Atlantic City Status

[BillyJoe]

   There are several minor league players who might step up given the right scenario. The company that owns Rivers Casinos in Pittsburgh and Chicago comes immediately to mind.
I agree, Ted. The AC market is one place that a stand-alone casino can work, since their clientele is primarily local.

On the other hand, with some improvements to infrastructure that would make it easier for out-of-area guests to come and stay, the introduction of an MGM may be what AC needs to be competitive.

[Tedlark]

  A smaller player wouldn't have the debt load that a bigger operation may have and because they have other operating "brick and mortar" casinos outside the area they wouldn't syphon patrons from themselves. They could cross market just like CET does but on a smaller scale; it could work.

[BillyJoe]

Gary Loveman, CEO of Caesars Entertainment, said Atlantic City, N.J., should recover from this year's casino closures. "Atlantic City has taken its worst blows," Loveman said during a proposal to New York regulators for a casino in Woodbury, N.Y. "I'm cautiously optimistic that a turn is coming." Bloomberg Businessweek (9/10)

[chattycattty]

Just read article from pressofatlanticcity.com website stating that Revel has received a bid for $90 million from a Fla. R/E developer. There are other parties expected to bid and the deadline to receive qualified cash bids is Sept. 23rd. Still a long way from the $2 Billion it originally cost to build.

[JIMDUECE`SWILD]

Here's the story:  http://www.pressofatlanticcity.com/news ... 4258f.html

[BillyJoe]

I thought that this was kinda interesting....
Casinos pay $150M per year in proposed Atlantic City, N.J., plan

New Jersey Senate President Steve Sweeney has proposed a plan for Atlantic City in which casinos pay the city government $150 million a year for two years. The Casino Reinvestment Development Authority would also kick in up to $30 million a year for Atlantic City debt payments. The plan also calls for the city and school district to make $72 million in total cuts. Bloomberg Businessweek (11/10)

[DaBurglar]

I thought that this was kinda interesting....
Casinos pay $150M per year in proposed Atlantic City, N.J., plan

New Jersey Senate President Steve Sweeney has proposed a plan for Atlantic City in which casinos pay the city government $150 million a year for two years. The Casino Reinvestment Development Authority would also kick in up to $30 million a year for Atlantic City debt payments. The plan also calls for the city and school district to make $72 million in total cuts. Bloomberg Businessweek (11/10)
????the CRDA, set up by Governor Christie in early 2011 with an 5 year agenda to reinvent and reinvigorate AC, and restore the city to at least a minimal level of fiscal and economic health where casinos can at least survive, is a colossal failure.   The idea was, if the CRDA, along with other groups and agencies, could not "fix" AC and stop the bleeding by 2015, then the state was going to "pivot" up to northern Jersey and the meadowlands and focus developing a casino(s) up there to directly grab the NYC and surrounding area market.     It's all a mess now........not only did the CRDA fail in its objective, it managed to actually make things worse somehow and seemingly hasten AC's contraction (i.e. in one calendar year, 2014, they went from 12 casinos to 5!)   Mind boggling and also deeply disturbing.      We here on this forum, because we are sitting behind the safety of our keyboards and because it is not our job(s) or livelihood, and because we all are, at the end of the day, simply players and gamblers of varying levels of skill, resources and "degenerateness".   But I've seen it, I know what's going on......I get it.   the number of lives upturned and the upheaval of the city AND SURROUNDING COMMUNITIES is appalling.   ALL THOSE people out of work, with NO options other than to start over in some different industry or business, or reinvent oneself......a few AC ex-casino workers will succeed, but the vast majority will not. When I was in AC this past week, I was riding around in the jitney, over by the several gated community complexes on New Hampshire avenue.....these formerly were very nice, clean, modest yet charming middle class residences, wherein many casino workers and their families lived (it was common for casino workers to live together as roommates if they were single and had no family yet.)     Now, the place is seemingly half empty and barren, soon to be more so.....So, regarding what Billyjoe first published, my first question is WHICH casinos are going to pay the city government 150 millions bucks per annum for two years?   Who is overseeing and coordinating THAT particular endeavor?  I hope it is not the CRDA....and why/how is the CRDA now still "kicking in" 30 million per year for "atlantic city debt"???????   And if the city is getting all this money, why must it cut its already austere school budget even more?   They are losing children at a huge rate as many families who have been laid off by the casinos are leaving town and moving on.....

[Tedlark]

So DaBurglar what are/do you suggest in your above post? As for schools cutting their budget, wouldn't a reduction in the size of the student body and projected class sizes have something to do with a school's budget moving up or down?

[notes1]

Unfortunately, america is full of stories of towns, who based their fortunes on one industry or company and died a slow death. This has happened in the past and will continue into the future. If one does not grow/diversify, one becomes too dependent and as AC has seen, events/competition can ruin your future.   Those who survive, tend to have strong leadership and forward thinking. As we have witnessed from the economic crisis, living for today only, not planning for tough times when they do come (and they always do), over borrowing, etc, leaves one vulnerable and unable to survive when times get tough. I only began going to AC starting in 2006. It was very busy, the buses would constantly come in and just like a Brinks truck, instead of bags of money, they were full of people with money. But, the place was always a dumping looking city. No one dared to stray too far from the casino properties. I believe it was in 2012 (i may be wrong) that Conde de Nast, surveyed it's readers, asking for the LEAST favorite cities to visit. Two of the top 10, were in New Jersey, and one of them was Atlantic City. Pretty bad list to be on, if you are a tourist destination. AC lacked leadership and forward thinking. It was the only place to play on the east coast for decades. It took it's postion for granted. Business courses will be taught about what happened there. I would just like to know, where did all the money the casinos and the governemnt got go? 

[BillyJoe]

Unfortunately, america is full of stories of towns, who based their fortunes on one industry or company and died a slow death. This has happened in the past and will continue into the future. If one does not grow/diversify, one becomes too dependent and as AC has seen, events/competition can ruin your future.   Those who survive, tend to have strong leadership and forward thinking. As we have witnessed from the economic crisis, living for today only, not planning for tough times when they do come (and they always do), over borrowing, etc, leaves one vulnerable and unable to survive when times get tough.  AC lacked leadership and forward thinking. It was the only place to play on the east coast for decades. It took it's position for granted. Business courses will be taught about what happened there. I would just like to know, where did all the money the casinos and the government got go? 
You are spot on, Notes1. I have heard Vegas described as a 'movie set' - tearing down things that no longer work, and put up new ones. Just like movies, they are not always successful, but the leadership in Vegas has no problem blowing them up for something else.

As for the money - do you REALLY need to ask ? Politicians and money are NEVER separated.