Ballys Ac likely to close -NY Post -Sources-

“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/

Sad, and you know it will be deed restricted preventing a casino there.

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.

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.

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.

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."

All it would take is to make sports betting legal and AC would be saved. Until the politicians screw it up again.

Quote: dave12038457

Sad, 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?

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.

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.