Ballys Ac likely to close -NY Post -Sources-
January 16th, 2015 at 8:35:06 PM
permalink
“Bally’s is on the bubble and it could go,” said one New Jersey official. “I don’t think the bankruptcy filing changes much in Atlantic City except an opportunity to get rid of Bally’s.”
http://nypost.com/2015/01/16/caesars-bankruptcy-ratchets-up-pressure-on-other-ac-casinos/
http://nypost.com/2015/01/16/caesars-bankruptcy-ratchets-up-pressure-on-other-ac-casinos/
January 17th, 2015 at 3:09:34 AM
permalink
Sad, and you know it will be deed restricted preventing a casino there.
January 17th, 2015 at 3:20:45 AM
permalink
If it does close the Wild West section will likely become part of Caesars as the Centurion Tower is built over that part of Ballys. I can't see Caesars losing that tower and being profitable. The biggest problem is when these stories become widespread they doom the resort as people start gambling at places that will stay open to get the most comp return. Taj took a nose dive after the talk of closing. Bally's actually has potential if run right. When they first opened it was one of the best places on the boardwalk.
January 17th, 2015 at 3:59:23 AM
permalink
This is all speculation. Not comments from Caesars which declined to discuss the issue.
Staying out here in AC a lot, the word I have been hearing for the past few weeks is not that Bally's will close, but that the entire building will be absorbed into Caesar's, which since they are connected is pretty easy to do. It just requires changing some names.
The purpose of that (according to what I have heard from more than few admittedly unofficial people) is that each casino has its own sizable property tax and gaming license taxes and CET could save a bundle by simply turning two casinos into one, without any construction or other large investment.
Staying out here in AC a lot, the word I have been hearing for the past few weeks is not that Bally's will close, but that the entire building will be absorbed into Caesar's, which since they are connected is pretty easy to do. It just requires changing some names.
The purpose of that (according to what I have heard from more than few admittedly unofficial people) is that each casino has its own sizable property tax and gaming license taxes and CET could save a bundle by simply turning two casinos into one, without any construction or other large investment.
For Whom the bus tolls; The bus tolls for thee
January 17th, 2015 at 4:29:20 AM
permalink
The Wild Wild West Casino façade has recently been painted to match the colors of Caesars so I believe what Jerry posted about it staying open as part of Caesars makes sense.
January 17th, 2015 at 5:25:46 AM
permalink
http://www.foxbusiness.com/markets/2014/10/22/caesars-ceo-touts-125m-meeting-center-in-atlantic-city-wont-guarantee-future-3/
Loveman when 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. But he also would not say whether his debt-laden company is considering closing any more of the three casinos it still owns here. Caesars closed the Showboat on Aug. 31, and after a topping-off ceremony Wednesday for the steel skeleton of the meeting center, Loveman seemed to put Bally's on notice.
"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."
Loveman when 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. But he also would not say whether his debt-laden company is considering closing any more of the three casinos it still owns here. Caesars closed the Showboat on Aug. 31, and after a topping-off ceremony Wednesday for the steel skeleton of the meeting center, Loveman seemed to put Bally's on notice.
"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."
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
January 17th, 2015 at 5:30:07 AM
permalink
All it would take is to make sports betting legal and AC would be saved. Until the politicians screw it up again.
Expect the worst and you will never be disappointed.
I AM NOT PART OF GWAE RADIO SHOW
January 17th, 2015 at 5:42:00 AM
permalink
Quote: dave12038457Sad, and you know it will be deed restricted preventing a casino there.
why would it be placed on Ballys?
heck, how/why was it placed on Revel?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
January 17th, 2015 at 6:03:16 AM
permalink
A restricted deed was placed on Showboat and would think IF they sold Bally's it would have the same restriction. CET wants less casino competition for revenue. That was their goal when they closed Showboat. They were hoping to transfer all those gamblers to their other properties, but that's not working as planned if you go by the numbers. The remaining casino's all showed growth but the remaining CET casino's are on a decline. Why would it sell their property to another casino and have to compete for players. I also think that Caesars and Bally's will become 1 casino.
http://www.pressofatlanticcity.com/news/top_three/caesars-entertainment-places-deed-restriction-on-showboat/article_326ba4ac-7cd6-11e4-b7b0-3b4307a948bc.html
There is not a deed restriction for a casino at Revel. I'm sure CET is doing the happy dance with all these hold ups and obstacles in the competition of the sale.
http://www.pressofatlanticcity.com/news/top_three/caesars-entertainment-places-deed-restriction-on-showboat/article_326ba4ac-7cd6-11e4-b7b0-3b4307a948bc.html
There is not a deed restriction for a casino at Revel. I'm sure CET is doing the happy dance with all these hold ups and obstacles in the competition of the sale.
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
January 17th, 2015 at 6:13:30 AM
permalink
The more individual casinos suffer and disappear, same for Atlantic City. Kind of depressing thinking this future is coming. As a patron, I probably won!t be participating and staying away if they lose anymore casinos.
I am a robot.
January 17th, 2015 at 9:34:11 AM
permalink
The casinos in AC should close at 2am 3am and re-open at 8am. There's nothing but riff raff at 4 in morning. They could save a lot of money and be much cleaner then their current state. Especially in the off season.
January 17th, 2015 at 10:23:09 AM
permalink
Quote: IntheknowThe casinos in AC should close at 2am 3am and re-open at 8am. There's nothing but riff raff at 4 in morning. They could save a lot of money and be much cleaner then their current state. Especially in the off season.
It's 1978 all over again!!!!
The problem will be the traffic jams when everyone leaves at 3am. Just like they did in 1978.
January 17th, 2015 at 10:34:31 AM
permalink
I love gambling through the night, hit some of my best jackpots years ago when the hoppers were full. Ahhhh the sound of those clanking quarters dropping into the bin. Now you don't hear a pin drop. I remember how crowded it used to be when I played from 12am-4 or 5.
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
January 17th, 2015 at 2:30:38 PM
permalink
I wouldn't be shocked to see Bally's closed. It really doesn't make much sense for CET to have two places right next to each other. As far as combining, I wouldn't be surprised for them to keep some of the space, but doubt they'd make one huge resort. I understand it could save money on some things, but that just seems so big and spread out. Maybe keep the WWW, possibly Dennis Tower but don't see the casino/Ballys tower staying on as part of Caesars.
January 17th, 2015 at 4:15:02 PM
permalink
While I lack a crystal ball to see into the future I can tell you what happened in the past.
Claridge sold with a deed restriction against a casino operating there. Atlantic Club and Showboat ditto.
Unfortunately, I feel they will close and sell Bally's in its entirety. After restructuring the Caesar's division that owns Caesar's and Bally's "but not Harrah's A.C.
will be split into two parts. One will be the actual casinos the other a publicly traded real estate trust to raise capital. Both casinos will be paying rent to the real-estate trust.
Rumor has it Bally's isn't profitable enough to pay this rent.
Claridge sold with a deed restriction against a casino operating there. Atlantic Club and Showboat ditto.
Unfortunately, I feel they will close and sell Bally's in its entirety. After restructuring the Caesar's division that owns Caesar's and Bally's "but not Harrah's A.C.
will be split into two parts. One will be the actual casinos the other a publicly traded real estate trust to raise capital. Both casinos will be paying rent to the real-estate trust.
Rumor has it Bally's isn't profitable enough to pay this rent.
January 17th, 2015 at 5:25:18 PM
permalink
Quote: dave12038457While I lack a crystal ball to see into the future I can tell you what happened in the past.
Claridge sold with a deed restriction against a casino operating there. Atlantic Club and Showboat ditto.
Unfortunately, I feel they will close and sell Bally's in its entirety. After restructuring the Caesar's division that owns Caesar's and Bally's "but not Harrah's A.C.
will be split into two parts. One will be the actual casinos the other a publicly traded real estate trust to raise capital. Both casinos will be paying rent to the real-estate trust.
Rumor has it Bally's isn't profitable enough to pay this rent.
Deed restriction or not, they have run out of people to buy these properties. AC doesnt need another hotel, nor college, nor old folks home, etc.
January 17th, 2015 at 5:31:00 PM
permalink
I would imagine that these deed restrictions will be lifted in the future if business warrants more Casinos in AC. More improbable things have happened around here lately. It's imaginary land in Atlantic City! Polo ponies, Ferris Wheels, Cruise ships, Water parks, soccer matches, high speed catamarans all over, super heroes flying in the sky, hoo-ray!!...... Just ask the Mayor.
January 17th, 2015 at 5:48:24 PM
permalink
Quote: IntheknowI would imagine that these deed restrictions will be lifted in the future if business warrants more Casinos in AC. More improbable things have happened around here lately. It's imaginary land in Atlantic City! Polo ponies, Ferris Wheels, Cruise ships, Water parks, soccer matches, high speed catamarans all over, super heroes flying in the sky, hoo-ray!!...... Just ask the Mayor.
According to recent public property records in the press, the deed restrictions do in fact allow a casino to open "IF" the sales price of the property is equivalent to what to a fair enterprise value for a casino property- who knows what that means-but not as restrictive as 1st thought should a miracle happen & AC came back 1day
I predict Straub's next brainstorm may include Flying Pig races over the boardwalk -will other casino operators profit via handicapping these events?
January 17th, 2015 at 6:08:05 PM
permalink
Quote: darkozThis is all speculation. Not comments from Caesars which declined to discuss the issue.
Staying out here in AC a lot, the word I have been hearing for the past few weeks is not that Bally's will close, but that the entire building will be absorbed into Caesar's, which since they are connected is pretty easy to do. It just requires changing some names.
The purpose of that (according to what I have heard from more than few admittedly unofficial people) is that each casino has its own sizable property tax and gaming license taxes and CET could save a bundle by simply turning two casinos into one, without any construction or other large investment.
hate to be "Henny Penny®" -ish about this - but which mainstream AC casino closing rumors have been entirely inaccurate?
Despite losing a bunch of debt, pending lawsuits, CRT still loses $ everyday, before even paying a cent of debt back.
Each sq ft of floorspace carries a fixed & variable overhead.
Squeezing higher adt player into less floorspace is their only hope- they show no ability to grow & develop a customer base
January 17th, 2015 at 6:31:43 PM
permalink
Come on ya' all it's imagination land! You have to live here to believe.
January 18th, 2015 at 12:33:40 AM
permalink
Quote: 7star4now
Despite losing a bunch of debt, pending lawsuits, CRT still loses $ everyday, before even paying a cent of debt back.
Bingo! They are past the proverbial point
of no return. No matter what they do now,
they're screwed. No amount of shovels
will dig them out of this. It's every
businesses worst nightmare, except on a
grand scale.
Blame it on the casino explosion in the US
in the last 10 years. There's only so many
people who gamble, and that pond has been
diluted to the extreme.
"It's not called gambling if the math is on your side."
