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Several Atlantic City Casinos Face Closing
ATLANTIC CITY, NEW JERSEY --
The troubled economy may cause a handful of Atlantic City casinos to close before recovery can save them. Gaming industry analysts are saying Resorts Atlantic City, the Trump Marina Casino, and the Hilton Casino Resort may all be gone before the recession is.
Trump Marina faces the bankruptcy of its parent company, Trump Entertainment, even as a proposed sale was ongoing. But complications have arisen for buyer Coastal Marina in its attempts to finance the deal, and now CEO Richard Fields says the transaction will have to be re-examined due to the Chapter 11 filing.
Resorts is facing foreclosure after defaulting on its mortgage. The first casino to open after New Jersey changed laws to allow casino gambling, Resorts is struggling to renovate and modernize at a time when capital investment means overwhelming debt.
The Hilton is another older property, fragile even in recent boom times and sinking below water in the current dire economy. The Press of Atlantic City reported that gaming operations expert Israel Posner said, "We run the risk of losing a couple of properties. If we think long term, I think we'll see fewer casinos before we see more."
Joel Simkins of Macquarie Securities writes, "In our view, there is a distinct possibility that 1-3 casinos could be permanently closed in the next few years, particularly when many older locations are barely breaking even and, we believe, cannot be rehabbed to be economically viable."
Where the future lies with Atlantic City is uncertain. But the past is definitely dying.
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Recent Comments
| Posted by Albert C Dixon on 02/25/2009 04:45:13 PM EST |
| Well Atlantic City has nothing to offer anyway. Look at Vegas they have everything for everyone. And even the payouts on the machines are so much better. And with Philadelphia having casinos they also have better payouts. So why go to Atlantic City?? |
| Posted by Simzee on 02/10/2010 05:13:26 PM EST |
| Close ALL Atlantic City casino'. They've done nothing for the city or it's people. |
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