πŸ€‘ What is the problem in AC? - Atlantic City Forum - Tripadvisor

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Top executives of most of Atlantic City's casinos say the city needs to on challenges and opportunities facing the seaside gambling resort.


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Top executives of most of Atlantic City's casinos say the city needs to on challenges and opportunities facing the seaside gambling resort.


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Hotels and casinos line the boardwalk in Atlantic City, N.J. | Getty as the state itself struggles with budget problems because of the pandemic.


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Still, Revel has some unique hurdles to overcome. For those brave enough to consider Atlantic City, some business lines could still work. But the proliferation of gambling is only part of the problem. Icahn's actions blocking the campus are "unacceptable," she said. He said that "those conferences continue to need a place" for travelers from the mid-Atlantic and Northeast. That means making it feel more connected to New York City. McDevitt agreed. The amendment would have the casinos make a payment in lieu of taxes rather than pay property taxes. Representatives for those casinos could not be reached for comment. In a March statement, nearby Trump Taj Mahal said, "The facts are that our company does not think having a college next door to the Taj is good for our company. Trump Taj Mahal is still open after its parent on March 12 won confirmation of a plan that hands over its equity to Carl Icahn. Weitz also said that Atlantic City was once a "huge draw for New York [residents]," but now those fun-seekers are more likely to go to Foxwoods Resort Casino or Mohegan Sun in Connecticut. Davis was tapped on March 25 to serve as examiner in CEOC's case, and look into certain of the gaming giant's pre-petition transactions. The most important part of [the workers'] contract is the economic component of wages, healthcare and retirement, but it's hard to parse between the three of them. Calls to Trump Entertainment counsel, Erez E. In addition, they faced challenges with energy costs. Icahn maintained that the union is "attempting to hold a bankrupt business hostage by threatening labor unrest if they do not receive exorbitant payments into their own highly profitable healthcare scheme. It would be a true loss if we did not win this case. Calls to Icahn went unreturned. These figures include online gaming, which was legalized in the state in There are some positive signs. Lambert said the school is overflowing with students, and the new location would provide access to students who are studying hospitality to have hands-on experience at local casinos and hotels. Recently, though, the tide shifted.

A crowd of thousands gathered just off the beach on the city's famed boardwalk with pocketfuls of bills and coins that they couldn't wait to plunk down on tables and drop into machines. McDevitt said that despite the job losses last year due to the closures, the city has largely held casino problems in atlantic city to the bulk of its casino-related revenue.

Bashaw said the goal of local officials has been to "craft a package of bills that will try to tackle these issues holistically.

A bankruptcy court's decision to strip Taj Mahal workers of many benefits is before the 3rd Circuit Court of Appeals, with a decision expected to be handed down this month, McDevvitt said. Curtis Bashaw, owner of the high-rise Chelsea Hotel in Atlantic City and former director of New Jersey's Casino Reinvestment Development Authority, said "There is no industry other than gaming in the Atlantic City market, and there is a very small residential tax base," creating an "untenable fiscal structure for the city. A contentious labor dispute is simmering. Steelman also said "many of these buildings have become parking-centric buildings," taking away from the walkability of the city. For now, while policymakers and investors try to revive the business, the workers whose jobs depend on the casinos and those 1. Weitz also said casinos have an opportunity to open up their real estate for "alternative use. Another difference between the two locales is outside of anyone's control: Mother Nature. Bob McDevitt, president of Local 54, told The Deal that "it's very hard to rank things like wages and health care. Except for April , August , and January , total gaming revenue was negative month-over-month for each of those months. That means they have to do something either by ferry, by rail, by something , and it has to be an automatic, coming here every 20 minutes, every day," he said. One example is the repeated attempts by nearby Stockton University to open a campus in what was once the Showboat casino. Since when does Icahn get to decide how the city gets to evolve? Some of the properties are poorly designed. Las Vegas is a "month destination. Calls to Caesars representatives were not returned. Kendal Lambert, a sophomore at Stockton, who is involved with the "Save our Sto-boat" movement pushing to get the green light for the campus, said it would "open up so many economic and community development opportunities for Stockton and Atlantic City in general. Wait times between buses from New York to Atlantic City can stretch up to two hours. An emergency manager has been tapped to look into the city's dire finances. Some casinos have opposed the current structure, saying that their stated property values do not reflect the plummeting real estate value in the area. It was the first time gambling had been legalized outside of Nevada, and the 1. Walsh said the Revel and Trump Taj Mahal "have the possibility of rebounding, but only if they are able to come up with a strategy to attract players from the neighboring states. For many in the Northeast, "you're not going to A. If the company can implement its restructuring, then the three properties can survive. Of the eight operating casinos in Atlantic City, three are owned by Caesars Entertainment, which itself is in bankruptcy court in Chicago. Walsh noted, however, the main problem for the behemoth was that "there was over-expansion and they were over-levered at a time when Atlantic City gambler attendance was falling. Weitz said Caesars' case "doesn't really reflect the problems" of the other gambling destinations in the city. Icahn, the majority owner of Trump Entertainment Resorts, has been extremely vocal about his feelings on Unite Here Local 54 -- the union that represents thousands of casino workers in the city, including at the Trump Taj Mahal. This schism resulted in part from geography: the marina locations have direct highway access. Atlantic City itself contributed to the downturn. Casinos are located in two sections: the marina district north of downtown and on the boardwalk along the beach. In Atlantic City, where are you walking? Bashaw is a proponent of changes that would make it "affordable even for the successful casinos" to do business. So they need to fix that. In bankruptcy documents, CEOC said economic conditions have "squeezed the gaming industry," and it was unable to extend its debt maturities and deleverage its balance sheet without a wholesale restructuring. Emergency Manager Kevin Lavin 's plan included information about the city's proposed changes to its tax structure. The casino's location -- without direct highway access -- presents a challenge, Weitz said. Steelman said the city also allowed the adjacent communities to deteriorate, making it difficult to have successful, beautiful oases in the city. The run of bad news prompted Sweeney to publicly lament that the city and its boosters had been "knocked down. Icahn, McDevitt said, views the city as a "fatted calf that he wants to slaughter," not as a "city that wants to thrive and survive. You're not going to go to the boardwalk in January. That, coupled with how "the boardwalk is not perceived as a family-friendly resort destination," creates problems for casinos adjacent to the walkway. Paul Steelman, founder of entertainment architecture firm Steelman Partners, noted that a major problem for the area is its inaccessibility for those without cars. He floated the idea of casinos lowering the threshold for "high rollers" and providing more perks to gamblers. The state and local governments are considering regulatory and financial reforms that should make the city more business-friendly. In addition, the layout of the building is not conducive to getting gamblers to plant themselves at tables. The other thing in Las Vegas is that you can walk up and down the Strip for four days. Pennsylvania, for example, granted five casino licenses in December Those locations have since opened and "Pennsylvania has passed New Jersey as the second [highest earning] casino state in the country," Weitz said. First, of course, is Nevada, due to Sin City. That said, Weitz pointed out that casino revenue in the resort city has not fallen off dramatically in the past two years, pointing to a major problem that those in the are faced: "there were simply too many casinos. He said that the workers want to hold on to their wages, healthcare and retirement benefits and "keep those as a strong and stable part of their life. New projects promise to make the town an attractive destination for a wider population. Walsh warned that oppressive contracts could sink future casinos trying to open up shop in the resort city -- or those that are trying to bounce back. At least one casino in the area is not happy about the proposal and is blocking the attempted change. McDevitt said Atlantic City "allowed a vice to come to the market here. Timothy W. The trade-off was that these would be good jobs. The Trump casinos are also operating under an allegedly burdensome collective-bargaining agreement. And while a seaside location is nice enough in the summer, New Jersey's weather isn't exactly a year-round draw. The only real difference here is that instead of throwing bricks through the Taj Mahal's windows, your union instead organizes strikes, picketing, boycotts and other attacks to deter customers from patronizing the Taj Mahal. Three of the four recently shuttered casinos have gone through bankruptcy: Revel filed for bankruptcy for the second time on June 19; Trump Plaza Hotel and Casino, owned by Trump Entertainment Resorts , filed its latest Chapter 11 petition on Sept. One other change that could positively affect the eight casinos that still have their lights on, is an adjustment to the way they pay their taxes, making it cheaper for them to do business. Others could follow suit. Walsh noted that a "big issue you have is the easing of casino restrictions in neighboring states," including Pennsylvania, Connecticut and New York. To understand Atlantic City's predicament, start with its layout. Having kids under 21 who will attempt to gain entry to the casino and engage in activities reserved for those only 21 and older would create numerous problems we do not want and could damage the Taj's ability to attract customers and regain its financial health. The boardwalk properties separate most of the city from the oceanfront. Because those locations have a "deep capital partner" to operate the hotels, they are likely in a better position than some of the other struggling casinos in the area. Though Walsh pointed out that "diversification is always good," and increasing revenue streams by providing events or hosting conferences is a positive, "the big draw and the big moneymaker is people on the floor. The Taj Mahal has maintained that a covenant blocks any nongaming entities from opening up shop in that location. Weitz said he thinks the "conference destination business could continue to be viable," which could create an opportunity for the surviving casinos. Atlantic City also labors under disadvantages that do not afflict the country's first gaming destination. The town is too remote and automobile-centric.