Atlantic City Casino Profits Stabilizing
- Author: Zachary Reyes Apr 09, 2017,
Apr 09, 2017, 22:06
With the gradual expansion of the East Coast gambling market, Atlantic City found itself struggling to keep precious clientele. "And when you hear what Hard Rock has to offer, it is going to be a lot more than a casino".
And on Wednesday, Hard Rock International formally announced its purchase of, and plans for, the former Trump Taj Mahal.
That was the promise from Hard Rock executives on Wednesday on the announcement of plans for the now shuttered resort. "I can assure you our marketing plans are not just to take the customers from the existing properties", he added. It is the direct opposite.
"From world-renowned music events to innovative dining concepts, we're excited to bring the Hard Rock Hotel and Casino experience to the Atlantic City boardwalk-which has been home to our Hard Rock Cafe for more than 20 years", Hard Rock chairman Jim Allen said in a statement accompanying Wednesday's announcement.
Situated on a 17-acre site, the hotel is set to create more than 1,000 jobs during construction and 3,000 permanent positions.
"It means all new restaurants".
Besides the red carpet talk, we talked about the upcoming Atlantic City mayor's race. Thus, it is hardly surprising Chris Christie, Governor of the State of New Jersey, considers the Hard Rock International investment "great news" for both the state and Atlantic City.
"I don't believe they would come here if they didn't think they could make money". They were leaving Atlantic City, because of the bad conditions that they were met with from a governmental perspective. "And so we've changed that", he said. "You're not making friends, in the short term", Christie said.
Harrah's was next at $119 million, although that was down 3 percent from a year earlier.
If developer Glenn Straub finally gets his act together and physically reopens the Revel as a casino that he's branded as "Ten", all three of the shuttered gaming halls at the northern end will have reopened.
"Folks, this is what the bottom looks like".
Coupled with a 1.5 percent increase in the amount the casinos won from gamblers last year, Friday's figures are the latest encouraging news for a resort city that has had precious little of it in recent years. He said that the project would surely be successful since Jingoli, Allen, and himself are all "Jersey Boys".
Morris said he'll never forget buying the property from billionaire Carl Icahn who closed it last October, after a bitter strike over benefits with union casino workers. "We are not giving up on casinos". It showed that 12 casinos were too much for the city to sustain under current circumstances.
Meanwhile, next door at the Showboat, a closed casino that new owner Bart Blatstein is running as a hotel, plans were announced last week for a 150,000-square-foot entertainment facility aimed at millennials to be opened this summer.