Ceasar's may close in AC.

[JIMDUECE`SWILD]

  http://www.pressofatlanticcity.com/comm ... 963f4.html

[chattycattty]

If they close one in AC I would think Showboat would be the one to go.

[DaBurglar]

If they close one in AC I would think Showboat would be the one to go. actually according to the casino exec I spoke to last year, showboat has one of the more loyal and regular client/customer bases of the four caesars property, while Bally's has the lowest....on the other hand, Bally's is the main dump off point ofr most buslines that offer service to AC, so it is not likely Ballys would simply shutter itself.     And Harrahs is the BEST of the four Caesars properties, for many reasons we have all touche dupon in this forum over the years.....Ergo, it actually makes sense to me that CAESARS-AC would be a target for closure, IF the company decides to go that route.....But I have to believe they would find a buyer rather than just shutter it, as the article stated, it is FAR more costly to shut the place down than it is to sell it, even sell it at a loss in order to entice or ensure a buyer.......it is certainly the better Public Relations (PR) move to sell it, even at a loss, rather than just shutter it and plop all those employees into the unemployed ranks.Regardless, the driver behind all this mess is THAT RIDICULOUS 23 BILLION in Debt the company is now saddled with, thanks to the idiotic decisions made from 2006 thru 2009.....I am shocked Loveman still has a job, he must have some dirt on somebody(ies) on the Board that oversees him and his actions.   Either that or they just cannot find anyone better who is willing to take on such a huge mess......

[Tedlark]

  To play devil's advocate: would it be a good idea to sell a property to someone who will then be competing against your other properties in the market, syphoning gaming revenue? Or would it be an idea to shutter the property, hang onto the license until the gaming climate improves and then reopen another property there?

[Vman96]

I could be wrong, but shutter it and hold onto the license indefinitely. AC will NEVER turn around enough to justify reopening.

[DaBurglar]

I could be wrong, but shutter it and hold onto the license indefinitely. AC will NEVER turn around enough to justify reopening.you can look it up and prove me wrong if you like, but I am 99% certain that conditions for a state to issue a license to any corporation/casino requires that the license recipient actually DO SOMETHING with it to generate revenue and benefit to the state issuing it.....Licenses always belong to the state, they essentially lend it out until, or as such time or circumstances make them want it back .....I am in MAssachusetts and we have a total cluster-you-know-what going on right now with the issuance of four licenses in the state, but we still have ongoing anti-casino debates RAGING and citizens trying to kill the whole deal, plus the state is making it so hard for companies like MGM and wynn that the companies are about to say screw it to Massachusetts and leave, writing off the many millions in fees they have already spent.   I do not know what to feel about this situation, since I know that we have way too many casinos in the country right now.....but nonetheless, reading about this ongoing process EVERYDAY has enlightened me quite a bit about just what is involved and what it entails when a state issues a license (or does not issue), as well as what recourse both parties have, oversight, regulations, etc.Of course, every state is different, as we all never fail to mention, but they are also very similar since no one reinvents the wheel every time casinos are built and licensed.    edited to add:  I know from what the Atlantic Club's lobby Hostess told me in the last conversation I had with her a week before they closed (after Caesars and Tropicana snuffed out the business).....she said the actual LICENSE was to be surrendered to the State the day after the doors are shut, and that if Caesars (who owns the old AC club building) wants to operate it they need to apply/acquire the license.....hence Licenses are not something casinos OWN that they can buy sell or sit on (like a stocks or bonds)On the other hand, in the case of things like LIQUOR licenses, I know that THOSE can be sold from one business to another in the state of Massachusetts, but that the state STILL must approve the purchasing party in order to actually UTILIZE the liquor license to sell booze......what does everyone else think?

[Tedlark]

  According to a reading of the New Jersey Casino Control Act the issuance of a casino license is restricted to major hotels and convention facilities. There is a pilot program testing one "small" casino facility but the program also includes that the owner of this "small" casino license would build a hotel or convention facility down the road that would meet the requirements as spelled out in the Act.   My interpretation of the Act would be that: the license is issued to the major hotel or convention facility after the owner of the major hotel or convention facility passes licensing muster. If the owner of a major hotel or convention facility pays the necessary licensing fees, bonds, insurance, etc. to the state of New Jersey the license is good for a period of 5 years, renewable for a new 5 year periods unless revoked because of violation of the regulations.    I also interpret the Act to read that any new license issued would be the result of construction of a new major hotel or convention facility that meets the standards as spelled out in the act. Notwithstanding the purchase of an existing major hotel or convention facility by another corporation registered in the state of New Jersey.    Whew. That being said I saw nothing in the act that would not allow a corporation to build a major hotel or convention facility in New Jersey and secure a casino gaming license for the property and then not open the casino. Unless a corporation wants to invest the hundreds of millions of dollars necessary to construct a facility that meets the requirements in the act, their only other option for owning a casino gaming license in the state of New jersey would be to buy an existing facility that has a casino gaming license attached to it.    I go back to my previous post and say that if: a corporation owns multiple major hotel or convention facilities that have casino gaming licenses issued to the properties in the state of New Jersey, and they want to restrict competition from taking away casino patrons from their other properties in New Jersey, they shut a facility instead of selling. This would force someone to build a new major hotel or convention facility.   There is also language in the Act regarding competition and if the state of New Jersey had the ability to retake the gaming license for the Atlantic City Club they would have done so and then CET would have had no need to purchase the property other than to restrict competition.