Atlantic City Open Forum
Quote: 1BBFoxwoods will take away your comps if they get wind of it.
Not only that they will also ban you as well. I have seen folks being caught selling their match play coupons/comps in person and were treated like criminals and terrorists when caught. The points were quite valuable back then when it was on a 1:1 ratio. Folks would accumulate those points and then use them to obtain those Rolex watches and Blackberrys when they were popular and sell them on the open market at good premiums above MSRP. There was definitely an underground economy with those comps and points. Then Scott Butera came in and really reigned in on things and really cleaned shop!
Quote: 1BBFoxwoods will take away your comps if they get wind of it.
not only that, but back then, ebay was the wild west- now I suspect ebay would pull the listing immediately.
It's still an interesting concept - I could still see it being done now via private msg on boards
Quote: 7star4nowIt's still an interesting concept - I could still see it being done now via private msg on boards
I used to buy comped rooms in AC from a "broker" that I found on craigslist.
I paid the broker a greatly discounted rate compared to what I was offered at TR online,
typically $50 for a Friday or Saturday night.
The broker was a 7stars player, and acted as an agent for a group of fellow 7stars players.
That group's operations were broken up with the demise of the self-serve check-in kiosks,
but there are still rooms and suites for sale on craigslist...they are likely comped rooms being sold.
Quote: coachbellyI used to buy comped rooms in AC from a "broker" that I found on craigslist.
I paid the broker a greatly discounted rate compared to what I was offered at TR online,
typically $50 for a Friday or Saturday night.
The broker was a 7stars player, and acted as an agent for a group of fellow 7stars players.
That group's operations were broken up with the demise of the self-serve check-in kiosks,
but there are still rooms and suites for sale on craigslist...they are likely comped rooms being sold.
I guess a husband & wife who both have comps , & go frequently, could still sell a room every weekend , with one spouse checking in the "guest", but it dorsn't seem worth the liability for $50.
Back in the boom times, the Foxwoods guy was fetching top $ & almost pulling in enuf $ to make it a self sustaining deal.
Collecting $1000 per wk, he got a free bankroll to gamble with- which also helped regenerate more room comps
Quote: 1BBOne point equals one dollar.
It is backed to a 1:1 ratio in Foxwoods?
Quote: DMSCRIt is backed to a 1:1 ratio in Foxwoods?
Except for the gas station I believe it is. They'll also give you half you point total in cash, unless things have changed.
I sure miss the Gold coins from the Oddyssy (sp) store.Quote: 1BBI've done it the other way around and paid people to buy things for me with their points. At Foxwoods and Mohegan Sun your player's card is like a debit card which is good at all outlets including the gas stations. One point equals one dollar. I got a lot of nice electronics for as low as 10 cents on the dollar. Gamblers can be extremely desperate. Bad for them but good for me. Some items are marked up but, surprisingly, many are close to regular store prices. I think I'll start my Christmas list now.
"United Airlines will halt its service to Atlantic City International Airport in December, pulling the plug on a seven-month experiment that surrogates of Gov. Chris Christie helped negotiate as part of the administration’s effort to revive that city’s sagging fortunes."
Has Christie changed parties in favor of the govt influencing economic development ?
http://online.wsj.com/articles/united-airlines-cuts-its-service-to-atlantic-city-1415384759
Quote: dave12038457Once on a plane why not just go to Vegas?
Flight time? Time zones? On a weekend getaway, I have about 12 hours more playing time in AC than I could have in Vegas. All of Sunday is shot on a vegas trip because of the 4.5 hour flight and 3 hour time difference.
As a unique oceanfront US Gambling destination, I could see seasonal nonstop service from a Chicago hub working between Memorial Day & labor Day, but it had no chance year round.
In the summer a 2hr nonstop to AC & the ocean, might be preferable to a 4hr flt to a 110 degree desert.
"So yes I like the place." Atlantic City had an opportunity to become a destination resort but blew that chance decades ago. There is far to much blight, crime etc.
If you don't gamble the other shore towns are cleaner, safer etc. I suppose some enjoy the beach and gambling. For those A.C. is a good fit.
Atlantic City is going through a transitional state. There is an effort to appeal to a wider demographic then the traditional gambler. By hosting shows, beach concerts advertisements they are truly making an effort.
However, take a walk off the boardwalk at night and you will not exactly be in what most would consider a good neighborhood.
https://www.youtube.com/watch?v=6SNJHeg-x1Q
A diving horse, of course. Handled by Nucky Johnson's ghost.Quote: JackStraw8004What are they going to bring into AC next, a flea circus, a dog and pony show.
Quote: JackStraw8004What are they going to bring into AC next, a flea circus, a dog and pony show.
Seems highly likely that both have been done in AC before. Why would it be bad if they returned?
Quote: 7star4nowWell that didn't last long:"United Airlines Cuts Its Service to Atlantic City"
"United Airlines will halt its service to Atlantic City International Airport in December, pulling the plug on a seven-month experiment that surrogates of Gov. Chris Christie helped negotiate as part of the administration’s effort to revive that city’s sagging fortunes."
Has Christie changed parties in favor of the govt influencing economic development ?
http://online.wsj.com/articles/united-airlines-cuts-its-service-to-atlantic-city-1415384759
Talk about putting that final nail on that coffin that is AC. Why even bother in trying to save this place. The service is horrible, things are run down, and AC had many chances to be a great city but never capitalize on any of them when it had the chance all these years.
http://www.masslive.com/news/boston/index.ssf/2014/10/wynn_speech.html
"Bringing people from over there to over here is simple," Wynn said. "It means what's over here is better than what's over there so what's over here if it's better has to be bigger, have more stuff."
Simple common sense from Wynn. LOL. He saw the disaster way back in the 80s and left.
Quote: 7star4nowAs far as I know, the sale has not actually "closed" yet. BK sales take way longer.
Also, Brookfield has to name a casino operator & the operator must apply for a NJ licence.
I heard it may reopen spring, may be late spring with redesigns?
Brookfield Property Partners' (BPY) CEO Ric Clark on Q3 2014 Results - Earnings Call Transcript
Nov. 7, 2014
"we signed an agreement to acquire the Revel Resort & Casino in Atlantic City, New Jersey through an auction process following the shuttering of the property earlier this year. We submitted the winning bid at $110 million on a property that was completed just two years ago at a cost of around $2.5 billion. This was a unique opportunity to acquire a brand new first-class property situated in a destination city at a substantial discount to replacement cost. We see synergies with other resort/casino investments that we’ve made in the past, notably Atlantis in the Bahamas and the Hard Rock Hotel and Casino in Las Vegas, and we plan to leverage these operations to maximize the value of our investment in Revel.
Since the Revel transaction is an operational turnaround of an entity going through a complicated bankruptcy proceeding, we will partner with Brookfield’s private equity group, which has substantial expertise in executing this type of investment."
Kind of what I thought...you are right anything executed through a bankruptcy court will take some time. I would imagine they had an experienced casino operator in mind, someone for whom procuring a NJ casino licence would be essentially a formality. I would hope so. Still more time. So I'm sure you are right spring at the earliest. They will really need to be open by May to take advantage of beach season.
Thanks to Jesey's imposing strictures for licensing, that would presumably exclude "shadowy" companies like Hilton or even MGM Resorts. Or maybe not.Quote: vendman1I would imagine they had an experienced casino operator in mind, someone for whom procuring a NJ casino licence would be essentially a formality.
Quote: SanchoPanzaThanks to Jesey's imposing strictures for licensing, that would presumably exclude "shadowy" companies like Hilton or even MGM Resorts. Or maybe not.
I think 10 years ago, or maybe even 5 years ago you would be right. Obviously MGM had issues with the Borgata. But in the currently desperate AC climate I would think licensing would be "greased" some. But it would be just like crooked/stupid NJ politicians to screw that up too.
Quote: 7star4nowWell that didn't last long:"United Airlines Cuts Its Service to Atlantic City"
"United Airlines will halt its service to Atlantic City International Airport in December, pulling the plug on a seven-month experiment that surrogates of Gov. Chris Christie helped negotiate as part of the administration’s effort to revive that city’s sagging fortunes."
Has Christie changed parties in favor of the govt influencing economic development ?
http://online.wsj.com/articles/united-airlines-cuts-its-service-to-atlantic-city-1415384759
This is too bad. I love the AC airport. Easy to get in and out, always short lines at security.
Quote: FroggerThis is too bad. I love the AC airport. Easy to get in and out, always short lines at security.
That's because nobody uses the airport.
Quote: sc15That's because nobody uses the airport.
"It's so crowded, nobody goes there" & "The future ain't what it used to be" -Yogi Berra
http://www.reviewjournal.com/business/casinos-gaming/analyst-caesars-could-run-out-cash-two-or-three-quarters
Quote: 7star4nowAnalyst: Caesars could 'run out of cash' in two or three quarters
http://www.reviewjournal.com/business/casinos-gaming/analyst-caesars-could-run-out-cash-two-or-three-quarters
What?? After the great results they posted yesterday? They only lost $908M for the quarter.
http://finance.yahoo.com/news/caesars-posts-3q-loss-212152315.html
http://www.reuters.com/article/2014/11/11/caesars-bankruptcy-idUSL3N0T179I20141111?feedType=RSS&feedName=bondsNews
http://www.mycentraljersey.com/story/news/local/new-jersey/2014/11/12/stockton-college-buying-former-showboat-casino/18922879/
Students don't have any disposable income so they add nothing to AC economy. For that matter most people in the education system have no interest in gambling. In addition the students can't go to nightclubs because they are underage. Even though UNLV is close to the Las Vegas strip can you imagine a casino in Las Vegas being used as a college. It would be mocked in every newspaper and TV station in the country. It's good that the Showboat will be used for something but this can only be looked on as a failure. It also means that the hotel rooms will not be available during peak Summer months by AC visitors unless Stockton will a combination hotel and college.
Quote: JackStraw8004I like how politicians are trying to turn this into a positive instead of a negative. Unless you are in your fourth year, a graduate student, teacher or administrator you can't gamble in an AC casino.
Students don't have any disposable income so they add nothing to AC economy. For that matter most people in the education system have no interest in gambling. In addition the students can't go to nightclubs because they are underage. Even though UNLV is close to the Las Vegas strip can you imagine a casino in Las Vegas being used as a college. It would be mocked in every newspaper and TV station in the country. It's good that the Showboat will be used for something but this can only be looked on as a failure. It also means that the hotel rooms will not be available during peak Summer months by AC visitors unless Stockton will a combination hotel and college.
And we all know that nightclubs never allow underage people in…and then, when busted—>
I know this to be true (Pick'em poker)Quote: DMSCR. The points were quite valuable back then when it was on a 1:1 ratio. Folks would accumulate those points and then use them to obtain those Rolex watches and Blackberrys when they were popular and sell them on the open market at good premiums above MSRP. !
Where is Glen Straub & his plan to train geniuses?
Quote: 7star4nowHow'd you like your kids to ask you to fund thousands of $ for their college aspirations- not to attend Harvard, Stanford, UCLA, Miami even UNLV etc, no my kid wants to goto AC & study depravity & unemployment?
Where is Glen Straub & his plan to train geniuses?
Would your kid be trying to find ways to limit depravity and unemployment?
Quote:Students don't have any disposable income so they add nothing to AC economy.
White House Sub Shop will make a killing.
The Atlantic City Alliance - the $30 million-a-year, casino funded, legislatively mandated marketing organization - appears headed for extinction.
The board of the alliance itself, comprised solely of six casino executives, voted unanimously this week to ask the New Jersey Legislature to do away with the Do AC group entirely.
Read more at http://www.philly.com/philly/news/new_jersey/20141114__Do_AC__marketing_group_asks_to_disband.html#v3ZpuekrbYoG7AZh.99
Oh the humanity!
I never really thought there was such a big following. I know two songs and know he was just tabloid material like KK and just a joke as far as I knew.Quote: 7star4nowIn the words of Rodney King "cant we all just get along", is no one not broken up over the Boy George AC cancellation?
Oh the humanity!
Is the "sky falling" in AC, this "expert" now seems to think so:
"by jerrysnj. Re: Word from AC today 11/11/14
Nov 14, 2014, 8:11 PM
Very sad indeed for the workers. My brother in law worked there for many years as a dealer at high limit roulette tables and saw this coming years ago when they changed management that was running the place into the ground to cut expenses to give bonuses to the investors at the expense of the company and employees. The employees haven't seen a raise in like 7 years and they fired many full time employees for BS reasons to make more money. They stopped catering to the many whales that would fly in on the Trump helicopter. All this while the State regulators turned a blind eye to it. As an example of mismanagement my brother in law said several top floors are full of black mold caused by water leaks from some of the bad storms we've had and management chose to just close the floors and do nothing about the water leaks and mold.
The place was never going to stay open and they were forcing the union contract changes as the changes will then apply to the other locations where local 54 members work."
sounds a bit "Henny Pennyish" to me?
Quote: MoosetonWhat is it exactly that Golden Nugget has been doing differently lately to see such huge gains per that chart above?
A great deal of this is spillover from when Showboat closed and they offered to match tier statuses and they followed that up by offering to match tier status from any other casino and boost the player by a tier and keep them as such with adequate play. Some people were (understandably) upset by this because they were also quick to suppress offers to people who they felt weren't playing enough, but it was a great deal for those who stayed in GNAC's good graces.
I actually tend to wonder if AC may find its bottom for a bit with all of the casinos having increased revenue vs. last year for the month given that the Taj is probably done for. It will be interesting when Revel reopens as whatever it is that Revel is to be, but I wonder if we have seen all of the closings or murmurings of closings we're going to see until then.
Quote: Mission146A great deal of this is spillover from when Showboat closed and they offered to match tier statuses and they followed that up by offering to match tier status from any other casino and boost the player by a tier and keep them as such with adequate play. Some people were (understandably) upset by this because they were also quick to suppress offers to people who they felt weren't playing enough, but it was a great deal for those who stayed in GNAC's good graces.
I actually tend to wonder if AC may find its bottom for a bit with all of the casinos having increased revenue vs. last year for the month given that the Taj is probably done for. It will be interesting when Revel reopens as whatever it is that Revel is to be, but I wonder if we have seen all of the closings or murmurings of closings we're going to see until then.
Bally's next?
LAST UPDATED: Friday, November 14, 2014, 6:09 PM
New Jersey casino regulators on Friday laid out in gruesome detail the dismal financial condition of Caesars Entertainment Operating Corp., which owns Bally's and Caesars in Atlantic City, as well as Harrah's Philadelphia in Chester and dozens more nationally.The company is a unit of the debt-laden Caesars Entertainment Corp., which had debt totaling $25.6 billion on June 30.The New Jersey Division of Gaming Enforcement filing, part of a licensing process, said that Caesars Entertainment Operating Corp. accounted for $18.4 billion of that total.Last year, the company's shortfall between operating income and interest expense was $601 million. This year the shortfall is expected to be $862 million.
Read more at http://www.philly.com/philly/business/20141115_Caesars_Entertainment_debt_is__25_6_billion.html#YIriWAHxPgjf5RVr.99
Loveman in AC , mentioned Bally's "we need to make money there"
"The challenge in Atlantic City is not simply revenue but cost," he said. "Given the balance of revenue we enjoy at Bally's, we need to make money there."
Asked whether his debt-laden company is finished closing casinos in Atlantic City in the next one to five years, Loveman would only say, "I can't comment on something that might happen in one to five years."
http://www.businessweek.com/ap/2014-10-22/caesars-ceo-hails-center-fate-of-casinos-cloudy
Quote: 7star4nowQuote: ArtemisThe writing is on the wall. Per the report below, for the month of October, all AC casinos had done OK (i.e., winnings're up north) except for Taj (i.e., its winnings're down south). Taj's the only casino which dropped 17.4% in winnings.
to be fair, when you tell your customers you are going out of business, that could depress revenue?
True. That being said, I like to relate a story from an ex-Taj player who abandons Taj before the writing's on the wall.
"Doctor Ah-Med" said that he got sick and tired from losing to Taj day in and day out. Taj didn't even give him a fair chance to win with its lousy games. Now he plays in Mt Airy & other PA casinos. He said that at least he won once awhile in PA casinos. To burn the bridge so that he would not return to Taj, he said that he placed himself on the AC exclusion list for 5 years. I kid you not.
Quote: 7star4nowBally's next? Loveman in AC , mentioned Bally's "we need to make money there"
Bally's is making money. In general shutting down properties that are in the black (even if only slightly) doesn't do anything about corporate debt. The property still represents equity.
The October report said the 8 casinos made $197.7 million vs the 12 casinos making $ 216.9 million last year or a reduction of only (8.8%) . That is with a vastly reduced expenses. In addition they made $ 9.48 million in internet revenue.
Ceasars Inc. had to declare bankruptcy at some point. That has been clear for years. There was no way they were ever going to earn enough money to service that huge debt.
Quote: MoosetonWhat is it exactly that Golden Nugget has been doing differently lately to see such huge gains per that chart above?
Since I left the CZR casinos two years ago, the GN has been my 'home' casino.
Here are some of the reasons I prefer the GN.
Free parking.
No boardwalk crowds.
Easy to get to - no ocean side traffic.
Low table minimums.
Reasonable dining. (the buffet is $16.99 not $29.99)
Match play.
Senior Day specials (Tues, Wed, Thur)
Free $1 million football contest.
Free slot tournaments.
Free $10,000 Bingo contests.
These offers get people into the casino.
Oh sure, the main reason nobody would do business with the Vegas casinos in the 1940s, 50s and 60s was because of mob ownership, but unstated yet very real is the lack of true equity in the casino business.
At the end of the day all they are are purpose built, otherwise useless buildings and gambling equipment: try liquidating that stuff after foreclosure.
Howard Hughes opened the door to "legit" investments in Sin City, and after he left town Steve Wynn broke the mold by convincing Michael Milken to fund the construction of The Mirage via junk bonds from Wall Street: his success caused The Big Boys to take notice.
Vegas has gone corporate these days, but I suspect in the future it will be tougher to borrow money from legit sources.
Hmmm, i wonder if the circle will become unbroken: will the new E. Parry Thomas please step up?
