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

pacomartin
pacomartin
Joined: Jan 14, 2010
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September 21st, 2012 at 6:42:56 AM permalink
Quote: WongBo

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. Any thoughts?



Trump Plaza showed a shockingly high Gross Operating Profit of $13m for the 2nd quarter of 2012. Revenue is still plummeting, but they won their appeal over real estate taxes.

During June 2012, Plaza Associates, Taj Associates and Marina Associates settled with the City of Atlantic City (the “City”) with respect to their challenges to the real estate tax assessments for each of their casino properties for the tax years 2008 through 2012. Under the settlement terms, the City agreed to provide Taj Associates with a credit for previously paid real estate taxes in the total amount of $54M.

Any thoughts? Practically no one thought that this city could take this devastating loss in revenue without closing a casino.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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September 21st, 2012 at 7:56:55 AM permalink
This thread is entitled "... Close/Change Management"...
I question whether "Change Management" really means much.
A different firm, a new broom, etc. ... but in reality just how much of a change in management will ever mean anything new for an Atlantic City casino?

Demographics in the area won't change.
Crack houses and dangerous parking won't change.
Transit systems won't change.
The time it takes to get to Pennsylvania instead of New Jersey won't change.

Trump? Does he own the casino or did he merely lease his name to it? He picked it up real cheap supposedly and then sold it at what he felt was an unsustainbly high price. There have been name changes and corporate dances since, but in reality Holiday Inns built the Marina and operated it through their Harrah's personna. All the corporate shell game stuff later of trading names and stock and debt really means very little. Investing millions to build a Taj Mahal in Jersey was strange. Corporate entity shuffling and finance swaps don't really change a casino.
Tiltpoul
Tiltpoul
Joined: May 5, 2010
  • Threads: 32
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September 21st, 2012 at 11:25:50 AM permalink
Quote: pacomartin

Trump Plaza showed a shockingly high Gross Operating Profit of $13m for the 2nd quarter of 2012. Revenue is still plummeting, but they won their appeal over real estate taxes.

During June 2012, Plaza Associates, Taj Associates and Marina Associates settled with the City of Atlantic City (the “City”) with respect to their challenges to the real estate tax assessments for each of their casino properties for the tax years 2008 through 2012. Under the settlement terms, the City agreed to provide Taj Associates with a credit for previously paid real estate taxes in the total amount of $54M.

Any thoughts? Practically no one thought that this city could take this devastating loss in revenue without closing a casino.



Running a profitable business in Q2 isn't impossible for Atlantic City. The problem is running a profitable business when the tourists aren't flocking to the town for other reasons (like a beach). It was funny to re-read this thread from March. I argued ACH/Atlantic Club would be on its last legs, yet their strategy worked brilliantly and they are somehow still in the game. Now Trump Plaza with arguably the second best location (next to Bally's) is easily on the chopping block.
"One out of every four people are [morons]"- Kyle, South Park
1BB
1BB
Joined: Oct 10, 2011
  • Threads: 18
  • Posts: 5339
September 21st, 2012 at 11:50:39 AM permalink
Quote: WongBo

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?



Loosen up the games? Cater to locals?
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi
SanchoPanza
SanchoPanza
Joined: May 10, 2010
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September 21st, 2012 at 7:37:08 PM permalink
Quote: FleaStiff

Holiday Inns built the Marina and operated it through their Harrah's personna.


I think you meant the Plaza, which was originally called Trump Plaza at Harrah's until he elbowed them out of the picture. The Marina was built by Hilton, which never qualified for a license. The Donald's stake in the ventures was whittled down through three bankruptcies to 10 percent and some personal fees.
WongBo
WongBo
Joined: Feb 3, 2012
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September 21st, 2012 at 7:48:12 PM permalink
The casino formerly known as Trump Marina is now Golden Nugget...
In a bet, there is a fool and a thief. - Proverb.
Gambit55
Gambit55
Joined: Sep 20, 2012
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September 22nd, 2012 at 7:15:45 AM permalink
As long as Trump Plaza keeps $1 Blackjack and 50 cent Roulette, they'll keep declining and go under soon.

I intentionally stayed away from there for 8 months to avoid the dopey $1 BJ players who made their way over to the $10 & $15 tables.
1BB
1BB
Joined: Oct 10, 2011
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September 22nd, 2012 at 2:30:39 PM permalink
Quote: Gambit55

As long as Trump Plaza keeps $1 Blackjack and 50 cent Roulette, they'll keep declining and go under soon.

I intentionally stayed away from there for 8 months to avoid the dopey $1 BJ players who made their way over to the $10 & $15 tables.



Yeah, the 25 cent per hand ante is okay but those dopey players gotta go.
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi
buzzpaff
buzzpaff
Joined: Mar 8, 2011
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September 22nd, 2012 at 2:55:07 PM permalink
$25 player playing 1% HE cause he is stupid, or $1 player having a fun time. a Quarter for the house each way.
I do not have a problem with that.
If they don't tell you how to gamble, just get about your life.
1BB
1BB
Joined: Oct 10, 2011
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September 22nd, 2012 at 3:10:50 PM permalink
Quote: buzzpaff

$25 player playing 1% HE cause he is stupid, or $1 player having a fun time. a Quarter for the house each way.
I do not have a problem with that.
If they don't tell you how to gamble, just get about your life.



I get the fun part for the casual player but playing an ante game is just throwing money away. If you play 100 hands per hour you're renting the chair for a whopping $25 per hour. That money goes straight to the tray before the hand is dealt.
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi

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