plaza after 20 years & tears; get rich quick Atlantic City Casinos falling into Atlantic Ocean

                Eddessa_Knight

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                  Egg Harbor twp.south Jersey shore
                  United States
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                  Posted: September 17, 2014, 8:15 pm - IP Logged

                  Final Curtain Trump Plaza after 20 years & tears; get rich quick Atlantic City Casinos falling into Atlantic Ocean

                  Eddessa_Knight

                  Edessaknight,

                  That casino originally opened in 1984 as Harrahs at Trump plaza.

                  I suspect this property will reopen w/out the Trump name,

                   as the mortgage is controlled by Carl Icahn who would love to rub Trump's face in it.

                  Icahn also owns the Tropicana in A.C.

                  Do you know if he still owns the Stratosphere and the 2 Arizona Charlies in Vegas ?

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

                    haymaker's avatar - Lottery-012.jpg
                    Egg Harbor twp.south Jersey shore
                    United States
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                    Posted: September 17, 2014, 8:35 pm - IP Logged

                    I was on duty at the time of the closing, quite a hectic day !

                    27 1/2 years ago I was on duty when it opened, yea, that was a hectic day also.

                     

                    I'm still working but I'll be done in a few more days,

                    bye everyone ! Sad Cheers

                    My last day was 9/12/14

                    I spent the last few days making keys for doors that never had to be locked before

                    and making all the pushbutton combos the same to make things easy for security.

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

                      eddessaknight's avatar - nw paladin.jpg
                      LAS VEGAS
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                      November 22, 2006
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                      Posted: September 18, 2014, 6:15 pm - IP Logged

                      My last day was 9/12/14

                      I spent the last few days making keys for doors that never had to be locked before

                      and making all the pushbutton combos the same to make things easy for security.

                      Thank You for your realistic replies, haymaker,

                      Earnestly, wishing that this last day is the first day of a new opening door out of the dark smoky shadows of Plato's Proverbial (Casino )            Cave Allegory and into your own sunshine Sun Smiley

                      Fortes Fortuna Juvat

                      Eddessa _Knight

                        haymaker's avatar - Lottery-012.jpg
                        Egg Harbor twp.south Jersey shore
                        United States
                        Member #112968
                        June 29, 2011
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                        Posted: September 25, 2014, 1:28 pm - IP Logged

                        Thank You for your realistic replies, haymaker,

                        Earnestly, wishing that this last day is the first day of a new opening door out of the dark smoky shadows of Plato's Proverbial (Casino )            Cave Allegory and into your own sunshine Sun Smiley

                        Fortes Fortuna Juvat

                        Eddessa _Knight

                        Edessaknight,

                        Thanks for that upbeat wish. looking back at the past I often did,nt notice the new door until I was right in front of it.

                        I'll keep my eyes wide open. Cool

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

                          haymaker's avatar - Lottery-012.jpg
                          Egg Harbor twp.south Jersey shore
                          United States
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                          June 29, 2011
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                          Posted: September 25, 2014, 1:37 pm - IP Logged

                          So Sad. A lot of great memories @ the showboat. Especially when the bowling lanes were there.

                          I use to bowl on a league called the Atlantic city league out of Baltimore.

                          We would have at the least 3 to 4 bus loads of people going up. It was a big league.

                          At the end of each season, the whole league had the playoffs in Atlantic city at the Showboat.

                          Cash prizes and trophies were presented at the end of the games and then most of us went gambling.

                          Didn't win much, but it was fun.

                          Yup, and the lanes had a lottery machine, I could get my tix while I was at work.

                          people thought it strange for a casino to have a bowling alley, no big deal in Nevada,

                          gotta have something to do inside when it's 99+ degrees outside.

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

                            eddessaknight's avatar - nw paladin.jpg
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                            Posted: September 25, 2014, 5:45 pm - IP Logged

                            Edessaknight,

                            Thanks for that upbeat wish. looking back at the past I often did,nt notice the new door until I was right in front of it.

                            I'll keep my eyes wide open. Cool

                            Assuming you weren't required to sign a non-disclosure agreement, perhaps a pro- insider casino revelation or personal experiences book with some new twist would make for informative reading for players (using an appropriate pen name, of course). Short Stories with some sparkling expose are always in demand by weekly publications.

                            Often times for anyone who has had a long career. when they L@@K back through the spins & come outs LOL gathering & collecting these past happenings ignites a unique mental flash will occur..... food for thought. Tape recording your narrative is a good tool and then there is the DRAGON software that will correct & print to get you started. If for nothing else your experiences will become valuable family history fo your descendants and not be hone with the wins(d) Wink ~~~~

                             

                            Give first call on the doing the movie, OK?

                            FORTES FORTUNA JUVAT
                            Eddessa)KnightSun Smiley

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                              Posted: October 1, 2014, 1:45 am - IP Logged

                              No surprise . Once Mohegan sun and Foxwoods in ct got going everyone knew it would hurt AC sales. Now there's two casinos just outside Manhattan and their building some more about 90mins from me.