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Archive for “Casinos” news
What Else Is New? A.C. Casinos See Big Drop From a Year Ago
By Simon van Zuylen-Wood 2/11/2013
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The very words "Atlantic City" are becoming a regular harbinger of bad news. It seems that every time one reads about A.C., it's to learn that casino gambling revenue is down. Last month was no exception, as sales were down 13 percent compared to the same month last year. Meanwhile, six casino applicants vie tomorrow for the right to run Philly's second casino. [AP]
Bart Blatstein Sells Control of Piazza, Explains Tax Failure
By Joel Mathis 2/07/2013
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With his Piazza at Schmidt's development, developer Bart Blatstein helped set off a wave of gentrification that has remade Northern Liberties and its surrounding neighborhoods. But as he eyes bigger fish—namely, development of a casino on North Broad Street—Blatstein seems ready to divest himself of old responsibilities. To wit: He has sold 60 percent of his Piazza holdings to a New York group headed by Donald Trump's son-in-law.
The deal comes the same week it was revealed Blatstein had failed to pay taxes on one of his many properties. In today's Daily News, the developer wrote about how that happened.
Of all
UPDATE: Christie Vetoes Gambling Bill, But Points Way Forward
By Joel Mathis 2/07/2013
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AP:
Gov. Chris Christie is expected to decide whether to sign or veto a bill that would make New Jersey the third state in the nation to allow gambling over the Internet.
Thursday is the deadline for the governor to act on the bill, which was passed by the Legislature in December.
Christie vetoed a similar bill in March 2011, voicing concerns about its legality, and worrying about the proliferation of back-room betting parlors.
The growth of Philadelphia's gaming market has added pressure to the Atlantic City trade, with casinos there either shuttering or suffering. Most notable among those casinos? The Revel, which opened
Bart Blatstein Axes Hard Rock Cafe as Casino Partner
By Simon van Zuylen-Wood 2/04/2013
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Only a few months after announcing a partnership with the Hard Rock Casino to run his proposed "Provence" casino on North Broad Street, Bart Blatstein has changed his mind. Instead, he's going with "Isle of Capri," a St. Louis-based company nobody's heard of. Why? Because the 1,800-person Seminole tribe that owns the Hard Rock franchise couldn't "move quickly enough" to meet Pennsylvania's demands; the Pennsylvania Gaming Board is holding a hearing on February 12th to hear all the proposals to build Philly's second casino. [Inquirer]
The Economist Has Brilliant Fix for Atlantic City: Revel!
By Simon van Zuylen-Wood 1/25/2013
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This week, The Economist has decided to profile the sorry state of Atlantic City's gaming scene, using the subheadline "Innovative thinking is needed in the City by the Sea." Pennsylvania's 10 casinos, it reports, have been "siphoning away" many of A.C.'s gamers. The solution? It needs to make itself "a venue for entertainment, not just gambling." Kind of like...
In May a new casino, the Revel, opened, with a different business model from Atlantic City’s 11 other casinos. It relies more on revenues from conventions and meetings, and seeks to attract leisure travellers as well as gamblers with its spa, nightclubs
Atlantic City Casino Revenue Expected to Plummet. Again.
By Joel Mathis 1/10/2013
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It's not just the Revel. And it's not just because gambler Don Johnson has cleaned up at every casino in town. And it's not even just the damage done to tourism by Hurricane Sandy. The truth is: Gambling in Atlantic City has been on the wane for awhile now—revenues last year were down $2 billion from the year before. Today, we get to see the damage done in 2012, and, the Associated Press reports, "2012 figures are expected to be lower than" the year before. In related news: Philadelphia is now being touted in the national press as an "East
Pennsylvania Slots Revenue Rises For Sixth Consecutive Year
By Joel Mathis 1/03/2013
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Despite the going-down-in-flames opening of the Revel Casino down the road in Atlantic City, gaming advocates in Philadelphia have one small piece of new evidence to show that Philadelphia could handle a second casino: The state's revenues from slots increased for the sixth consecutive year in 2012, up 2.7 percent from $2.4 billion to $2.47 billion. (Slots revenue at the SugarHouse Casino in Philadelphia was up by nearly $20 million over the year before.) But it's not all good news: Overall gaming revenue in December was down 2 percent from the year before, from $199 million to $195 million; SugarHouse
Kanye Announces Kim’s Pregnant in Atlantic City
By Simon van Zuylen-Wood 12/31/2012
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From Hurricane Sandy, to MTV's "Jersey Shore," to the troubled Revel casino, where Kanye performed this weekend, the Shore has become synonymous with disaster. How appropriate, then, that last night in A.C. Yeezy announced his girlfriend Kim Kardashian (still married to former Jersey baller Kris Humphries) was pregnant with their first child. If the Kanye didn't make it clear in the video clip below, Kim's publicist has confirmed. [Perez Hilton]
http://www.youtube.com/watch?feature=player_embedded&v=daRUse0xdko
Revel “Burning Through Cash At Alarming Rate”: What Would Gov. Springsteen Do?
By Joel Mathis 11/30/2012
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The disaster that is Revel keeps getting disaster-ier. The brand-new Atlantic City casino—it just opened in May—is "burning through cash at an alarming rate," New Jersey Senate President Stephen Sweeney said in a letter to the state's Division of Gaming Enforcement. The casino has already spent a $100 million line of credit offered by the state, while failing to pay its property tax bill. "The consequences of the casino's collapse could have severe consequences for the region and the taxpayers, especially in light of the impact of Hurricane Sandy," Sweeney wrote. Other than that, however, everything must be fine in
Casino Applications Due By End of Day Today
By Nick Vadala 11/15/2012
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If you want to open up the second casino in Philly, you'd better get moving: the application deadline is today (looking at you, Blatstein). With applications due to the Pennsylvania Gaming Board by the end of business today, five groups are vying for the license, including Wynn Resorts, Penn National Gaming and The Goldenberg Group. Only one group, Parkway Corp., has pulled out of the running, with president Robert Zuritsky saying his company doesn't "have all the pieces together." Wanna take over Zuritsky's spot? Be sure you have that cool $50 million to hand over to the Gaming Board once
