1. Same story, different day...........year ie more of the same fiat floods the world
    Dismiss Notice
  2. There are no markets
    Dismiss Notice
  3. Week of 6/24/2017 Closing prices & Chg Over Last Wk---- Gold $1256.40 Silver $16.64 Oil $43.01 USD $96.94
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

Trump Plaza To Close In September As Atlantic City Implosion Claims Fourth Casino

Discussion in 'Coffee Shack (Daily News/Economy)' started by searcher, Jul 12, 2014.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    132,158
    Likes Received:
    38,248
    Trophy Points:
    113
    Trump Plaza To Close In September As Atlantic City Implosion Claims Fourth Casino



    [​IMG]
    Submitted by Tyler Durden on 07/12/2014 10:41 -0400


    [​IMG][​IMG][​IMG][​IMG]

    The Atlantic City casino industry implosion continues. Following the second, and final, bankruptcy of AC's "state of the art" Revel Casino a month ago, as well as the shuttering of Atlantic Club hotel Casino and the Showboat hotel casino, the grim corporate reaper has come for one of the most prominent boardwalk casinos of all: Trump Plaza.

    The casino which opened in 1984 as a JV between Donald Trump and Harrah's AC, was for a long time the centerpiece of Donald Trump's one-time Atlantic City empire, which however promptly escalated into a series of sequential bankruptcies, chipping away at Trump's reputation and business model, as one after another of Trump's properties sought Chapter 11 protection.

    The final punch came in February 2013 when Trump Plaza was sold to a California company for $20 million - the cheapest ever transaction for an Atlantic City casino, and a fitting testament to the death of this one-time east coast gambling mecca. It was here, however, where a very bored Carl Icahn, once again spread his wrinkled activist wings when in April 2013, as senior lender for the mortgage, Icahn declined to approve the sale for the proposed price and the deal was put on hold.

    Unfortunately for Icahn, this is one he may have let go, because as the Philadelphia Inquirer reports, Trump Plaza has decided not to bother with continuing the sale process and will instead shutter permanently. "Trump Plaza Hotel & Casino will shut its doors for good in mid-September, according to state officials who were briefed Friday by lawyers for the casino."



    "I believe Sept. 16 is the targeted closure date that we were told," said Assemblyman Vince Mazzeo (D., Atlantic). Mazzeo said he and State Sen. Jim Whelan (D., Atlantic) received a phone call late Friday afternoon from a Trump Plaza lawyer. Atlantic County officials also were briefed, he said.

    Mazzeo said the attorney told him that Trump Plaza management plans to make a formal announcement and issue 60-day layoff notices to about 1,600 employees Monday.

    "This is another blow to the casino industry here," Mazzeo said. "With mid-September the timing of the closing, it will have a devastating impact on the local economy."



    The news will hardly come as a great surprise: there has been speculation for more than a year that Trump Plaza was on the verge of closing. "Like the Atlantic Club, Trump Plaza is one of the city's smallest and oldest gambling halls - it opened May 26, 1984 - and had difficulty competing with the bigger casinos in town and in nearby states, including Pennsylvania."

    But while the creditors will be angry they have other sources of income; one group of people even more furious and with zero recourse are the unions. Bob McDevitt, president of Unite Here Local 54, the union that represents most casino workers, led a Boardwalk rally Wednesday to protest Showboat's planned closing. McDevitt, who labeled Showboat's closing "a criminal act" by Caesars Entertainment since the property was still profitable, could not be reached late Friday to comment on the latest casino to fall.

    Meanwhile, the city is slowly but surely realizing that its business model is dead.



    Whelan, a former Atlantic City mayor, expressed his displeasure Friday night. "I go from depressed and sad to being angry," he said. "When these casinos close, people lose their jobs and their careers. It's a very sad situation."

    Employees at Trump Plaza had not been notified Friday of the planned closure, but slot attendant Stan Jelesnianski, who said he has worked there for 21 years, said employees had been worried "for a long time."

    "Business has been slow," he said.

    According to May 2014 monthly revenues from the New Jersey Division of Gaming Enforcement, the latest monthly data available, Trump Plaza ranked last among the 11 casinos in total revenue, making $5.2 million. Of that total, it generated about $4.6 million from slots, down 19.8 percent from May 2013. And it took in $660,666 from table games, a decrease of 45.6 percent from a year ago.

    Its year-to-date total casino revenue of $21.9 million was down 26.7 percent from the same period a year ago.

    Charles Pinkett, a Boardwalk rolling-chair operator, said the casino has seemed to be on life support for a while. "The people have been talking about how there's no room service," he said.



    The only good news perhaps is that yet another icon of the Trump "empire" - built entirely on other people's money and junk bonds - is being dismantled. After this, there is just one more left...



    Mark and Alice Aronson, dining outside, said they were surprised and saddened to hear another casino was on the way out. Alice Aronson, a local therapist, said she had clients from Showboat who were dealing with the pain of the likely layoffs.

    "It's a shame," she said. "This is a good place. I heard Donald Trump is not involved anymore. I thought maybe he'd fight for it. It seems, one by one, they're not taking care of their employees."

    Trump Plaza's closing would leave one Trump-brand casino in Atlantic City - the Trump Taj Mahal, between Resorts Casino Atlantic City and the soon-to-close Showboat.



    We give the Trump Taj 6-9 months before it too joins its peers in the liquidation docket, and the name Trump will no longer appear on the boardwalk for the first time in over three decades. In the meantime, those curious to track the demolition of the Atlantic City gaming empire in real time, can do so at the New Jersey WARN Notice website.


    http://www.zerohedge.com/news/2014-...-atlantic-city-implosion-claims-fourth-casino
     
  2. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

    Joined:
    Jan 7, 2011
    Messages:
    11,265
    Likes Received:
    8,880
    Trophy Points:
    113
    Location:
    Florida
    "You're fired!"
     
    glockngold and lhslancers3270 like this.
  3. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    113
    Location:
    a better place
    This was, kinda, predictable.

    One of the attractions of Las Vegas and Nevada gambling was...it was OVER THERE. No place like it; and when you tired of it (and you would and will if you go) you can just get on plane or train or car, and LEAVE IT there.

    Atlantic City gambling was that pot of gold at the end of the rainbow. The market for gambling was too narrow to support widespread adoption; and part of Las Vegas' appeal was that of a wide-open town. Anything you want, anytime you want it.

    Atlantic City, with its rot and its crime, offered none of that. It was an ersatz Vegas; within chartered-seniors-outing-bus range, but otherwise not so appealing. Only a crazy would step out of the casino compound and wander the streets of Atlantic City.

    NOW...with gambling on virtually all Indian reservations and in most states in specified zones...Cleveland, Detroit, Des Moines...EVERYONE has gambling in their back yard. Vegas is suddenly not so exotic or special; and we're jaded by the crassness of the pitch: EVERYBODY IS A WINNER! LOOSE SLOTS! HIGHEST PAYOUT!

    While this is happening, the nation's social habits are changing. Online is where it happens, be it drug sales, hookers, friendships, book sales...or the yen for blackjack. The under-30 crowd isn't going to see spending upwards of $5000 for a week in Vegas as a good use of funds. Nope...better to buy new equipment for better gaming and to meet more girls on Omegle.

    So...the explorations into this new growth industry, gambling, are not so profitable. Ask Detroit...and the established players, Vegas and AC, are likewise losing their sustainability. It all comes tumbling down...will Atlantic City join Detroit as a New Age ghost-city? Will VEGAS?

    Stand by to stand by. In Obamamerica, the winners and losers are determined by the ledgers in the campaign-finance book...those who pay are those who get breaks and incentives.
     
    brosil, FlaGman, Ahillock and 2 others like this.
  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    132,158
    Likes Received:
    38,248
    Trophy Points:
    113
    [h=1]A.C. casino closings have employees reeling[/h][​IMG]
    The Trump Plaza plans to close in mid-September - Atlantic City's fourth possible closing since January - and will issue formal layoff notices Monday to about 1,600 workers. A union chief called the closures an "impending catastrophe." ED HILLE / Staff Photographer








    [h=5]Suzette Parmley, Inquirer Staff Writer[/h] Last updated: Sunday, July 13, 2014, 1:09 AM
    Posted: Saturday, July 12, 2014, 11:07 PM


    [​IMG]

    ATLANTIC CITY - While the amusement-park sound of slot machines filtered through Trump Plaza on Saturday, the men and women who staff the casino put on their brave faces.

    While they dealt cards, swept the gaming floor, or emptied trash bins as usual, the crisis in this battered resort had deepened the night before. Owners of Trump Plaza confirmed they plan to close the casino in mid-September and will issue formal layoff notices Monday to about 1,600 employees.

    "I'm not ready to believe it until I get that notice in my hands, telling me it's time to look for another job," said slot attendant Parimal Mehta, 57, of Egg Harbor Township, who has worked at Trump Plaza for 22 years. "I can't even go there right now."

    Mehta's hesitancy arises because he and his peers said they had been told nothing by management. "We're completely in the dark," he said. "Nothing has officially come down to us."




    More coverage
    Trump Plaza set to close in Sept., N.J. officials say
    Better times: Trump Plaza and WrestleMania



    On Friday, Trump Plaza joined Atlantic Club, Revel, and Showboat as Atlantic City gambling halls that have either folded or are on the brink. The closings and potential shutterings could leave just eight casinos here by September, down from a dozen, and have occurred in such rapid succession since January that even local politicians are struggling for words to describe the shock.

    "I can't even guarantee no one else will lose their jobs, because I'd be lying," said a somber State Sen. Jim Whelan late Friday, just hours after Trump Plaza notified him of the planned September shutdown.

    Just two days before, Aide Montero was at a rally to save her job.

    "Keep Showboat open! Keep Showboat open!" Montero, dressed in a gold Showboat housekeeping uniform, chanted alongside hundreds of fellow casino workers as they marched along the Boardwalk.

    The event was organized by Unite Here Local 54, the union that represents most casino employees, to protest the planned closing of the Mardi Gras-themed Showboat on Aug. 31. At stake: 2,100 jobs.

    With one casino already closed and three in danger of closing, workers who helped build Atlantic City into a gaming powerhouse are watching the place and their livelihoods sink.

    The market shakeout, experts say, will have a crippling impact on the local economy. The four gambling halls account for 8,900 jobs - nearly a third of the current casino workforce. The trickle-down effect will be devastating for Montero's family. Her 25-year-old daughter also works as a Showboat housekeeper.

    "I'm very scared," said Montero, 50, in her native Spanish. She immigrated to Atlantic City from the Dominican Republic nine years ago and makes $10 an hour plus tips, and cleans 16 rooms a day. "I wonder how we're going to make it."

    Montero lives in Pleasantville with her fiance, Curvis Smith. Smith, 51, works in housekeeping for Bally's, delivering linen. Smith's sister's twin sons handle security for Revel, which has filed for bankruptcy a second time and could also close.

    Chris Ireland, 55, of Northfield, has been a bartender at Showboat for 27 years. He met his wife, Keisi, 33, a cocktail waitress there for 14 years, on the job. They have a 9-year-old daughter, Cady.

    "The prospect of me and my wife both losing our jobs is horrible," Ireland said.

    Experts say the city's transition from a gaming mecca to a more diversified economy - while achievable - will take time and pose difficulties in the process.

    "It is rare that a monopoly can be sustained for an extended period, and Atlantic City is no different than any other so-called factory town," said Joel Naroff, of Naroff Economic Advisors Inc. in Bucks County. "When the plant closes, so does the town."

    Unlike most cities that depend largely on one industry, Naroff said, Atlantic City has the beach to fall back on. "At least A.C. has a chance to go forward," he said.

    Parent company Caesars Entertainment Corp. confirmed last week that it was receiving offers to purchase the Showboat, which could save it from closure.

    But that's a big maybe.

    The Atlantic Club closed in mid-January, taking with it 1,700 jobs. Revel, which employs 3,500 full-time and part-time employees, has threatened to close by Sept. 1 if it doesn't find a buyer.

    "I've wondered whether I should go back" to the Dominican Republic, Montero said. "There is not much money to make in Atlantic City anymore."

    Montero isn't the only one having second thoughts about the resort.

    New Jersey Senate President Stephen Sweeney and Gov. Christie confirmed last week that they were now "open to discussions" to end Atlantic City's 36-year statewide gambling monopoly and allow casinos in North Jersey.

    Sweeney said a ballot question allowing state residents to vote on the issue could happen as early as November 2015. A venture capitalist announced last Wednesday that if the rules were changed, it wants to build a $4.6 billion casino complex in Jersey City.

    Gaming analysts predict that once the shakeout is complete, the number of Atlantic City casinos will be seven or eight, with about 20,000 workers.

    "Many workers have left the area and found jobs in the newly opened casinos along the East Coast," said Michael Busler, a professor of finance at Richard Stockton College of New Jersey. "That may be the best choice for these displaced workers."

    It will be out of necessity if she leaves Atlantic City, said Aracelly Mite, 52, who has dealt blackjack for half her life at Trump Plaza.

    "I have my kids here, and my home is here," said Mite, of Pleasantville, as she stood behind an empty blackjack table just after 2 p.m. Saturday. As customers walked by, Mite smiled. "But to find a job, I might have to move," she added.

    The state is hoping to retrain and retain some. The New Jersey Department of Labor and Workforce Development plans events from July 28 to Aug. 15 for displaced casino workers to match them with local employers. Among the companies attending will be Comcast and Wawa.

    During a conference call with reporters Thursday, Atlantic City Mayor Don Guardian touted his city's efforts to be less dependent on gambling revenue by going after midweek conventions and adding entertainment. "The growing pains will diminish over time," he said.

    Guardian declined to comment on Trump Plaza's closing until there's an official statement, his spokesman said Saturday.

    Unite Here Local 54 president Bob McDevitt also was putting the best spin on an increasingly dire situation.

    "The obituaries being written about A.C. are overdramatic," he said in an interview earlier last week. By Saturday, with Trump Plaza all over the news, McDevitt called the city's casino closures an "impending catastrophe" and urged Trenton lawmakers to act quickly.

    "Atlantic City is the economic engine not only of South Jersey, but also of the tourism industry for the entire state," McDevitt said. "While this is a personal tragedy for every family involved, it is also a crisis for the state."

    There are now just under 32,000 Atlantic City casino employees, down from a peak of 45,000 in 2006 - when the casinos had their best year, generating $5.2 billion in gaming revenue.

    The day after Caesars Entertainment announced Showboat's closing, Showboat managers held a meeting in the casino's House of Blues Music Hall and encouraged workers to attend job fairs for the new Harrah's Horseshoe Casino in Baltimore and Harrah's Chester in Delaware County.

    Ireland, the Showboat bartender, said management offered him a job at the Baltimore property, but he wasn't interested.

    "My roots are here," he said.

    But Ireland knows that if he's laid off Sept. 1 he will have to compete for whatever casino work is left, not just among former Showboat workers - and now Trump Plaza refugees - but also with folks like Patty Keefer-Davis, 57, a part-time stagehand.

    Keefer-Davis, of Leeds Point, N.J., lost her job of 24 years as a wardrobe stage technician at the Atlantic Club when it closed Jan. 13. The property has sat dark ever since.

    Regarding Showboat's impending close, and now Trump Plaza's, Keefer-Davis said: "My first reaction [with each] was, where are all these people going to go, because there's no jobs?"

    To celebrate her 30 years at Trump Plaza, the place threw Dorothy "Dot" Long, 60, a party on May 22. The casino had a big cake for her and gave her a pin that said, "Thank you for your service."

    On Saturday, Long, a cashier at the casino's restaurants, felt hurt.

    "I had to hear about it on the news like everyone else," she said. "I really don't have a plan. At this point, I'm ready to retire."

    But Gloria Hoffmann of Egg Harbor Township, a Showboat cocktail server for 23 of her 44 years, and a mother of three, said many aren't that lucky.

    After Labor Day, the casinos pare their seasonal workers and hiring comes to a standstill.

    "I think a lot of us will be homeless in six months," Hoffmann said.

    [HR][/HR]
    [HR][/HR]sparmley@phillynews.com



    Read more at http://www.philly.com/philly/busine...ve_employees_reeling.html#LHx5B3aGLx15ZWoq.99
     
  5. Goldhedge

    Goldhedge Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    28,454
    Likes Received:
    32,327
    Trophy Points:
    113
    Occupation:
    Retired
    Location:
    Planet Earth
    You may be an asset, but nobody's ass is that set...


    Perhaps the people are too broke to gamble?


    I doubt the Donald is suffering...
     
    gringott likes this.
  6. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    113
    Location:
    a better place
    "You're Fired!!" has moved on to other ventures.

    It's what promoters and hucksters and money-manipulators DO. Trump has always been honest about that, at some level - his book was called The Art of the Deal. Not, "The Art of Construction" or "The Art of Managing a Hotel-Office Empire."

    The deal. Make deals to get investors onboard; make deals to get the land; make deals to get the gambling licenses. Make deals to get it promoted on the Institutional Media; and then make deals to GET RID OF IT while it's hot.

    His name was on it, and maybe some of his company's money in it. Not much, I'll wager...pardon the expression.

    Someone else would up holding the bag. Deals, Trump-style deals, seldom are win/win prospects. Trump has made a fat living off shaving others, either with cobbled-together deals like those that built his casinos; or in fleecing creditors through bankruptcy laws.

    The Donald is truly a man of the Post-Morality Power-Politics Age of Doublespeak.
     
    brosil, FlaGman, searcher and 4 others like this.
  7. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    132,158
    Likes Received:
    38,248
    Trophy Points:
    113
    [h=1]No Bid: Revel Casino To Close After No Buyer Emerges For Twice Bankrupt Property[/h]

    [​IMG]
    Submitted by Tyler Durden on 08/12/2014 09:47 -0400


    Anyone desperate to find clues to the "great American recovery" is strongly urged to stay away from Atlantic City, where shortly after the Revel hotel and casino filed for its second bankruptcy in 16 months, the struggling property announced it would shutter its doors for one final time in September, when not a single qualified buyer emerged during the bankruptcy auction. The good news: there will not be a Chapter 33 for the doomed from the beginning property. The bad news: the DOL will have to find a major seasonal adjustment to absorb the 3,100 jobs that were just lost. It also means that Atlantic City is set to close the year with 25% fewer casinos than it started with, following the shuttering of three other properties including the Showboat and Trump Plaza.



    [​IMG]

    From AP:


    Atlantic City's Revel Casino Hotel will shut down next month after failing to find a buyer in bankruptcy court, company officials announced Tuesday

    The company said it will close its doors on Sept. 10. The move comes two years after the $2.4 billion casino opened. It has never turned a profit. The closure will mean the loss of more than 3,100 jobs.

    The casino was due to be sold at a bankruptcy court auction last week, but that was postponed until Thursday to allow casino officials to study bids that were received. But after Revel's board met on Monday, the decision was made to shutter the iconic glass-covered casino at the north end of the Boardwalk.



    The devastation to New Jersey in one sentence: "Since 2006, when the first Pennsylvania casino opened, Atlantic City's casino revenue has fallen from $5.2 billion to $2.86 billion last year."

    As for the now defunct Revel, it was all about being at the wrong time, and the wrong place:


    Revel has ranked near the bottom of Atlantic City's casinos in terms of the amount of money won from gamblers since the day it opened. Its original owners envisioned it as a luxury resort that just happened to have a casino, and eschewed many staples of casino culture, including a buffet and bus trips for day-trippers. But that strategy — as well as the only overall smoking ban in Atlantic City — turned off customers, and Revel filed for bankruptcy in 2013, a little over a year after opening.

    But despite some improvement, Revel's finances never recovered enough, and it filed for bankruptcy a second time in June, warning that it would close if a suitable buyer could not be found.

    Revel's most recent Chapter 11 filing listed assets of $486.9 million and liabilities of $476.1 million



    Finally, if anyone wants to visit Atlantic City, better do it sooner than later before the city becomes a ghost town: Revel will be the second of four Atlantic City casinos to shut down this year as the Atlantic City gambling market continues to crumble. The city started this year with 12 casinos. The Showboat will close on Aug. 31, and Trump Plaza is closing Sept. 16.

    Shortly thereafter all other casinos will follow suit for one simple reason: they all rely on disposable consumer income, which contrary to the endless propaganda, there is none.



    http://www.zerohedge.com/news/2014-...fter-no-buyer-emerges-twice-bankrupt-property
     
  8. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,745
    Likes Received:
    11,459
    Trophy Points:
    113
    ((Whelan, a former Atlantic City mayor, expressed his displeasure Friday night. "I go from depressed and sad to being angry," he said. "When these casinos close, people lose their jobs and their careers. It's a very sad situation."))

    Perhaps if their tax bills were not so outlandish these companies could survive, best you direct your anger towards your own taxing policies.
     
  9. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    113
    Location:
    a better place
    That and, trying to build a PRODUCTIVE, SUSTAINABLE economy.

    Gambling as the basis for a local economy, is fool's gold. Las Vegas was a fluke; given its location, its history, its proximity and the social environment (where gambling/prostitution was illegal everywhere else).

    It could not be repeated, not elsewhere or for any period of time. Detroit and Atlantic City are proving it.
     
  10. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

    Joined:
    Apr 2, 2010
    Messages:
    13,298
    Likes Received:
    15,536
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    N/A
    Location:
    You can't get there from here.
    Can't milk the sheeple when the tits have dried up.
     
  11. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    113
    Location:
    a better place
    That and, trying to build a PRODUCTIVE, SUSTAINABLE economy.

    Gambling as the basis for a local economy, is fool's gold. Las Vegas was a fluke; given its location, its history, its proximity and the social environment (where gambling/prostitution was illegal everywhere else).

    It could not be repeated, not elsewhere or for any period of time. Detroit and Atlantic City are proving it.
     
    Argentium likes this.
  12. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

    Joined:
    Jan 7, 2011
    Messages:
    11,265
    Likes Received:
    8,880
    Trophy Points:
    113
    Location:
    Florida
     
    Last edited by a moderator: Dec 26, 2015
  13. Argentium

    Argentium Midas Member Midas Member

    Joined:
    Mar 30, 2010
    Messages:
    4,219
    Likes Received:
    2,317
    Trophy Points:
    113
    Location:
    South of the Cheddar Curtain
    I don't even know why this is considered "news". AC always has been, is and will be, a real sh#thole. I cant believe it took this long for the casinos to fold up.
     
  14. Ragnarok

    Ragnarok I'd rather be Midas Member

    Joined:
    Mar 31, 2010
    Messages:
    5,488
    Likes Received:
    4,331
    Trophy Points:
    113
    Sounds like everyone's pulling in their horns, and/or folding with what they've got left.

    No extra money to gamble with, it's more important to keep food on the table.

    R.
     
  15. lhslancers3270

    lhslancers3270 Banned

    Joined:
    Mar 29, 2010
    Messages:
    1,702
    Likes Received:
    626
    Trophy Points:
    113
    AC is a total $hithole. Some decent restaurants and a very nice beach but it's a fairy land surrounded by a ghetto. Online sports betting will kill whatever remains.
     
    Argentium likes this.
  16. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    113
    Location:
    a better place
    That, in a nutshell, is the difference between Atlantic City and Vegas.

    Vegas is surrounded by the Mojave Desert - stark, hot, dangerous - but in its own way, strikingly beautiful.

    AC is surrounded by the same kind of urban jungle most of the tour-bus riders just left earlier in the day. And the cops are as heavy-handed...Vegas, at least of twenty years ago when I knew it, was as close to a wide-open town as you were going to find. You could buy a six-pack at four in the morning, and drink it sitting on the curb. As long as you behaved, the cops would do nothing.

    Women on the make...breakfast buffets at midnight...bracing dry desert air...the gambling tables were only the start.

    Atlantic City didn't have a tenth of the attraction...and yes, I was there, once, very briefly, when I had other business not far away.
     
  17. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    132,158
    Likes Received:
    38,248
    Trophy Points:
    113
  18. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    132,158
    Likes Received:
    38,248
    Trophy Points:
    113
    Trump casinos file Chapter 11; seek concessions


    Posted: Sep 09, 2014 12:16 PM EDT

    [​IMG]


    By WAYNE PARRY

    ATLANTIC CITY, N.J. (AP) — Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort, which would make it the fifth Atlantic City casino to close this year.

    The company owns Trump Plaza, which is closing in a week, and the Taj Mahal, which has been experiencing cash-flow problems and had been trying to stave off a default with its lenders. The company said the Taj Mahal could close Nov. 13 if it doesn't win salary concessions from union workers.

    It's the fourth such filing for the struggling casino company or its corporate predecessors.

    The company filed in U.S. Bankruptcy Court in Wilmington, Delaware, saying it has liabilities of between $100 million and $500 million, and assets of no more than $50,000. It missed its quarterly tax payment due last month, and says it doesn't have the cash to make an interest payment to lenders due at the end of the month.

    It also says both its Internet gambling partners have taken steps to end their contracts with Trump Entertainment.

    It said cost-cutting negotiations with the main casino workers' union have stalled and the company is preparing notices warning employees the Taj Mahal may close.

    Donald Trump owns a 9 percent stake in the firm, but neither controls it nor has any involvement in it. He is suing the company to remove his name from the properties, which he says have fallen into disrepair and do not meet agreed-upon standards of quality and luxury.

    If the company makes good on its threat to close the Taj Mahal, it would further rock an already shell-shocked casino market in what just a few years ago was the nation's second-largest gambling market after Nevada. Now, New Jersey has fallen behind Pennsylvania.

    Three other Atlantic City casinos closed this year, as the industry struggles with competition in nearby states. Atlantic City began the year with 12 casinos, but could end it with seven. So far this year, the Atlantic Club, Showboat and Revel have gone out of business, and Trump Plaza closes next Tuesday.

    Trump Entertainment has struggled since the day it emerged from its last bankruptcy in 2010, having filed the year before. It came out of bankruptcy with $350 million in debt, and currently has more than $285 million in debt.

    As of the end of July, the company employed 2,800 people.

    The company has been trying to reduce expenses and debt, including selling its former Trump Marina casino for $38 million to Landry's Inc., which now runs it as the Golden Nugget Atlantic City. It also sold the Steel Pier for $4.5 million; a warehouse for $1.9 million, and its former corporate offices in a converted firehouse for $3.1 million. That building now houses the Casino Reinvestment Development Authority.

    It has been trying for years to sell Trump Plaza. A deal to sell it to a California firm for $20 million last year fell through.

    The company also said it has been in negotiations with Local 54 of the Unite-HERE union on cost-cutting measures it says it needs to survive, but that the union has rejected them. Bob McDevitt, union president, said Trump Entertainment wanted union members to surrender their health insurance and pension plans. McDevitt said that even if the union agreed to those concessions, they would only total $11 million per year, which would hardly make a difference in the company's finances.

    "If our members were to work for minimum wage with no benefits, it wouldn't be enough to keep this property in the hands of its current owners for a year," he said.

    The concessions would be on top of a separate $4 million round of union concessions the company won in 2011.

    If the Taj Mahal closes, Trump Entertainment would have no remaining properties and would presumably go out of business.

    http://www.my9nj.com/story/26486708/trump-casinos-file-chapter-11-seek-concessions
     
  19. brosil

    brosil Gold Member Gold Chaser Site Supporter

    Joined:
    Mar 31, 2010
    Messages:
    2,094
    Likes Received:
    1,692
    Trophy Points:
    113
    Gender:
    Male
    Location:
    Oak Harbor, Ohio
    Historically, AC was the middle class playground for NYC. After WW2, people could travel farther and had more distractions. I'd always read about AC being a fun spot and was surprised when I went there in 1970 to find a dump. I suppose they'll try it again in the future. People never learn.
     
  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    132,158
    Likes Received:
    38,248
    Trophy Points:
    113
    I prefer Wildwood for a weeek (or 2) get-a-way. If you ever get the chance, this is a good place to stay http://www.vacationrentals.com/listing/p7055761
     
  21. argentos

    argentos Former Boat Owner Gold Chaser

    Joined:
    Mar 31, 2010
    Messages:
    2,554
    Likes Received:
    1,395
    Trophy Points:
    113
    Occupation:
    Retired
    Location:
    Essex, England
    Couldn't happen to a nicer chap. :bear_innocent:
     
  22. JustPassinThru

    JustPassinThru Gold Member Gold Chaser

    Joined:
    Dec 13, 2011
    Messages:
    2,736
    Likes Received:
    1,542
    Trophy Points:
    113
    Location:
    a better place
    Trump only owns nine percent of the company and has been suing to get his name removed from the business.

    His name was obviously kept on the business and casinos as a draw; and with economic/cultural shifts (Hope© and Change®) the casino-resort model is no longer a viable business. At least not in Atlantic City.
     
    argentos likes this.
  23. argentos

    argentos Former Boat Owner Gold Chaser

    Joined:
    Mar 31, 2010
    Messages:
    2,554
    Likes Received:
    1,395
    Trophy Points:
    113
    Occupation:
    Retired
    Location:
    Essex, England
    500 Thanks, JustPassinThru. Congratulations!

    untitled.jpg
     
    JustPassinThru likes this.

Share This Page