Atlantic City Casinos Now Reduced To 11

admin, December 23, 2013 1:08 pm

Atlantic City Casinos Now Reduced To 11Once a high-end casino frequented by such celebrities as Frank Sinatra, the Atlantic Club Casino Hotel has now become the latest casualty of Atlantic City’s downward spiral as a gambling resort, which started after neighboring Pennsylvania opened its first casino in 2006.
Despite the ailing Atlantic Club Casino Hotel being bought by Caesars Entertainment for $15 million, on Saturday the casino’s more than 1,600 employees found out that the business was to be discontinued after the Tropicana Casino Hotel bought the establishment’s 1,641 slot machines and 48 table games for $8.4 million. Commenting on the demise of the bankrupt property,  Caesars announced that it “does not intend to resume gaming or hotel operations at the facility, and is evaluating options for the use of the assets, some of which may be used in the company’s other Atlantic City properties.”
When it was built in 1980, the $140 million property was originally called the Golden Nugget and was popular amongst high rollers. However, in recent decades the casino had struggled as a business and frequently found itself near the bottom of AC’s casinos in terms of revenue. For the first nine months of this year, for instance, the Atlantic Club Casino lost more than $7 million and when declaring bankruptcy in court, the casino reported $16.8 million in liabilities.
Prior to its impending closure on January 13th, the casino said it will continue to operate normally after which the number of casinos in Atlantic City will be reduced to just eleven. Shinning a positive light on the situation, Israel Posner from the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Richard Stockton College, said: “My sense is that the industry clearly needed that property out of inventory in the city. The important thing is that the city is moving in the direction of aligning supply with demand.”
Atlantic City casinos saw their revenues peak in 2006 at $5.2 billion, but this year that total is likely to fall below $3 billion.

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