Atlantic City Open Forum
Now that you bought those into the picture can't argue with you there. Just interesting to find my local neighborhood and workplace where once there were tons of buses heading to Foxwoods, Mohegan Sun and to AC. Now most of them either closed or directed their bus lines to just to Sands, PA. If you want to head to AC you have to head to the Port Authority.
Quote: beachbumbabsI don't know anything about this, so am only speculating. However, at least as far back as big 3 automakers, large companies buy up competitors and innovative technology only to own and kill it. In a declining market, it makes good business sense to buy out a competitor at rock-bottom prices and ensure no new competitor rises on the ashes. After doing that, in the case of the Atlantic Club, you have a large empty building with huge tax and insurance liabilities lying fallow. So you sell it for non-competitive use to a buyer, for pennies on the dollar, in order not to have the building on the books eating up overhead money and not generating revenue. Take a short-term loss on the flip, but strengthen your overall market by killing a competitor. Long-term, it makes a lot of sense to me.
Perhaps some of you may remember the Oddyssey machines manufactured by Silicon Gaming. Initially Silicon did a good job of competing against IGT as the Oddyssey's were a big splash in Nevada. But Silicon tried to get to big to fast and got into money trouble. These multi-game machines were significant to small time AP's because they had so many games that developed short term advantages. Fort Knox, Buccaneer Gold, Lady of Fortune, Riddle of the Sphynx, were exploitable line games. And Bonus Playoff was an exploitable video poker game.
IGT bought Silicon Gaming, then bought the machines back from the casinos and had them destroyed. Nowadays, the Oddyssey machines are a very rare collector's item that you can't get parts for.
Quote: mickeycrimmPerhaps some of you may remember the Oddyssey machines manufactured by Silicon Gaming. Initially Silicon did a good job of competing against IGT as the Oddyssey's were a big splash in Nevada. But Silicon tried to get to big to fast and got into money trouble. These multi-game machines were significant to small time AP's because they had so many games that developed short term advantages. Fort Knox, Buccaneer Gold, Lady of Fortune, Riddle of the Sphynx, were exploitable line games. And Bonus Playoff was an exploitable video poker game.
IGT bought Silicon Gaming, then bought the machines back from the casinos and had them destroyed. Nowadays, the Oddyssey machines are a very rare collector's item that you can't get parts for.
Sadly, I gave away my Oddyssey machine a few years back. I had sold my business and was moving out of my office where I had about 8 different models of machines. That damn oddyssey machine was just too damn heavy for me to move so I left it for the new owners. In retrospect I am sure that was a mistake.
Silicon Gaming was so heavily leveraged that I don't think they ever even came close to breaking even. Near the end they hired me to help them design their wide area multi site progressive. I know it eventually launched but I think that was right about the time IGT was buying them to bury them.
Quote: 7star4nowQuote: RaleighCrapsI don't understand the angst that the Showboat closing is apparently causing. Big business does this shit every day, and nobody really weeps about it. The large computer company I used to work for has routinely laid off (meaning terminated) thousands of US workers each year now, for the past 5 years, and nobody seems to give a shit about that. I haven't seen any articles calling for people to stop purchasing their products.
In the days past, a company would make a decision that was equal parts a business decision, and equal part 'how does it affect our employees'. If they could make a concession for a decent business decision with no employee impact, they would.
For the most part, that attitude is gone. Now it is ALL about how much money the business (or stockholders) can make, the employees be damned. FULL GREED AHEAD.
If there is more profit to be made screwing the employees, so be it.
At least in the case of the Showboat, it appears there may not have been another choice. If the business is losing money, and there is no conceivable way to cut expenses to the point of making a profit, then closing the doors makes sense. Yes, it is tragic that 2,000 people will lose their jobs, but if the business is losing money, closing is the only outcome that can happen.
I agree with your sentiments , except here's the problem - Showboat as a stand alone entity doesn't fit the description of what you describe as "the business is losing money"
in fact:
"But Showboat was profitable, having posted a gross operating profit of nearly $2 million in the first quarter of this year, down from nearly $8.5 million in the first quarter of 2013." - see link
The only reason that it closed was because Loveman's puppeteers (hedge fund, bean-counting, geeks, who know nothing about gamblers ) borrowed money like drunken sailors against CZR properties . Of course, Revel is a different story, & supports what you say.
Also, the analysts in articles like this,below, fail to recognize that once AC falls below a critical mass # of casinos, it fails to distinguish itself from local slot parlors many of drive past, for hours , to get to AC.
http://www.nj.com/business/index.ssf/2014/06/as_atlantic_city_casinos_close_experts_say_shutdown_is_necessary.html
The EBITDA is positive but with the property taxes it is slightly negative and with CET opening another big joint in Baltimore in August it makes sense to shut down and not cannibalize their business.
"Put your makeup on, fix your hair up pretty… you’re getting knocked the [expletive] out in Atlantic City."
http://nation.foxnews.com/2014/06/30/video-bully-gets-knocked-out-cold-atlantic-city-boardwalk
Quote: 7star4nowAmazing Boardwalk video you may? (lol) not see on the TA board
"Put your makeup on, fix your hair up pretty… you’re getting knocked the [expletive] out in Atlantic City."
http://nation.foxnews.com/2014/06/30/video-bully-gets-knocked-out-cold-atlantic-city-boardwalk
Speaking for Rship, JerryAC & UKStages all at once, in the voice of Officer Barbrady from South Park...Nothing to see here people, move on.
Don't you know, nothing bad ever happens in Atlantic City. Even if there is nobody left, all is fine people, move on.
Quote: bobsimsQuote: 7star4nowQuote: RaleighCrapsI don't understand the angst that the Showboat closing is apparently causing. Big business does this shit every day, and nobody really weeps about it. The large computer company I used to work for has routinely laid off (meaning terminated) thousands of US workers each year now, for the past 5 years, and nobody seems to give a shit about that. I haven't seen any articles calling for people to stop purchasing their products.
In the days past, a company would make a decision that was equal parts a business decision, and equal part 'how does it affect our employees'. If they could make a concession for a decent business decision with no employee impact, they would.
For the most part, that attitude is gone. Now it is ALL about how much money the business (or stockholders) can make, the employees be damned. FULL GREED AHEAD.
If there is more profit to be made screwing the employees, so be it.
At least in the case of the Showboat, it appears there may not have been another choice. If the business is losing money, and there is no conceivable way to cut expenses to the point of making a profit, then closing the doors makes sense. Yes, it is tragic that 2,000 people will lose their jobs, but if the business is losing money, closing is the only outcome that can happen.
I agree with your sentiments , except here's the problem - Showboat as a stand alone entity doesn't fit the description of what you describe as "the business is losing money"
in fact:
"But Showboat was profitable, having posted a gross operating profit of nearly $2 million in the first quarter of this year, down from nearly $8.5 million in the first quarter of 2013." - see link
The only reason that it closed was because Loveman's puppeteers (hedge fund, bean-counting, geeks, who know nothing about gamblers ) borrowed money like drunken sailors against CZR properties . Of course, Revel is a different story, & supports what you say.
Also, the analysts in articles like this,below, fail to recognize that once AC falls below a critical mass # of casinos, it fails to distinguish itself from local slot parlors many of drive past, for hours , to get to AC.
http://www.nj.com/business/index.ssf/2014/06/as_atlantic_city_casinos_close_experts_say_shutdown_is_necessary.html
The EBITDA is positive but with the property taxes it is slightly negative and with CET opening another big joint in Baltimore in August it makes sense to shut down and not cannibalize their business.
Hate to turn your response on its head , but your sole focus on EBITDA illustrates exactly what I'm talking about- bean counters who parachute into a given market focusing on a single metric, without regard to to the customer experience - in this case its best players who have been beaten down in terms of player benefit cuts, staff reduction & increasingly ignored by CZR.
I suspect many of us (CZR's best AC customers) are shocked that EBITDA could be remotely positive, given the way we were treated (less incentives to play more etc.)
I suppose I could take your snapshot approach, & say Coca Cola's EBITDA in the year it invented new Coke in 1985 was positive, & was intended not to cannibalize the business - but more than a few of its lifelong customers didn't have a positive experience
Quote: 7star4nowAmazing Boardwalk video you may? (lol) not see on the TA board
"Put your makeup on, fix your hair up pretty… you’re getting knocked the [expletive] out in Atlantic City."
http://nation.foxnews.com/2014/06/30/video-bully-gets-knocked-out-cold-atlantic-city-boardwalk
Look closely, the pushcart guy has something in his closed fist when he hits the guy. Plus he has those "Mechanic's Wear" gloves on.
Quote: GWAEexcuse my ignorance but why is there such hatred towards those folks at TA. I frequent there, but only for about a month leading up to each one of my trips. They always seem so helpful to me, but like I said I am only over there for about 2 months out of the year.
Censorship: (ever notice extreme # of deleted posts & threads, for no apparent reason)- so called "destination experts" login on multiple screen names shilling for certain properties, deleting posts they disagree with ,or may or may not, get paid from
try positng something constructive AC could improve on- see what happens
Quote: 7star4nowCensorship: (ever notice extreme # of deleted posts & threads, for no apparent reason)- so called "destination experts" login on multiple screen names shilling for certain properties, deleting posts they disagree or may or ones critical of cos.may not get paid from
I have never noticed that many things getting deleted but like I said I am not on there a lot. I do know that anytime anyone talks about danger it gets shut down.
Quote: BozQuote: 7star4nowAmazing Boardwalk video you may? (lol) not see on the TA board
"Put your makeup on, fix your hair up pretty… you’re getting knocked the [expletive] out in Atlantic City."
http://nation.foxnews.com/2014/06/30/video-bully-gets-knocked-out-cold-atlantic-city-boardwalk
Speaking for Rship, JerryAC & UKStages all at once, in the voice of Officer Barbrady from South Park...Nothing to see here people, move on.
Don't you know, nothing bad ever happens in Atlantic City. Even if there is nobody left, all is fine people, move on.
UK might have been ok on this-the 2 guys weren't smoking & were headed toward his beloved Revel-
Ka-ching!!!
Quote: GWAEI have never noticed that many things getting deleted but like I said I am not on there a lot. I do know that anytime anyone talks about danger it gets shut down.
I guess that's good if you don't want to be informed of any precautions you may want to take traveling somewhere.
I travel often, all around the world, & the FIRST thing I scope out is how to stay safe, what areas to avoid etc.
As you state "anytime anyone talks about danger it gets shut down".
For my purposes, that is deceptive & skewed toward luring me to a destination , while censoring objective personal safety content, among other things.
That's why I don't consider it a "travel" website. It is ,rather, a propaganda site, cherry- picking free content from users to support its advertisers.
If you like it, to each his own -enjoy that forum -ignorance is bliss -I guess?
Why buy high priced tickets?
"Do AC" & see free "UFC" matches - featuring our famous rolling cart operators- right on the Boardwalk!
Enjoy free popcorn with our "Boardwalk Ambassadors" , as they "watch" the action with you.
http://nation.foxnews.com/2014/06/30/video-bully-gets-knocked-out-cold-atlantic-city-boardwalk
"Caesars has shown a most disturbing trend toward cannibalizing the competition and engaging in clear restraint of trade.
It should have been stopped when it demanded a restrictive covenant to preclude casino use in its sale of the Claridge. Caesars then bought the Atlantic Club with the deliberate intent to bar its future use as a casino and in the process eliminating its entire workforce. Once again, this clearly predatory practice should have been prohibited as against good public policy. Caesars has not acted as a good civic neighbor. Closing the Showboat is misusing and abusing the monopoly it was given.
The idea that shrinking the business is good for business is absolutely absurd. Las Vegas hums along with 75 diverse casinos, which give consumers a host of almost unlimited choices and options to spend their vacation dollars. Competition is actually good for business. Restricting business is a recipe for further decline because people have fewer reasons to come to Atlantic City.
Before Caesars engaged in anti-competitive methods, Showboat was a happening place. In fact, two live bands greeted customers and quickly got them into the Big Easy spirit. Inside the Boardwalk entrance, a jazz band cooked with the amazing Chris Columbo, and couples would actually clap and dance along. At the hotel lobby end, a Dixieland band played nonstop. This was in addition to the tall greeter on stilts and the monkey grinder working the crowds. It created an electrifying atmosphere conducive to partying and to gambling.
The Showboat was not merely a barren warehouse with rows of slots. It was animated, alive, exciting and inviting.
What's the antidote to Caesars rash of malicious, vicious forced closures? Well, for starters, the deed restrictions against casino use must be struck down as null and void and against good public policy. Preventing properties from being utilized to their highest and best use cheats both the city and taxpayers from sorely needed higher ratables.
Lastly, the legislation that tamed the steel barons, the Sherman Antitrust Act of 1890, is still very much alive and well for any modern day TR to be a trust buster and to come to the rescue of workers being blatantly exploited and abused. The tools are already here to halt Caesars’ predatory practices, but require representatives with a scintilla of intestinal fortitude to act on behalf of their constituents."
http://shorenewstoday.com/snt/news/index.php/downbeach-/longport-margate-ventnor-opinion/54100-caesars-predatory-practices-must-be-stopped.html
Quote: FortalezoA rumor, just a rumor: The NEW Pokerstars is going to rescue Revel. The Stars needs a casino in AC to run whatever it does the best...POKERS of course. Again, it's a rumor, nothing but a rumor.
So you're saying its confirmed?
"State Senate President Stephen Sweeney admitted he has been in discussions to bring casinos to North Jersey for “the past year” and that there is a “real possibility” a referendum on the issue could be on the ballot in November of 2015.
Sweeney made the revelations in an editorial board meeting with The Record newspaper .
The comments go against everything Sweeney, a South Jersey power player who is believed to be a top candidate for governor) has said in recent years.
Sweeney has been a strong proponent of a five-year moratorium on such talk. That idea was to give Atlantic City until 2016 to find a better solution while maintaining its monopoly on gaming in the state."
http://www.njbiz.com/article/20140703/NJBIZ01/140709913/Report:-Sweeney-has-been-talking-privately-about-bringing-a-casino-to-North-Jersey-for-%E2%80%9Cthe-past-year%E2%80%9D
For some reason, I saw this posted on TA, & they closed the topic.
Apparently that board, which supposedly exists to inform potential tourists, puts their advertisers before the thousands of those inconvenienced, including families children, if they could have remade their plans -had they known sooner .
Why not move to Sat???
a thinly veiled attempt to milk Sun biz last minute- vs Sat when they're sold out anyway?
Forecast for Fri & Sat pm- clear skies, winds < 20 mph all 3 days
http://www.nbc40.net/story/25935988/atlantic-city-postpones-fireworks
Quote: 7star4nowfrom an interesting letter to the editor:
"Caesars has shown a most disturbing trend toward cannibalizing the competition and engaging in clear restraint of trade....
<snip>
Dear John Sewell,
The Showboat was a dump.
Sincerely,
Mosca
Quote: MoscaDear John Sewell,
The Showboat was a dump.
Sincerely,
Mosca
Earl of Sandwich wasnt bad.
Quote: 7star4nowAtlantic City: Fireworks have been rescheduled for Sunday, July 6 at 9:30 p.m.
For some reason, I saw this posted on TA, & they closed the topic.
Apparently that board, which supposedly exists to inform potential tourists, puts their advertisers before the thousands of those inconvenienced, including families children, if they could have remade their plans -had they known sooner .
Why not move to Sat???
a thinly veiled attempt to milk Sun biz last minute- vs Sat when they're sold out anyway?
Forecast for Fri & Sat pm- clear skies, winds < 20 mph all 3 days
http://www.nbc40.net/story/25935988/atlantic-city-postpones-fireworks
Which looks like the better nite to set off fireworks at sea?
Marine forecast
"Sat Night
W winds 5 to 10 kt. Seas around 2 ft."
or
"Sun Night
SW winds 15 to 20 kt with gusts up to 25 kt. Seas 3 to 5 ft."
http://www.wunderground.com/MAR/AN/453.html
Quote: BozLooks like UKStages is back promoting Revel on the TA board saying it offers something for everyone. Still getting paid when others are being laid off, great gig if you can get it.
By UKstages Feb 20, 2013:
"the lenders could have lent the money... or not. clearly, they were not nearly as concerned about the revel's fiscal woes as many frequent posters to this forum. it does make one wonder what they knew that others didn't."
It does appear, that, this individual, appears determined, to remain in contention to shut off the final light switch at Revel.
Top 2 music choices for his Revel closing ceremony-depending on his choice of paranoia levels - at that time :
1. God save the Queen
"Confound their politics ...Frustrate their knavish tricks "
2."They're coming to take me away
Ha, ha, they're coming to take me away
Ho, ho, hee, hee, ha, ha
To the funny farm
Where life is beautiful all the time
And I'll be happy to see
Those nice young men
In their clean white coats"
Quote: 7star4nowRats abandon a sinking ship, Thank You Revel:
"State Senate President Stephen Sweeney admitted he has been in discussions to bring casinos to North Jersey for “the past year” and that there is a “real possibility” a referendum on the issue could be on the ballot in November of 2015.
Sweeney made the revelations in an editorial board meeting with The Record newspaper .
The comments go against everything Sweeney, a South Jersey power player who is believed to be a top candidate for governor) has said in recent years.
Sweeney has been a strong proponent of a five-year moratorium on such talk. That idea was to give Atlantic City until 2016 to find a better solution while maintaining its monopoly on gaming in the state."
http://www.njbiz.com/article/20140703/NJBIZ01/140709913/Report:-Sweeney-has-been-talking-privately-about-bringing-a-casino-to-North-Jersey-for-%E2%80%9Cthe-past-year%E2%80%9D
Ammunition for those who say "stick a fork in AC", I'm sure some argue the Revel debacle had nothing to do with this....if you are an AC fan, this is equivalent to you being "Pauly Walnuts", & hearing "Tony Soprano" just authorized a hit on you:
"Governor Christie on Thursday added his voice to state Senate President Stephen Sweeney’s newfound willingness to consider an end to Atlantic City’s casino gambling monopoly.
“It’s a conversation I’m willing to have,” he told reporters.
Until this week, Sweeney had backed Christie’s plan, announced in February 2011, for a five-year moratorium on any discussion about casinos in the Meadowlands or anyplace else in the state beyond the struggling seaside gambling haven. But Sweeney revealed in comments to The Record’s Editorial Board on Wednesday that he had quietly been having conversations with North Jersey officials for the past year.
Sweeney added that there was a “very real possibility” that a statewide ballot question could be included on the November 2015 ballot, which, in essence, meant that the timeline for the potential approval process had moved up by a full year."
- See more at: http://www.northjersey.com/news/christie-open-to-idea-of-north-jersey-casino-1.1046267#sthash.YGUJorjV.dpuf
Stick a fork in em.........dey done!!!
They'll need a new promotion "You can lose........two pounds(walking from the nearest casino)". This hurts all the surrounding quite bad. I used to take the Harrah's shuttle to Showboat then progress down the boardwalk and won't be able to now entering in the middle. There are the jitneys but that's a small expense I'll have to take. This is definitely going to be a domino effect coming destabilizing the city.Quote: TomspurNow we know why Revel cannot find a solid offer for their property because there is NO WAY anybody offers anything for hotels in AC with this hanging over their heads.
Stick a fork in em.........dey done!!!
Quote: onenickelmiracleThey'll need a new promotion "You can lose........two pounds(walking from the nearest casino)". This hurts all the surrounding quite bad. I used to take the Harrah's shuttle to Showboat then progress down the boardwalk and won't be able to now entering in the middle. There are the jitneys but that's a small expense I'll have to take. This is definitely going to be a domino effect coming destabilizing the city.
.....further destabilizing into the abyss more like it :)
Quote: onenickelmiracleThey'll need a new promotion "You can lose........two pounds(walking from the nearest casino)". This hurts all the surrounding quite bad. I used to take the Harrah's shuttle to Showboat then progress down the boardwalk and won't be able to now entering in the middle. There are the jitneys but that's a small expense I'll have to take. This is definitely going to be a domino effect coming destabilizing the city.
I suppose one good thing is that the shuttle route is now much easier and more compact. Maybe they'll actually run on time now.
Yeah watch them bring it down to one shuttle bus fixing it to suck again.Quote: rdw4potusI suppose one good thing is that the shuttle route is now much easier and more compact. Maybe they'll actually run on time now.
ATLANTIC CITY, N.J. (AP) -
The parent company of Atlantic City's Showboat Casino Hotel said that it would consider selling the property to another casino operator if it made a reasonable offer and could be licensed.
Caesars Entertainment spokesman Gary Thompson said Tuesday that the company has received expressions of interest and will do its due diligence if it receives a reasonable offer. Caesars plans to close the Showboat Aug. 31.
http://www.myfoxny.com/story/25968350/caesars-may-sell-showboat-casino
Brown's bills, which he said he will propose when the General Assembly reconvenes, would encourage casinos that are closing to make an effort to sell to willing operators and force them to pay back economic incentives if they fail to do so, prohibit casinos from placing anti-competitive deed restrictions and limit the number of casino licenses a single corporation can own to two.
http://www.pressofatlanticcity.com/politics/brown-to-caesars-planned-showboat-closure-unfair-to-city-employees/article_040ab968-06b6-11e4-a66d-0019bb2963f4.html
Been a long slow decline since the Automobile-era of post WW2. Just too much coastline opened up.
When the 550-foot-high High Roller opened on March 31 of this year, there were high hopes for demand for the new attraction. Caesars set prices of $24.95 for a daytime ride and $34.95 at night for the 30-minute ride and even offered a VIP ticket with no line wait for $59.95.
But demand has been slow and Caesars has lowered prices to $19.95 during the day and $24.95 at night. If you're so intrepid, you could even get a Groupon that gives you two VIP rides for $65. If we assume Groupon's normal 50% take, that's just $16.25 per VIP ride for Caesars, nearly 75% off the regular price.
Giving discounts in Las Vegas isn't the end of the world, but it's not a good sign for a ride that's barely three months old in what is supposed to be a high traffic area of The Strip. The other problem is that it's a high price to pay for views that many visitors already have access to in a town that's built to give away amazing entertainment shows like the fountains at Bellagio, Mirage's volcano, or Treasure Island's pirate ship.
The Las Vegas Strip is full of attractions that are free to visitors.
Giving people what they already have
I think the core problem is that The High Roller gives many people what they already get in Las Vegas. Megaresorts tower over The Strip and unless you're in a room with an off-strip view or a low floor, it's likely you already have a good view of The Strip. Combine that with the fact that you can see amazing views of much of The Strip from ground level, and you have a hard sell for a 30-minute trip in a confined space with up to 40 other people.
This is in contrast to similar Ferris wheels like London's Eye or the Singapore Flyer, which give unique views of the city that may be worth the price.
http://www.fool.com/investing/general/2014/07/08/caesars-entertainments-latest-disaster-unfolding-b.aspx
But they obviously overpriced rides and are not doing what they expected.
Quote: BozI believe The Wheel is struggling but the Motley Fool is a bad source because they seem to have it out ( or maybe shorted) for CZR. They have been pushing the bankruptcy story since the stock was at $5 and even with all the problems the stock is up 350 percent since then.
But they obviously overpriced rides and are not doing what they expected.
Fair point...
I've just been trying to figure out, for myself if I buy CZR stock what exactly do I "own" under the the new groupings , etc, that is not subject to default/foreclosure risk-any idea?
Quote: 7star4nowFair point...
I've just been trying to figure out, for myself if I buy CZR stock what exactly do I "own" under the the new groupings , etc, that is not subject to default/foreclosure risk-any idea?
I think you need multiple MBA's (Like Loveman) to figure out how to screw something up this bad from a financial standpoint. I have no clue what the exposure is under the 2nd shell company and I would believe creditors are going to go after both companies when, not if, they can no longer meet debt service.
The only question is how does it play out, with or without bankruptcy. The creditors may work with them to avoid pennies on the dollar for debt.
Quote: BozI think you need multiple MBA's (Like Loveman) to figure out how to screw something up this bad from a financial standpoint. I have no clue what the exposure is under the 2nd shell company and I would believe creditors are going to go after both companies when, not if, they can no longer meet debt service.
The only question is how does it play out, with or without bankruptcy. The creditors may work with them to avoid pennies on the dollar for debt.
I guess Loveman's PHD in economics trumps "multiple MBA's" ,vs or our 30+years experience as player/customers in his establishments.
However, he is reqd to perform as a dancing monkey to the hedge funds he sold his soul to.
We, thankfully are not, & maintain "free agency"...the holy grail of gamblers
Quote: ECoasterPress reports from NJ say the Plaza planning to send out notices of a possible Sept. closing.
Is that still a "Trump" property? If so, Mr. Trump has been all over FOX News telling us all how he knows everything about business, foreign affairs, buying golf courses, dealing with people and "I can borrow from any bank". It would not be a good PR move to close a property with his name on it.
Quote: ECoasterPress reports from NJ say the Plaza planning to send out notices of a possible Sept. closing.
"Trump Plaza Hotel and Casino may close in September and employees will receive WARN notices next week,"
"We are hearing from several credible sources that Trump Plaza will be announcing next week that it is expected to close its doors. This news is both sad and angering," U.S. Congress candidate William Hughes Jr. said in a release. "A major casino right at the gateway to Atlantic City will be dark, thus sending a further signal to the world of Atlantic City's distress."
State Senator Jim Whelan said he'd heard word of the possible closure from "multiple sources," deeming them "credible," according to reports."
A"savvy", "so - called"', "destination expert?", from the UK, referred to those who predicted these dominoes falling as "henny pennys".
I'm sure he would encourage Senator Whelan to "spread fact, not rumor" until his last shilling RV paycheck clears?
http://www.nj.com/south/index.ssf/2014/07/trump_plaza_in_atlantic_city_could_close_in_september_report_states.html
Quote: 7star4now"A major casino right at the gateway to Atlantic City will be dark, thus sending a further signal to the world of Atlantic City's distress."l
I guess the answer is obvious, but why don't these properties just remain open as hotels without a casino? Is that unprofitable? (Trump Plaza, Showboat, Atlantic) It seems there would be a demand for reasonably priced oceanfront rooms.
Quote: NokTangI guess the answer is obvious, but why don't these properties just remain open as hotels without a casino? Is that unprofitable? (Trump Plaza, Showboat, Atlantic) It seems there would be a demand for reasonably priced oceanfront rooms.
yes for 3 mos a year, but how do you make a profit the other 9 mos?
These are not typical NJ shore, low overhead, mom & pop establishments with a small # of rooms which can survive almost exclusively on high season revenues.
You could not give away these rooms, for free, even when they were attached to casinos- mid week /off season.
Now a glut of 1000's of rooms has been thrown into the inventory.
Now that there is a dwindling critical mass of casinos - there is an expectation that MORE people will line up for non-casino rooms in the middle of winter?
Has Kevin DeSanctis been elected AC Mayor?
How Atlantic City’s Revel casino took Wall Street for $2.5 billion
http://nypost.com/2013/02/24/how-atlantic-citys-revel-casino-took-wall-street-for-2-5-billion/
Quote: 7star4now
You could not give away these rooms, for free, even when they were attached to casinos- mid week /off season.
Good point. I had always thought the homeless and vagrant populations were high in AC and Las Vegas but I guess I'm wrong about AC. They go south during the winter just like some birds.
Quote: BozI think you need multiple MBA's (Like Loveman) to figure out how to screw something up this bad from a financial standpoint. I have no clue what the exposure is under the 2nd shell company and I would believe creditors are going to go after both companies when, not if, they can no longer meet debt service.
The only question is how does it play out, with or without bankruptcy. The creditors may work with them to avoid pennies on the dollar for debt.
If you know this, tell us how many shares of CZR you have shorted to strike it rich?
(I basically agree with your thinking, but Wall Street obviously disagrees with the huge run up over the last year.)
my goodness, where did you hear that?
what's the closing date?
last i heard they had filed for bankruptcy and the place was up and running and fully operational and they were searching for a buyer. i stayed there recently, i played there recently; nobody said nuthin' about closing. please share your source; inquiring minds want to know!
wow. what a sudden turn of events.
they're closing?
my goodness, i would think the press of AC would cover a story such as that"
Using this guy as their corporate communications director from the start is only one of many errors they made. As posted above, he may get the honor of being the last one to turn the lights out.
His simple statement above just repeats all of the arrogance Revel showed from Day 1 and is a huge reason why they failed.
