Another AC Casino plan bites the dust

by: Jason Springer

Fri Feb 06, 2009 at 05:15:00 PM EST

More bad news for Atlantic City and the gaming industry:

Blaming the recession and Atlantic City's withering casino market, Penn said Thursday it is scrapping plans to build on a 23-acre site along the Route 30 corridor, far away from the existing casinos.
"I think as we've watched New Jersey, sadly, that's a market at the moment that is significantly less appealing to us, and that shouldn't be a surprise," said Peter M. Carlino, Penn's chairman and chief executive officer. "There is much more bad news coming."
Carlino noted that Atlantic City is mired in a prolonged slump and will face extra competition from Pennsylvania's gaming industry when a new slots parlor opens in Bethlehem in May. Competition will become even more intense when Philadelphia's two proposed casinos open in the next few years, he added.
"That's nothing but bad, bad, bad news for Atlantic City," Carlino said in a conference call Thursday with analysts. "It's going to be a while, and maybe a long while, before the picture changes in Atlantic City. It's not a pretty picture."

And like i've pointed out repeatedly, bad news for Atlantic City means worse news for the state because of all the programs that are funded through the Casino re-development fund. With revenues continuing to fall, we'll see if any of those programs are on the chopping block when the Governor presents his budget next month.

Jason Springer :: Another AC Casino plan bites the dust

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Another AC Casino plan bites the dust | 2 comments

Sports Betting (0.00 / 0)

Atlantic City has been making money for years because there was no competition.

But now there is a lot of competition and a review of how things are run must occur.

All regulations should be reviewed.No business in New Jersey is more hampered by government .

Sports betting should be approved. Who are we kidding? It is not " evil". Vegas does it , why not A.C.

Fix up that dumpy boardwalk. If nothing else build an enclosed , winterized walkway between the casinos. Make it first class, not low class.

In an era of tight money and increased competition it is imperative to " take the gloves" off of that industry.

Law enforcement must keep an eye on things but my word to the casino industry is " its your money , do what you want"

by: firstamend07 @ Sat Feb 07, 2009 at 14:35:23 PM UTC

Prudes need not apply (0.00 / 0)

In addition, let us not forget. Gambling is a vice , it is dangerous.But it is a great money maker!

The state and the industry are making lots of money on this vice. So let those who choose to have this vice be serviced by the people who know the vice business best.

New Jersey has hurt the industry by trying to make it " mainstream" . If a casino wants to give huge comps. let them! If it wants to give away drinks, let them!

Take away the restrictive regulations and that city will boom.

by: firstamend07 @ Sat Feb 07, 2009 at 14:43:19 PM UTC