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Atlantic City Keeps Losing Boxing Venues, Trump Plaza is Fourth Casino To Close
By Robert Brizel, Head Real Combat Media Boxing Correspondent
Atlantic City, NJ (June 13th, 2014)– First the Atlantic Club Casino (The ACH or the former Hilton Hotel) had to close when its supposed deal to be sold to an online poker establishment fell through. Next, the Las Vegas style Revel Hotel went bankrupt again, and will close if not buyer can be found in bankruptcy court. Then Showboat Hotel at the end of the boardwalk announced it was going to close.
A fourth failing casino will now join the list of casino closures and pending closures. The acclaimed Trump Plaza Hotel on the Atlantic City Boardwalk announced yesterday they expect to close down for good in Mid-September. Trump Entertainment Resorts stated they expect the closure to take effect on September 16, 2014. Notices warning the 1000-plus Trump Plaza employees of the pending closure and unemployment will go out this Monday.
The Tropicana, Ceasar’s and Bally’s, Resort’s and Harrah’s are the major boxing show venues remaining. The Golden Nugget, formerly Trump Marina, has staged some boxing events this year. The TajMahal and The Borgata have staged boxing events in the past, though not in recent years. The ability to stage dynamic sporting events and entertainment shows successfully can affect a casino hotels’ success or failure. The opening of new casinos and slot machine locations in Pennsylvania and New York has contributed to the ongoing fall of Atlantic City’s tourist industry.
Caesar’s interactive, anonline approved gaming startup, has also lost 7.1 million dollars in 2014, primarily due to startup costs. The new Revel Hotel and Casino, which cost 2.4 billion dollars to build, is losing 50 to 80 million dollars a year, and a price tag of 300 million might be too high to sell The Revel, considering all it has been doing is losing money.
The loss of the four casinos means very soon only nine Atlantic City casinos will remain. The approval and construction of a new casino in Orange County, New York, 30 minutes way from the New York City area in vicinity of the Woodbury Commons Shopping Centre, might prove fatal to the nine remains casinos in Atlantic City, which are making an average of 5% profit a quarter in brick and mortar operations. The future of the virtual casino in Atlantic City is too early to tell. The Chelsea Hotel and Spa at the end of the Atlantic City beach strip is a non-gaming establishment.
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