The bell tolls for AC?

Another nail in Atlantic City's coffin?

Now that the Palefaces in NY can open up to 7 casinos will there be anything left of AC? Clearly NY has looked at how many casinos PA has been able to support and based their law on that. It will take several years before NY Paleface casinos will be able to open, but when they do what will be left in AC? How long until a big AC casino (or several?) flat out close because they don't even cover operating costs let alone debt service?

"Palefaces" lol. I hope that's the name of at least one of them. It's kinda catchy.

I couldn't be happier. This is certainly going to bring my pathetic excuse for a state even closer to the brink and weaken it to the point it is vulnerable. When the time is right, I shall strike and have myself the coup I've always wanted, and the number of US states shall grow by one.

Now if you'll excuse me, I've got a pawn shop to plan. I have a feeling that's the next big boom, and I've a warchest to fund.

AC has had the opportunity over the past 35 or so years to prevent the inevitable implosion which increasing competition will cause.

The city and its controlling interests (and the state of NJ) could have put in a real airport, one capable of accepting big jets without fear, and then reinvent and market itself as a national / international destination, not just a regional one.

Hello, Las Vegas east.

I can understand why that didn't happen: expense, corruption, vested interests, short term greed.

But now that the barn door is closing they should not be heard to whine that the horses have left; they never should have left the door open.

AC will soon contract to serve a much smaller market.

Maybe it's time to bring back that diving horse!

NY is really going to build new casinos without first just allowing tables at the current racinos? This can't be a happy day at Genting headquarters...

Quote: AZDuffman

Another nail in Atlantic City's coffin?

Now that the Palefaces in NY can open up to 7 casinos will there be anything left of AC? Clearly NY has looked at how many casinos PA has been able to support and based their law on that. It will take several years before NY Paleface casinos will be able to open, but when they do what will be left in AC? How long until a big AC casino (or several?) flat out close because they don't even cover operating costs let alone debt service?

As someone who was at Resorts in 1978 and watched the Boardwalk and Marina District develop building by building, I really have seen it all. It's run the gamut from sold out thousand dollar rooms to rooms that they could barely give away.

For years my wife's meager penny slot play has gotten her free rooms, food and slot play at four and sometimes five or six casinos. The more we stiff them, the more they invite her. How low can they go?

" Maybe it's time to bring back that diving horse! " Hey I saw that horse dive, Quite a show. Drove to Resorts in 1978.
Gasoline was 62 cent a gallon.

The Lily Belle casino in 92 or 93 paid a fee for Resorts to manage that casino. It closed a few months later and still sits vacant.

And now : Resorts announced an agreement in August 2012 for the Mohegan Tribal Gaming Authority, operator of the Mohegan Sun, to take over management of the casino and hotel.

I got a top-flight room at Harrah's Marina for Thanksgiving weekend comp'd. I might even gamble.

Quote: rdw4potus

NY is really going to build new casinos without first just allowing tables at the current racinos? This can't be a happy day at Genting headquarters...

Unless they are in on the ground floor when it comes to new licensing? Perhaps Genting will be the lucky group to get the coveted NYC casino in 7 to 10 years?

I don't know that they will be unhappy, in fact I think they will be pretty chuffed with where they are right now. They have infrastructure in the area and can push forward much quicker than any other competitor right now.

Genting has enough cash reserves that it doesn't have to worry about making a quick buck out of an ill conceived plan. They will be in the state for the long haul.

That, my dear friends, is solely my more often than not quite clueless observation :)

I understand Ace has used his lawyerish connections to already
reserve a suite in the biggest yet to be build NYC casino. Must
be nice to have that kind of power..

Quote: EvenBob

I understand Ace has used his lawyerish connections to already
reserve a suite in the biggest yet to be build NYC casino. Must
be nice to have that kind of power..

I am sure Bob is going to be having the word "New York" imprinted on the voodoo doll he is having made

Quote: aceofspades

I am sure Bob is going to be having the word "New York" imprinted on the voodoo doll he is having made

I more worried about this weekend and getting
what I want. You're still going to AC, right?

Quote: EvenBob

I more worried about this weekend and getting
what I want. You're still going to AC, right?

No AC this weekend Bob - too many lawyerly things to work on. You will have to wait until next week.

Quote: aceofspades

No AC this weekend Bob - too many lawyerly things to work on. You will have to wait until next week.

Just great, what do I do now. Root against the
Bears I guess, that's always good for great
schaden. Bears fans hate it when they lose.

Quote: Tomspur

Unless they are in on the ground floor when it comes to new licensing? Perhaps Genting will be the lucky group to get the coveted NYC casino in 7 to 10 years?

I don't know that they will be unhappy, in fact I think they will be pretty chuffed with where they are right now. They have infrastructure in the area and can push forward much quicker than any other competitor right now.

Genting has enough cash reserves that it doesn't have to worry about making a quick buck out of an ill conceived plan. They will be in the state for the long haul.

That, my dear friends, is solely my more often than not quite clueless observation :)

They're in a weird spot. They operate the slot barn at the Aqueduct. So bidding on an NYC casino would lead to competing against themselves. I'm not sure they can avoid bidding - it's a big market - but this'll mean that they aren't getting back the full value of the original investment in the market, either.

Maybe a coincidence. Maybe not.

"Associated Press
The struggling Atlantic City casino market reached a dubious milestone this week: Half of its 12 casinos have filed for bankruptcy protection in the past six years.

The most recent was The Atlantic Club Casino Hotel, which filed for Chapter 11 bankruptcy protection late Wednesday. The casino formerly known as the Atlantic City Hilton says it will remain open as it seeks a buyer. Its first hearing in federal bankruptcy court could be held as soon as Friday.

Michael Frawley, the casino's chief operating officer, said its strategy of offering low-priced gambling, food and entertainment has been working but not fast enough. About 70 percent of the casino's floor consists of penny slot machines. "We believe in our property's positioning and the value-centric niche we committed to nearly 18 months ago," he said. "Our creative branding campaign and the tremendous efforts of our employees have resulted in property growth within a continually challenged market. Unfortunately, the market has taken longer to rebound than we had hoped."

Frawley said the casino, hotel and restaurants will remain open and operate on normal schedules. "It will be business as usual at The Atlantic Club," he said. AP

Quote: aceofspades

I am sure Bob is going to be having the word "New York" imprinted on the voodoo doll he is having made

Bob doesn't believe in voodoo which is just about the only thing we do agree on.

Quote: s2dbaker

Bob doesn't believe in voodoo which is just about the only thing we do agree on.

Sure he does - Bob posts voodoo doll

Quote: aceofspades

Sure he does - Bob posts voodoo doll

Yes, I'm afraid I have to get it custom made. Well
worth it..

Quote: rdw4potus

They're in a weird spot. They operate the slot barn at the Aqueduct. So bidding on an NYC casino would lead to competing against themselves. I'm not sure they can avoid bidding - it's a big market - but this'll mean that they aren't getting back the full value of the original investment in the market, either.

I agree with you but then again, with Aquaduct being the only option for gamblers (albeit only slot machines) in the city area, they can still go out and bid on a more "remote" area casino which would then lead the one to the other so to speak. Then, when licensing does become available in Manhattan or surrounds, then Genting still has the Aquaduct footprint to build from there.

My only concern is that historically casinos and horse racing facilities together have not done too well. Perhaps the right location has simply never been found?

Interesting times.

Gee, who do I want to compete with for market share ? Me and a competitor or me and me ? HMMM !