Saturday, August 07, 2010

Atlantic City fights back

From the UK's Guardian is this on the state of gambling in Atlantic City which we know has not been doing do well of late.  Read: Boardwalk Empire: Atlantic City bets on its glamorous past to assure its future.  Subtitled: Atlantic City's decadent 1920s heyday inspired HBO's lavish TV series Boardwalk Empire, with a pilot directed by Martin Scorsese. But can it rescue the resort from a recession-hit present?

So most think Atlantic City is faring badly if not entirely due to the recession then because of all the new casinos opening up in nearby Pennsylvania.  Interesting since you get the feeling some folks just expect Atlantic City, or say the casinos in West Virginia, to just roll over and let Pennsylvania casinos continue taking market share away from them... if that is really the source of their revenue losses of late.  Methinks they are going to respond and compete that much more in the future and the impacts will inevitably be felt here.

and more following that story..  Who was commenting on low casino revenues of late?  See the Trib looking into it yesterday: Rivers Casino short of revenue projections.  and Toland has updated his Casino Journal with a headline: Rivers Casino, one year on .   I still think they are burning cash at the end of the day and the first peek at table game numbers from the state don't look to be game changers.  Pun intended I suppose.


Anonymous BrianTH said...

I wonder how Rivers is doing outside of servicing the construction debt. In other words, I wonder if in theory you could give those debt-holders a haircut and balance their cash-flow.

Sunday, August 08, 2010 7:17:00 PM  

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