Last call for Atlantic City’s casinos
Atlantic City’s casinos have been losing their glitz and gambling dollars to the more than 40 new rivals that have opened in neighboring states, with gaming revenue nearly halving from its 2006 peak of $5.2 billion.
Three of the 12 casinos in the city closed earlier this year, and a fourth, one of the Trump Entertainment properties, closed its doors Sept. 16.
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- People walk on the boardwalk in front of the Trump Plaza Hotel and Casino in Atlantic City, New Jersey September 1, 2014. Four Atlantic City casinos are closing this year, but not all of their gamblers will return to visit eight others that have survived in the down-on-its-luck New Jersey resort. A third of Atlantic City’s casinos have closed or soon plan to. The city’s newest casino and arguably its biggest failure, the $2.4 billion Revel Casino Hotel, is in its second bankruptcy after opening in 2012. It is closing on Tuesday. The Showboat Casino Hotel, a Caesars Entertainment Corp property, was shut down on Sunday morning, and Trump Plaza Hotel and Casino is due to close in mid-September. Atlantic Club Casino Hotel was shuttered in January. (Tom Mihalek/Reuters)
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- People walk down the boardwalk September 15, 2014 in Atlantic City, New Jersey. The Trump Plaza, which opened on May 14, 1984, shut down September 16, the fourth casino to shutter its doors this year, and a fifth casino, the Trump Taj Mahal, may close if it cannot cut costs of operation. The massive contraction, following years of customer losses to surrounding states, is eliminating 8,000 jobs, or about a quarter of the industry’s employment in Atlantic City. (Don Emmert/AFP/Getty Images)
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- A sign, left by the staff of 24 Central Cafe inside theTrump Plaza Casino, thanks their customers September 15, 2014 in Atlantic City, New Jersey. The Trump Plaza, which opened on May 14, 1984, shut down September 16, the fourth casino to shutter its doors this year, and a fifth casino, the Trump Taj Mahal, may close if it cannot cut costs of operation. The massive contraction, following years of customer losses to surrounding states, is eliminating 8,000 jobs, or about a quarter of the industry’s employment in Atlantic City. (Don Emmert/AFP/Getty Images)
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- People walk on the boardwalk near the Trump Plaza Casino September 15, 2014 in Atlantic City, New Jersey. The Trump Plaza, which opened on May 14, 1984, shut down September 16, 2014, the fourth casino to shutter its doors this year, and a fifth casino, the Trump Taj Mahal, may close if it cannot cut costs of operation. The massive contraction, following years of customer losses to surrounding states, is eliminating 8,000 jobs, or about a quarter of the industry’s employment in Atlantic City. (Don Emmert/AFP/Getty Images)
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- Moving trucks line up outside the Revel Casino on September 3, 2014 in Atlantic City, New Jersey. More than 5,000 employees at the Showboat and Revel Casinos lost their jobs as both places closed this weekend. Four of the twelve casinos with which Atlantic City started the year will have closed by the middle of September. That is putting almost 8,000 people total out of work. Trump Plaza is closing September 16, 2014, and the Atlantic Club shut down in January. (Photo by Jessica Kourkounis/Getty Images)
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- The parking lot of the Trump Plaza, which was scheduled to close earlier this year, is viewed in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- A view from the boardwalk of several casinos in Atlantic City, New Jersey, in this March 14, 2009 file photo. (Tim Shaffer/Reuters)
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- A sign guides people to a casino along the boardwalk in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. Several of Atlantic City’s 11 casinos have announced plans to close, gone bankrupt or closed leaving thousands of residents without jobs. (Photo by Spencer Platt/Getty Images)
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- A jogger runs past the sandbagged and closed Trump Taj Mahal Casino on the boardwalk at Atlantic City, New Jersey in this file photo from August 27, 2011. (Jason Reed/Reuters)
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- People walk on the boardwalk in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. As neighboring cities open gambling businesses, fewer people are traveling to Atlantic City for visits to casinos. (Photo by Spencer Platt/Getty Images)
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- People sit on the boardwalk in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- People walk by a convention center on the boardwalk in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- People gamble at the Showboat Casino, which was scheduled to close earlier this year, in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- A casino worker stands in front of the recently closed Atlantic Club Hotel and Casino is viewed in Atlantic City on July 30, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- The recently closed Atlantic Club Hotel and Casino is viewed in Atlantic City on July 30, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- A hotel room is viewed in the Showboat Casino, which was scheduled to close earlier this year, in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. Several of Atlantic City’s 11 casinos have announced plans to close, gone bankrupt or closed leaving thousands of residents without jobs. (Photo by Spencer Platt/Getty Images)
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- A sign informs guests that the Showboat Casino will be closing on August 31 in Atlantic City on July 30, 2014 in Atlantic City, New Jersey. As neighboring cities open gambling businesses, fewer people are traveling to Atlantic City for visits to casinos. (Photo by Spencer Platt/Getty Images)
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- A man takes a rest along a street in Atlantic City on July 30, 2014 in Atlantic City, New Jersey. As neighboring cities open gambling businesses, fewer people are traveling to Atlantic City for visits to casinos. (Photo by Spencer Platt/Getty Images)
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- The recently closed Atlantic Club Hotel and Casino is viewed in Atlantic City on July 30, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- People walk on the boardwalk in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. Since 2006 Casino revenue in Atlantic City has fallen from $5.6 billion to $2.86 billion. Experts believe this is the biggest crisis Atlantic City has faced in its 36 year relationship with gambling. (Photo by Spencer Platt/Getty Images)
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- Revel, the two-year-old, $2.6 billion facility was the city’s first new casino since 2003. (Bloomberg News photo by Ron Antonelli)
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- A man walks by a diner in Atlantic City on July 30, 2014 in Atlantic City, New Jersey. As neighboring cities open gambling businesses, fewer people are traveling to Atlantic City for visits to casinos. (Photo by Spencer Platt/Getty Images)
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- The front desk at the Showboat Casino, which was scheduled to close, on July 30, 2014 in Atlantic City, New Jersey. (Photo by Spencer Platt/Getty Images)
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- The Trump Plaza in Atlantic City, NJ. Since 2006 Casino revenue in Atlantic City has fallen from $5.6 billion to $2.86 billion. Experts believe this is the biggest crisis Atlantic City has faced in its 36 year relationship with gambling. (Photo by Spencer Platt/Getty Images)
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- A man tries to peek into the closed Showboat Casino Hotel in Atlantic City, New Jersey September 1, 2014. (Tom Mihalek/Reuters)
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- Guests at the Revel Casino Hotel travel past a sign notifying the public about its closure, in Atlantic City, New Jersey September 1, 2014. (Tom Mihalek/Reuters)
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- Joe Luccathetti (L) and Robert Fitting, employees of the Revel Casino Hotel remove signage from its wall along the boardwalk in Atlantic City, New Jersey September 1, 2014. (Tom Mihalek/Reuters)
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- People walk outside the Revel Casino Hotel in Atlantic City, New Jersey September 1, 2014. (Tom Mihalek/Reuters)
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- People walk on the boardwalk in front of the Trump Plaza Hotel and Casino in Atlantic City, New Jersey September 1, 2014. Four Atlantic City casinos are closing this year, but not all of their gamblers will return to visit eight others that have survived in the down-on-its-luck New Jersey resort. A third of Atlantic City’s casinos have closed or soon plan to. The city’s newest casino and arguably its biggest failure, the $2.4 billion Revel Casino Hotel, is in its second bankruptcy after opening in 2012. It closed on Tuesday. The Showboat Casino Hotel, a Caesars Entertainment Corp property, was shut down on Sunday morning, and Trump Plaza Hotel and Casino is due to close in mid-September. Atlantic Club Casino Hotel was shuttered in January. (Tom Mihalek/Reuters)
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- A push-cart worker waits for customers along the boardwalk in Atlantic City on July 29, 2014 in Atlantic City, New Jersey. Several of Atlantic City’s 11 casinos have announced plans to close, gone bankrupt or closed leaving thousands of residents without jobs. (Photo by Spencer Platt/Getty Images)
Showboat, a Caesars Entertainment Corp property, and Revel Casino closed recently, while Trump Plaza Hotel and Casino closed Sept. 16.
Revel Casino, which cost $2.4 billion to build, opened in 2012 and closed on Sept. 2 after filing for its second bankruptcy in June. It was meant to be a Las Vegas-style resort, but its fine dining, striking design and entertainment did not catch on in a city that relies on bus tours and buffets. It was hailed by New Jersey Governor Chris Christie as a model for reviving the city when it opened in 2012.
Revel Casino had agreed to use Straub’s initial $90 million cash bid to set the benchmark for other potential buyers. Straub had said he wanted to create a university at the site to attract the world’s brightest minds to tackle social problems such as hunger.
Brookfield Asset Management won the auction for Atlantic City’s bankrupt Revel Casino Hotel with a $110 million bid on Oct. 1, 2014, said two sources familiar with the situation.
Trump Entertainment, which Donald Trump founded but no longer controls, operates the Trump Taj Mahal Casino Resort and the Trump Plaza Hotel and Casino in Atlantic City, the second-largest U.S. gambling destination after Las Vegas.
Like much of Atlantic City, the two Trump properties have suffered from a decline in gambling revenue and falling occupancy at their hotel rooms.
Donald Trump sued Trump Entertainment last month to have his name taken off the two casinos, saying the company let the casinos fall into “an utter state of disrepair.” – Reuters, Tribune reports
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