Donald Trump is apparently interested in getting back into Atlantic City. Trump took to Twitter on Tuesday saying “I left Atlantic City years ago, good timing. Now I may buy back in, at much lower price, to save Plaza & Taj. They were run badly by funds!” Trump retains about a 10 percent share in the…
On Monday, Chief U.S. Bankruptcy Court Judge Gloria Burns decided that the Sept. 24 auction date for the Revel Casino-Hotel would go ahead as planned, after pleas for a deadline extension by Revel creditors and tenants. Burns also ruled that the sole bidder would be entitled to a $3 million payout if Revel is sold…
On Monday the Casino Reinvestment Development Authority approved a $1 million subsidy agreement with concert promoter Live Nation for at least a dozen major shows at Boardwalk Hall next year. The CRDA will give $500,000 in subsidies to the promoter and an additional half-million dollars to protect Live Nation from losses for poor attendance. The agreement…
The Trump Plaza Hotel and Casino ceases it’s operation on Tuesday morning, following a quiet day of sparse action on Monday. This was the third casino in Atlantic City to shut down in less than three weeks and the fourth this year. Trump Entertainment Resorts, it’s parent company, filed bankruptcy for the Trump Taj Mahal last…
A trustee with the United States Bankruptcy Court has thrown a monkey wrench into the anticipated purchase of the Revel Casino by Florida investor Glenn Straub. A trustee issued a statement late on Friday saying that a $3 million break up fee that would be owed to Straub if he was outbid for the Revel…
Another sure sign Atlantic City will be losing another casino. WARN notices have been delivered today to 3,100 employees of the Trump Taj Mahal that likely means the demise of another casino is coming. The parent company of the Taj Mahal filed for bankruptcy protection this week and announced a closing date of November 13th…
The man behind the $90 million bid for the Revel Casino-Hotel says that gambling might not be the primary attraction according to his plan. In an interview with the Press of Atlantic City, Glenn F. Straub, 67, said he will visit the region this weekend to explore possibilities for his organization’s unspecified “hobbies”. Straub is…
New Jersey Governor Chris Christie says the state needs to provide more tax breaks and financial incentives for businesses that want to come to Atlantic City. Christie on Thursday vetoed changes to the New Jersey Economic Opportunity Act which became law a year ago. Christie says he wants more incentives put into the Act that…
A major entertainment company has returned to the Atlantic City casino industry. The N.J. Casino Control Commission voted unanimously on Wednesday to reinstate the licenseof MGM Resorts International, returning them to their former status as a 50% owner of the Borgata resort. MGM Chairman & CEO Jim Murren testified before the commission about changes made to…
A Florida real estate developer has made a $10 million deposit on the Revel Casino in Atlantic City. Glenn Straub wants to purchase the recently shuttered casino for only $90 million, which is a far cry from the $2.4 million investors paid to develop the Revel. If no other qualified bid is received in less…