Poll

10 votes (27.02%)
1 vote (2.7%)
No votes (0%)
No votes (0%)
No votes (0%)
8 votes (21.62%)
1 vote (2.7%)
2 votes (5.4%)
23 votes (62.16%)
2 votes (5.4%)

37 members have voted

MrV
MrV
Joined: Feb 13, 2010
  • Threads: 320
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March 22nd, 2012 at 8:48:09 AM permalink
Quote: SanchoPanza

Crosby and his lovely Mary Carter Paints actually fronted for a number of C.I.A. operations.



Reportedly not the first time a prominent mob figure worked with the spooks.

It amazes me (probably shouldn't: people are SO predictable) how little attention has been devoted to exposing the link between the mafia and gambling in recent times.

It didn't end in Las Vegas when Hughes came to town, and gambling came to NJ primarily BECAUSE of the mob.

The shell game continues ... and as always, the key is sleight of hand.
"What, me worry?"
SanchoPanza
SanchoPanza
Joined: May 10, 2010
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March 26th, 2012 at 7:56:32 AM permalink
Quote: Boz

Agree 100% that few CZR players will move their play over to Revel. While there are still a few AC only players, many I know like to take vacations in Tahoe, Vegas, New Orleans or the other places they can go and stay for free. Also most of them are Diamond or above. They are used to being treated special and even if they have to use $10 in comps to visit the Diamond Lounge, there is a Diamond Lounge.


CZR has scored quite a victory against the gluttony of Atlantic City officials, but it is a bad sign:
"Posted: Sunday, March 25, 2012 12:00 am | Updated: 2:02 pm, Sun Mar 25, 2012.
By EMILY PREVITI Staff Writer |
ATLANTIC CITY — Recent tax-appeal settlements with Caesars Entertainment Corp. have cut property values for three casinos by 35 percent — a development that could affect public finances if a similar degree of reduction results from pending appeals filed by seven other gambling halls.

“It’s a major concern to the city’s administration and to everybody. It’s 11 (casino) properties, and they make up 38 (percent) or 39 percent of the (city’s) ratable base, and 25 percent of the county’s (ratable base). So having these drops doesn’t just affect the city, it affects the county as well,” city finance director Michael Stinson said Friday.

The city has agreed to give back $26.96 million to Caesars for taxes paid from 2009 to 2011 on Bally’s Atlantic City — one of four local casinos the company operates — because those tax bills were based on the property’s value being $1.5 billion, which tax court negotiations have since reduced to $700 million, he said." acpress
Tiltpoul
Tiltpoul
Joined: May 5, 2010
  • Threads: 32
  • Posts: 1573
March 26th, 2012 at 9:09:40 AM permalink
Quote: SanchoPanza

CZR has scored quite a victory against the gluttony of Atlantic City officials, but it is a bad sign:
"Posted: Sunday, March 25, 2012 12:00 am | Updated: 2:02 pm, Sun Mar 25, 2012.
By EMILY PREVITI Staff Writer |
ATLANTIC CITY — Recent tax-appeal settlements with Caesars Entertainment Corp. have cut property values for three casinos by 35 percent — a development that could affect public finances if a similar degree of reduction results from pending appeals filed by seven other gambling halls.

“It’s a major concern to the city’s administration and to everybody. It’s 11 (casino) properties, and they make up 38 (percent) or 39 percent of the (city’s) ratable base, and 25 percent of the county’s (ratable base). So having these drops doesn’t just affect the city, it affects the county as well,” city finance director Michael Stinson said Friday.

The city has agreed to give back $26.96 million to Caesars for taxes paid from 2009 to 2011 on Bally’s Atlantic City — one of four local casinos the company operates — because those tax bills were based on the property’s value being $1.5 billion, which tax court negotiations have since reduced to $700 million, he said." acpress



This is an interesting article, and shows the great lengths casinos will go to avoid paying taxes. Unfortunately, this will have negative repercussions. When the roads in Atlantic City get nasty, who will be there (or expected) to clear them? Who will hire the police to protect casino patrons from being molested on the Boardwalk?

We'll see what comes of this. Obviously, a devaluation of property value also could devalue the brand and stock for the company...
"One out of every four people are [morons]"- Kyle, South Park
WongBo
WongBo
Joined: Feb 3, 2012
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March 31st, 2012 at 12:50:05 AM permalink
Made my weekly trip to AC on Wednesday and ended up late night playing craps and tiles at Atlantic Club.
In the early morning they brought in jack hammers and started ripping up rows of slots and installing some nice new carpeting.
so, it looks like Colony Capital is putting up some money to make a go of things, at least for the upcoming summer season.
I have to say that in spite of the permanently low table minimums the dealers are pretty friendly for the most part.
Of course, it being AC they aren't exactly overdoing it.
Lowest minimums in the city all day every day:
$3 craps, $5 blackjack, $5 roulette, $10 pai gow, $10 pai gow poker, $15 mini bac
They are rebranding as a locals place and it did feel that way, but i'm no snob,
and i love playing all night for a third of the usual...
In a bet, there is a fool and a thief. - Proverb.
WongBo
WongBo
Joined: Feb 3, 2012
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April 5th, 2012 at 12:05:25 AM permalink
PROFIT/LOSS STATEMENTS FOR 2011:

Borgata Hotel Casino & Spa $162.5 million
Harrah's Resort Atlantic City $112.3 million
Caesars Atlantic City $87.3 million;
Trump Taj Mahal Casino Resort $55.3 million
Bally's Atlantic City $48.7 million
Showboat Casino Hotel $48.4 million
Tropicana Casino and Resort $17.6 million
Trump Plaza Hotel and Casino $2.6 million
The Golden Nugget (-$6 million)
Resorts Casino Hotel (-$13.8 million)
The Atlantic Club (-$20.2 million)
In a bet, there is a fool and a thief. - Proverb.
Boz
Boz
Joined: Sep 22, 2011
  • Threads: 155
  • Posts: 5701
April 5th, 2012 at 4:08:05 AM permalink
Quote: WongBo

PROFIT/LOSS STATEMENTS FOR 2011:

Borgata Hotel Casino & Spa $162.5 million
Harrah's Resort Atlantic City $112.3 million
Caesars Atlantic City $87.3 million;
Trump Taj Mahal Casino Resort $55.3 million
Bally's Atlantic City $48.7 million
Showboat Casino Hotel $48.4 million
Tropicana Casino and Resort $17.6 million
Trump Plaza Hotel and Casino $2.6 million
The Golden Nugget (-$6 million)
Resorts Casino Hotel (-$13.8 million)
The Atlantic Club (-$20.2 million)



With all the debt the Atlantic Club had forgiven, and to still lose this much, the writing is on the wall.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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April 5th, 2012 at 4:15:53 AM permalink
A few things about that list...

Borgata is always going to be at the top.
Tropicana and maybe some other joint will blame it on that one winner at BlackJack but there will be other reasons.

Darn few places can make so many millions and keep uttering Debt Service for long.
buzzpaff
buzzpaff
Joined: Mar 8, 2011
  • Threads: 112
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April 5th, 2012 at 8:15:02 AM permalink
Gambling and the mob in bed together in AC? Really ??

Rick: How can you close me up? On what grounds?
Captain Renault: I'm shocked, shocked to find that gambling is going on in here!
[a croupier hands Renault a pile of money]
Croupier: Your winnings, sir.
Captain Renault: [sotto voce] Oh, thank you very much.
[aloud]
Captain Renault: Everybody out at once!
WongBo
WongBo
Joined: Feb 3, 2012
  • Threads: 62
  • Posts: 2126
September 21st, 2012 at 6:02:56 AM permalink
Reviving this thread, now that summer is over.
I have to say Trump Plaza is getting dangerously deep in the red ink.
Great location but haven't been able to find a buyer.
They have scaled back the gaming, and permanently closed their popular beach bar.
This last summer, the tenth year of the beach bar, was the last.
They are claiming they won't be able to compete with resorts/margaritaville and revel,
Both of which are going to be non-union.
Any thoughts?
In a bet, there is a fool and a thief. - Proverb.
vendman1
vendman1
Joined: Mar 12, 2012
  • Threads: 9
  • Posts: 1034
September 21st, 2012 at 6:37:45 AM permalink
Yeah it certainly seems from both the financial data, and the general atmosphere about the place that the Plaza is doomed. As WongBo says they have a great location, but can't seem to make it work. Seems like they are in big trouble, if they don't get a buyer soon hard to see how they could stay in business.

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