The Wall Street Journal reports that Caesars Entertainment Corp.’s largest unit is preparing to file for bankruptcy protection sometime between today and next Tuesday, Jan. 20th. The company says the Chapter 11 petition should not immediately affect normal operations at it’s casino properties. Caesars indicated that the restructuring plan would transform it into a real-estate…
Year end results from casino revenue stressed the bad year Atlantic City had. Gaming numbers were down 4.5 percent from the year prior and is now nearly half of what it was only eight years ago. The city brought in $2.74 billion in 2014 versus the height in 2006 of $5.2 billion. The industry produced…
The Atlantic City Sports Commission has been formed in Atlantic City. The commission was created by Meet AC, an offshoot of the Casino Reinvestment Development Authority, which is targeting to make Atlantic City busier with convention business. In the most recent economic impact study conducted by the National Association of Sports Commissions, amateur sport events generate…
Finally some good news for casino worker who have been let go in Atlantic City. $29.4 million is coming in through National Emergency Grant funds. The dollars will fund employer-driven training programs and help affected workers learn new skills for reemployment in new and emerging job sectors. The announcement was made by U.S. Senator Cory Booker,…
On Monday Atlantic City’s mayor sat down with the new owner of the Revel casino to discuss his plans for the property. Don Guardian had never met Florida real estate developer Glen Straub, and wanted to share information about the city’s development projects and municipal service improvements under way. Straub is looking forward to putting…
Boardwalk Hall was among the top producing venues in the country. Pollstar ranks Boardwalk Hall as the #86 venue worldwide by tickets sold for all concerts and family entertainment in 2014, and the #41 venue in the United States. Venues Today lists Boardwalk Hall as the #56 busiest venue in North America and #2 busiest venue…
An Atlantic City man faces up to 20 years in jail for weapon and drug possession charges. An Atlantic County jury found Marwin McKoy, 34, of the 100 block of Chesapeake Ave., Atlantic City, guilty of handgun possession offenses, and possession of heroin. Back in Aug. 2013, McKoy was found in possession of a loaded .22 caliber…
A major overhaul is taking place in Atlantic City to get government spending down. The city has taken a significant hit with the multiple casino closures and dipping property values. The plan involves millions of dollars in budget cuts and layoffs. The city is also trying to avoid additional control placed on it by the…
The new owner of the former Revel Casino in Atlantic City plans the world’s largest water park, and a ferry system that will shuttle people from Atlantic City to Mahattan. The Press of Atlantic City reports that developer Glenn Straub made those comments during a hearing on his acquisition of the former gaming palace in…
On Tuesday N.J. Senate President Steve Sweeney paid a visit to the Dr. Martin Luther King Jr. Complex to assess the school system in Atlantic City. Sweeney has sponsored a package of recovery legislation to help the city’s school system. Sweeney believes the drop in ratables due to casino closings should encourage lawmakers to send…