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(Philly Burbs)   After less than a year, Atlantic City's newest, shiniest casino reaches a milestone that took its predecessors much longer - chapter 11   (phillyburbs.com) divider line 21
    More: Fail, Atlantic City, revelations, casinos, luxury resort, predecessors, Carl Icahn, bankruptcy  
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1871 clicks; posted to Business » on 20 Feb 2013 at 9:00 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-20 09:23:06 AM  
Hoot!  Wicked irony.

I stayed their last weekend and it almost bankrupted me.
 
2013-02-20 10:34:05 AM  
I take comfort that Morgan Stanley lost $1.2 B on it, while my wife made a couple hundred bucks last April.

I think I see the problem: ATLANTIC CITY IS A FESTERING SLUM ringed by 80% shiathole casinos "see Trump, the Trop, Taj and Showboat) and one or two "upscale" Casinos (Harrahs, Borgota, Revel). Blocks and blocks of Section 8 housing, pawn shops, and thousands of people milling around on corners with no place to go.

The potential is limitless: it is really beautiful down there even in winter. But the place is an economic disaster rife with corruption.
 
2013-02-20 10:36:15 AM  
don't worry, free tax money from the government will bail them out.
 
2013-02-20 10:45:25 AM  

H31N0US: I think I see the problem: ATLANTIC CITY IS A FESTERING SLUM ringed by 80% shiathole casinos "see Trump, the Trop, Taj and Showboat) and one or two "upscale" Casinos (Harrahs, Borgota, Revel). Blocks and blocks of Section 8 housing, pawn shops, and thousands of people milling around on corners with no place to go.


And all the old ladies from Philly who want to sit between two slot machines for 9 hours while chain smoking can do that closer to home now.
 
2013-02-20 10:56:47 AM  
I actually love Revel. it is clean and inviting, unlike some of the other dumps in AC that look straight out of the 70s, and don't appear to have been cleaned since. This makes me sad.
 
2013-02-20 11:03:44 AM  
Been to Revel a couple of times...I thought it was the nicest casino on the Boardwalk, but still not as "inviting" as Borgata.

Also, the new gambling initiatives in Maryland will affect at least a little tourism in AC. What they really need to do is legalize sports betting in Jersey. I'd be there every other weekend.
 
2013-02-20 11:15:38 AM  
Speaking of casinos, and heading west to Vegas, what is up with the Fitzgerald's remod to "The D"?

"Detroit Feel?"

We see billboards all over southeast Michigan for this casino (that is in Las Vegas), offering the Detroit experience in a Vegas setting. WTF? Instead of Valets, do they carjack you? Do you have to bribe the dealers to win anything? Do packs of dogs run through the casino floor? On my way to the room, do I get stopped by gang members needing to kill somebody for initiation?

I like Downtown Vegas, I'm just puzzled by who thought this would be a good idea. I can see them going Chapter 11 before too long.
 
2013-02-20 11:37:50 AM  
Don't worry, Governor Ow My Balls! will send them a few more pallets of cash.
 
2013-02-20 12:03:22 PM  

Wendy's Chili: Don't worry, Governor Ow My Balls! will send them a few more pallets of cash.


I don't know....tax breaks don't seem to be the same as giving a pallet of cash like what was done with Solyndra.
 
2013-02-20 12:59:33 PM  

Giltric: Wendy's Chili: Don't worry, Governor Ow My Balls! will send them a few more pallets of cash.

I don't know....tax breaks don't seem to be the same as giving a pallet of cash like what was done with Solyndra.


It's both government picking winners and losers.  See if you can get a tax break for specifically your business.
 
2013-02-20 01:38:06 PM  

Giltric: Wendy's Chili: Don't worry, Governor Ow My Balls! will send them a few more pallets of cash.

I don't know....tax breaks don't seem to be the same as giving a pallet of cash like what was done with Solyndra.


A subsidy is a subsidy.

Only in one case we were subsidizing research into energy technology with the potential to save our economy and our environment. In the other, we were subsidizing a F*CKING CASINO!
 
2013-02-20 05:14:26 PM  
"Over three years ago, Local 54 began expressing to every elected official in the city, the state and the governor's office that this project was doomed to failure," said Bob McDevitt, the union's president. "Had they listened to us three years ago, we would not have this catastrophe on our hands now."

How on God's green earth would Union dealers, bartenders and hotel staff, more expensive than nonunion, made it so that this casino would be in any better financial straits than it is now?
 
2013-02-20 06:08:55 PM  

H31N0US: I take comfort that Morgan Stanley lost $1.2 B on it, while my wife made a couple hundred bucks last April.

I think I see the problem: ATLANTIC CITY IS A FESTERING SLUM ringed by 80% shiathole casinos "see Trump, the Trop, Taj and Showboat) and one or two "upscale" Casinos (Harrahs, Borgota, Revel). Blocks and blocks of Section 8 housing, pawn shops, and thousands of people milling around on corners with no place to go.

The potential is limitless: it is really beautiful down there even in winter. But the place is an economic disaster rife with corruption.


All that may be true but they also have the human robot. So they have that going for them, which is nice.

/guess that jai alai thing didn't work out for them either
 
2013-02-20 06:14:25 PM  
If AC isn't a warning to other cities that may be thinking about casino gambling I don't know what is.
 
2013-02-20 06:23:34 PM  

relaxitsjustme: If AC isn't a warning to other cities that may be thinking about casino gambling I don't know what is.


When Atlantic City got into gambling, it was the only location on the east coast to offer a Vegas-like experience.

Now, Indian casinos are everywhere, some of them quite nice, and ultimately, who wants to go to New Jersey, when they can likely stay in their own state and go to a nicer city?

This has more to do with the location than the venues.
 
2013-02-20 06:23:52 PM  

o5iiawah: "Over three years ago, Local 54 began expressing to every elected official in the city, the state and the governor's office that this project was doomed to failure," said Bob McDevitt, the union's president. "Had they listened to us three years ago, we would not have this catastrophe on our hands now."

How on God's green earth would Union dealers, bartenders and hotel staff, more expensive than nonunion, made it so that this casino would be in any better financial straits than it is now?


I believe the argument was that the market was already saturated and all another casino would do is further split a diminishing pool of suckers customers.
 
2013-02-20 07:56:08 PM  

"Revel, the casino many people had hoped would turn around Atlantic City's sagging fortunes, said Tuesday that it will file for Chapter 11 bankruptcy protection in March, less than a year after it opened."

Jeebus, I went to Atlantic City once in the early 90's and the Casino Row sucked back then. I drove on one street and I saw shady people hanging on some of the corners. If it hadn't improved much from those days, then there's no hope for AC.

And the Garden State Parkway was mile after mile of potholes as well. Why is New Jersey such a shiatty state (except for Hoboken)?

 
2013-02-20 08:29:40 PM  

ScreamingHangover: o5iiawah: "Over three years ago, Local 54 began expressing to every elected official in the city, the state and the governor's office that this project was doomed to failure," said Bob McDevitt, the union's president. "Had they listened to us three years ago, we would not have this catastrophe on our hands now."

How on God's green earth would Union dealers, bartenders and hotel staff, more expensive than nonunion, made it so that this casino would be in any better financial straits than it is now?

I believe the argument was that the market was already saturated and all another casino would do is further split a diminishing pool of suckers customers.


And the pool shrank. I live in Jersey, I've been twice and I've been to Biloxi more than that and Vegas more than that. Jersey is pouring money down the proverbial Rathole.
 
2013-02-21 01:30:25 AM  
I don't see how they expected to do amazing business anyway. They're just the newest of over a dozen casinos there, so the local market has to be close to saturated. And interstate travel to NJ for gambling has to be down, since so many states are now opening their own casinos (like Ohio, opening its last of four, Cincy, in two weeks). There's enough casinos there that they have to be appealing to just about every demographic of gambler as it is, already. Not sure what they expected to happen.
 
2013-02-21 04:32:10 AM  
I grew up not far from AC, and at one point or another back in the '90s was webmaster for a farkload of casinos, mostly in AC (but also scattered ones in Vegas, Tunica, Gary, New Orleans).  I was there when Resorts got renovated and Merv Griffin's name came off their web site, when Trump Plaza got its short-lived "World's Fair," when Bally's got its long-lived "Wild Wild West," when Bally's Grand (which had been the Golden Nugget) rebranded as the Atlantic City Hilton (requiring a very rapid site relaunch), when Trump Castle relaunched as Trump Marina (before being bought by Bubba Gump Shrimp Co. and turned into the Golden Nugget, no relation to the old one), etc., etc.  I thank all the deities that I almost never had to actually set foot in  any of those places (though I did pop into the Taj Mahal once or twice to talk to a VP) since I found them loathsome.

Given the preponderance of evidence to the contrary, I never quite figured out why, in the grand scheme of things:

1. People run casinos.  Look at how well everyone in the business is NOT doing.  Why emulate them?
2. People work for casinos.  Doing so sucked out more of my soul than any other time in my life.
3. People play at casinos.  (Okay, "a tax on people who can't do math," and all that.)

I suspect that if I fully understood why those 3 things happen, I'd be making crazy money off at least one of the subject populations.
 
2013-02-22 11:02:08 AM  
Only New Yawkers are dumb enough to want to go to New Jersey. The rest of the country would simply rather not.
 
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