AC Articles of Interest

[DaBurglar]

  Atlantic City Faces Downward Spiral With Revel’s Demise

http://www.bloomberg.com/news/2014-08-1 ... emise.html

Read some of the commentary for a sanguine look at AC's problems.

Briefly, as noted in the above articles, the saturation of casinos in the mid-Atlantic states has greatly impacted AB. AC, however, has multiple problems that go beyond the opening of casinos in surrounding states. For one, AC is too dependent on casino revenue. It needs to diversify its revenue stream like Vegas has done. AC also needs to attract non-gambling tourists. Jersey Shore communities north of AC are thriving without casinos. AC, with its Boardwalk and beach is not.

The links to the articles were not functioning, so it is required to copy and paste the addresses into your computer address bar to view them......but now that I have readl ALL the articles, I must say OTABILL, these pieces of journalism shed a lot of light on this complex topic!     I appreciate the effort you put forth to bring them to the forum's attention!In particular, a quote from the article I included in my own ABOVE quotation of that portion of your post is as follows:"The demise of Revel is “more confirmation that they’re
headed in the wrong direction,” said Matt Dalton, chief
executive officer of White Plains, New York-based Belle Haven
Investments, which manages about $2 billion of municipal bonds.
“They don’t have the money to spend on what it’s really going
to take to rejuvenate that area and bring people in.” This nicely sums up ONE of the major points that I have been making about Atlantic City.....that the REQUIREMENTS of the situation do not match the effort and resources that are being put forth by all parties involved (the city, the state and local government, and mostly the BUSINESSES/casinos themselves!)    Until this changes the situation will never improve and the slide into complete oblivion will persist (i.e. Atlantic City will be reduced to almost nothing.)Someone needs the courage (and influence, not to mention wherewithal)  to simply come out and say this to the citizens of New Jersey!  This will, perhaps, galvanize the parties involved to finally do what is needed and cease all these half-baked, wishful thinking HALF-MEASURES they insist on attempting time after time, to no avail.The urgency of the situation is well established, and indeed, things change quickly....day by day it seems.....such that, if (and that's a BIG IF) a buyer(s) were found for the Revel, or any and all of the other casinos going out of business next month, then there would indeed be cause for hope and optimism for at least the short term.....However, so long as things remain as they are, and the closures (all of them) proceed without any remedial measures taken.....the situation will continue to deteriorate exactly as these articles prognosticate, perhaps faster or perhaps somewhat slower than expected, but it will continue......

[DaBurglar]

Maybe this is a good reason to BOYCOT Ceasar's.  http://www.pressofatlanticcity.com/news ... 963f4.html   This won't help AC to rebuild.Now, having just read THIS article AFTER I made my previous post, I must express my complete disgust with Caesars, as well as with New Jersey Lawmakers and politicians in general, for allowing this "deed restriction" provision to (1) even exist;  and (2), interfere with Atlantic City's dire need to have its casinos remain operational by allowing a smooth transition from one owner/operator to another.  This is unconscionable!   The legislative powers-that-be must come out and state, in no uncertain terms, that they will do EVERYTHING to ensure that any and ALL potential buyers of ANY of its soon-to-be-defunct Casino Resort properties will not be hindered (or "STYMIED") by such provisions as this DEED restriction.    Peoples' JOBS, which means their LIVES, are in the balance here!

[olds442jetaway]

I heard a news report on 880 AM yesterday that pretty much said the A/C casinos can fend for themselves ( Christie ) since there are so many other successful businesses in and around A/C. The Dems would absolutely love it if this jerk runs for President.

[DaBurglar]

I heard a news report on 880 AM yesterday that pretty much said the A/C casinos can fend for themselves ( Christie ) since there are so many other successful businesses in and around A/C. The Dems would absolutely love it if this jerk runs for President.You are sooooooo RIGHT olds!    Governor Christie, along with the "advisors" who "advised" him on the whole REVEL deal and subsequent Atlantic City Strategy , continues to ignore (IGNORE) reality and defend his actions in AC.....I guess He really has no choice, because if he capitulates and admits he was wrong, the democrats will pounce and clobber him......but if he persists (as he appears to be doing) and defends the indefensible, then the democrats will pounce and clobber him......I, quite frankly, hate this whole situation....it is unfair for all involved, including governor christie, but ESPECIALLY for the residents of Atlantic City, the voters of New Jersey in General, and all people from out of state (like me) who like coming to New Jersey and spending their discretionary income on Atlantic City's offerings.Governor Chrisite deserves a good portion of the blame for Revel, and by extension, Atlantic City's current misfortune and misery....but he is by no means the sole perpetrator, or even the PRIMARY culprit....we all know this situation goes back many years and is complicated beyond explaining on these limited pages of this forum!!   BUT.....the Democrats benefitting from this totally burns my toast as well, and later on I will explain why they too deserve a lot of blame as well.

[DaBurglar]

As I was saying, it is both partially correct (as well as "stylish") blaming Chris Christie for the Revel debacle and its role as the "Straw that finally broke the back" of Atlantic City's Camel, leading to the subsequent acceleration of disaster causing AC Club, Trump Plaza and Showboat to shutter in rapid succession.....but he is really just a one part of a multi-faceted problem, and I HATE to think the Democrats will benefit from this because this whole era of "partisan brinksmanship" is killing the country, not to mention every state as well.   Both political parties SUCK and we are in desperate need for a THIRD alternative to the current versions of the Democratic and Republican party(ies)......that is really the only way either will change and fix what is wrong within each party.But to focus back on AC and Revel......I saw a article in yesterday's paper which said the REVEL management was pushing (quite vigorously, and without the knowledge of the employees or their unions...or Atlantic City's leadership for that matter) to SHUT DOWN ALL OPERATIONS and BUSINESS as early as the first week of August!!!!   They continued to push to be able to shut down much earlier than the current September 1 date......apparently business is THAT non-existent!The article in my newspaper (the Springfield Republican) was not long or detailed and did not explain much, but  I was pleased to read they were apparently  stopped by the actions (and vigilance) of one of the few remaining operational auditors at New Jersey's Gaming Commission/Board ....they basically said this was not permissible under the casino licensing agreement Revel has.....

[Lucky Larry]

Heck at this rate AC will close before Sweet C and I can check it off our list of places to visit....i mean gamble....

[yankees4ever31]

http://www.pressofatlanticcity.com/news ... mode=story

When it rains, it pours!

-yankees4ever31