Reports
US MARKET: NEIGHBOURHOOD CASINOS
Back in 2015 Taj Mahal saw revenues of $180.2m and it had a seven per cent market share. Te property was said to be valued at $86m in Icahn’s 2016 financial report. Hard Rock plan to create two separate casinos with seating for 7,000 and more than 2,400 slots.
Tropicana is a boardwalk casino which opened in 1981 and operated by Tropicana Entertainment and was the third highest performing casino last year with $280m.
Caesars is also a boardwalk property which opened in 1979 and saw revenues of $310m last year.
Golden Nugget is a marina property opened in 1985 at Trump’s Castle and later became Trump Marina before being sold and re-branded as the Golden Nugget in 2011 and is now operated by Landry’s Inc. Revenues last year were $200.2m.
Bally’s is a boardwalk casino which opened in 1979 and saw revenues of $210m and is operated by Caesars Entertainment.
Resorts opened in 1978 on the boardwalk and was the first casino to open in Atlantic City and saw revenues of $162.2m.
Te casinos which have closed include:
Showboat closed in 2014 after 27 years. Stockton University bought the property with the aim of turning it into a campus but this deal fell through and the casino reopened last year as a hotel.
Trump Taj Mahal is due to re-open under the P40 NEWSWIRE / INTERACTIVE /
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Hard Rock brand. It was the last property in the City to bear the Trump name and his name was kept on the signs after new owner Carl Icahn purchased the venue. He shut the casino last year after a workers strike and then agreed to sell it to a group of investors led by Hard Rock International who plan to invest $300m to buy, renovate and reopen it next year.
Back in 2015 Taj Mahal saw revenues of $180.2m and it had a seven per cent market share. Te property was said to be valued at $86m in Icahn’s 2016 financial report. Hard Rock plan to create two separate casinos with seating for 7,000 and more than 2,400 slots. Te property is due to open in 2018 and although it is reported that the investment to re-brand the property is creeping up to nearly $500m it is thought this project could help the City turn around.
Revelwas a $2.2bn resort casino which opened in 2012 after six years of problems. Te casino filed for bankruptcy twice in the first two years of operations then it closed in 2014. Developer Glenn Straub bought the property and plans to re-open it although this is still uncertain.
Atlantic Clubwas known previously as the Golden Nugget then the Hilton and this closed in 2014. Development group Ventnor agreed to buy it and re-develop it as a water park, although
this has since fallen through.
Trump Plazawas opened in 1984 by Trump who later left in 2009 leaving his name after Icahn acquired the property as he did Taj Mahal. However Icahn has problems trying to sell this property, which some say is due to a $1m a year ground lease which runs until 2078 which Trump originally signed.
MONOPOLY FIGHTING THE COMPETITION New Jersey is now looking at various options to
help Atlantic City, including the approval of online gaming and a referendum last year to permit two new casinos 72 miles outside of Atlantic City. However, this was overwhelmingly rejected leaving Atlantic City with its monopoly on gaming. But with low property prices in the City at the moment, developers are apparently buying and new retail and hospitality venues are opening bolstering the city’s redevelopment plans.
Atlantic City is now eager to re-evaluate its image and introduce more conferencing and family entertainment activities. Meanwhile its neighbours are still busy developing their gambling zones and over the next few pages of G3, we take a look at who’s doing what in Maryland, Massachusetts, Pennsylvania and New York.
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