READ THIS If You Missed Out on the AI Boom

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Not only New York casinos threaten Atlantic City. Developer predicts Meadowlands casino is coming

WAYNE PARRY
April 18, 2024

ATLANTIC CITY, N.J. (AP) -- Atlantic City casinos are facing threats on multiple fronts from new competitors not just in New York, but from within their own state.

That's not great news for a seaside resort in which the amount of money won from in-person gamblers continues to lag, with seven of the nine casinos winning less from on-premises customers than they did before the COVID-19 pandemic hit.

At the East Coast Gaming Congress Thursday at the Hard Rock casino, numerous executives from some of the major casino companies in America acknowledged the opportunity of three downstate New York casino licenses -- and the risk they will present to Atlantic City.

And the operator of a racetrack in northern New Jersey, just outside New York City, told The Associated Press he believes New Jersey voters will authorize construction of a casino in the Meadowlands shortly after New York casinos open and New Jersey gamblers tire of paying bridge tolls and sitting in traffic to get to gambling halls in New York.

"Now more than ever we know there's a threat coming with New York City gaming coming," Atlantic City Mayor Marty Small said at the conference. "We understand the threat. We want to continue to work together to do things right to put Atlantic City into a prime position, no matter where these casinos are, that we diversify our options."

Jim Allen, chairman of Hard Rock International, is straddling both markets.

His company operates a casino in Atlantic City that is the second-most successful in the market. And Hard Rock is partnering with New York Mets owner Steve Cohen on a proposed $8 billion casino complex at Citi Field in the city's Queens section.

If as many as three casino open in or close to New York City, Allen said, Atlantic City's in-person gambling revenues could fall by 20% to 30%.

"We have to be prepared for that," he told attendees at the conference.

Allen said Atlantic City's Hard Rock will weather the storm of New York competition. But he said he does not want to see any competitors in the city close, throwing 2,000 to 3,000 people out of work in a repetition of a wave of casino closings in Atlantic City from 2014 to 2016 that saw five casinos close. Two have since reopened under new ownership.

Tom Reeg. CEO of Caesars Entertainment, which owns three of Atlantic City's nine casinos, also said New York casinos will be a challenge. His company, too, is seeking a New York casino license with SL Green, and Roc Nation in Times Square.

"We're pursuing that license with fervor," Reeg said. "I share Jim's concern about where the (Atlantic City) market is headed as we head into New York."

Soo Kim, chairman of Bally's Corporation, which has a casino in Atlantic City, said table games revenue from New York gamblers "will be harder to attract" once casinos open in New York City. "With casinos in New York, Pennsylvania and Delaware, there's casinos everywhere."

He said New Jersey can rely on its robust internet gambling market to offset some expected losses.

Concerns don't end with New York.

Jeff Gural runs the Meadowlands Racetrack in East Rutherford, New Jersey, just outside New York City, along with the Tioga Downs and Vernon Downs racetrack casinos in upstate New York.

He also has a deal with Hard Rock to build a casino at the Meadowlands Racetrack -- a proposal that was put on the back burner when New Jersey voters overwhelmingly rejected a referendum on expanding casino gambling beyond Atlantic City in 2016.

"I'm just waiting for New York to open," Gural said in an interview. "People will say, 'Why am I driving over the George Washington Bridge and paying an $18 toll and sitting in traffic to go gamble?'"

Gural said the 2016 referendum failed largely because it was written to permit more than one casino in northern New Jersey without specifying where.

"People don't want a casino in the neighborhood," Gural said. "If we make it clear it's only at the Meadowlands, common sense tells you there will be a casino in the Meadowlands."

Gural said that will happen in "a lot sooner than 10 years."

Mark Giannantonio, president of Atlantic City's Resorts casino and of the Casino Association of New Jersey, said during Wednesday's opening day session of the convention that Atlantic City views New York casinos as a threat.

"New Jersey has to be prepared for this, to make Atlantic City more attractive for people to visit, and there's a lot of work to do," he said. "Table games clearly will be impacted."

He said Atlantic City has a "two-year window" to prepare for New York competition by cleaning itself up, improving its infrastructure, and assigning more police to the Boardwalk and other areas so visitors see a visible law enforcement presence. He also said Atlantic City needs to solve its problem with homelessness.

But Giannantonio said Atlantic City can survive the advent of new competition in an already cutthroat northeastern casino market.

"I'm always going to rely on hotel, entertainment, retail and the experience on the casino floor," he said. "I believe in my heart that Atlantic City, with some hard work, will be an opportunity. We're excited about the future."

___

Follow Wayne Parry on X, formerly Twitter, at https://twitter.com/WayneParryAC.

Continue Reading...

Popular

Change Healthcare cyberattack was due to a lack of multifactor authentication, UnitedHealth CEO says

The Change Healthcare that disrupted health care systems nationwide earlier this year started when hackers entered a server that lacked a basic form of security: multifactor authentication.

Want to spend the night in a Paris museum or a house owned by Prince? Airbnb plans to list them

In a mad mix of game-show glitter and marketing flash, is offering customers a chance to spend a night in a Paris museum, stay in houses mocked up to look like movie settings, or sleep surrounded by eight Ferrari racing cars.

Bitcoin Gained 164% in 2023 but Crypto Millionaire Abandoned It for This - Ad

A certain crypto genius and millionaire has been praising Bitcoin since it was trading for $61. Even though it gained 164% last year, he's now recommending a different cryptocurrency. In fact, he's betting his own money on and buying it like crazy.

Campaign to build new California city submits signatures to get on November ballot

SAN FRANCISCO (AP) — A wealthy Silicon Valley-backed campaign to build a green city for up to 400,000 people in the San Francisco Bay Area has submitted what it says are enough signatures to qualify the initiative for the November election.

South Korea's 5-Year Plan To Grow Its Console Gaming Market By 2028

South Korea's plan to boost console gaming, diversifying from mobile platforms, through strategic partnerships and market growth projections

Savvy Investors Notice "Wonder Metal" in iPhone - Ad

Apple has made use of this unique metal extensively in the new iPhone describing it as having "one of the best strength-to-weight ratios of any metal". It's not just Apple though, with applications in aerospace, defense, and medical devices, titanium has become essential...Unfortunately, 90% of the supply is controlled by adversarial nations meaning a supply disruption would have paralyzing effects on daily life in the US.

US job openings fall to 8.5 million in March, the lowest level in more than 3 years

WASHINGTON (AP) — U.S. jobs openings slid in March to the lowest level in more than three years, but stayed at historically high levels in a sign that the job market remains resilient in the face of higher interest rates.

Your 2024 Election Money Blueprint - Ad

Voters are angrier than ever, and it's likely to keep getting worse. The media and Wall Street keep declaring how great the economy supposedly is... but no one -- besides the ultra-rich -- seems to feel that way. Protect yourself with this one simple move today.

TransMedics Stock Skyrockets, Analysts Call It 'One Of The Best Organic Growth Stories'

TransMedics shines with Q1 EPS at $0.35, and sales soared to $96.9 million. Fiscal 2024 revenue outlook raised to $390 million-$400 million. Analysts hail TransMedics' organic growth and strong market position, praising its innovative solutions and promising prospects.

Nigerians struggle with fuel shortages as queues form across major cities

ABUJA, Nigeria (AP) — Nigerians were queuing for hours to buy fuel across major cities on Tuesday as the West African nation struggled with its latest fuel shortage, causing more hardship for millions already struggling in an economic crisis.

Shhh! This Is One Great Coin... - Ad

Shhh! I truly believe this crypto could be one of the top earning cryptos of all time... In fact, in the coming bull run... this one coin could have the potential to bank 10x... 50x... and even 100x.

Elon Musk Debunks Tucker Carlson's Alien Theory, SCOTUS On Trump's Immunity, North Korea's Military Pledge And More: This Week In Politics

The week was filled with intriguing stories, from Elon Musk's dismissal of alien theories to the U.S. Supreme Court's deliberation on former President Donald Trump's immunity claims.

Ethereum's Bottom Against Bitcoin 'Still Likely A Few Months Away,' Predicts Crypto Analyst

Prominent cryptocurrency analyst Benjamin Cowen predicted further bearish momentum for Ethereum (CRYPTO: ETH) to Bitcoi

Election Shock on August 19th? - Ad

In less than 258 days, I expect the biggest presidential election shock since 1968. Forget about Donald Trump... And forget about Joe Biden... Instead, I believe the unexpected is barreling toward America. And I believe the aftermath will transform this country forever.

How Much Will Taylor Swift's Net Worth Grow With 'The Tortured Poets Department'?

How much will Taylor Swift's 'The Tortured Poets Department' boost her net worth? Get expert insights here

Hochul announces budget outline as lawmakers continue to hash out details

ALBANY, N.Y. (AP) — New York Gov. Kathy Hochul on Monday announced the framework of a $237 billion that includes broad plans to drive new housing construction, address the influx of migrants and crack down on .

Did This Crypto Millionaire Humiliate Himself? - Ad

On September 2022, crypto millionaire James Altucher published a video saying he had sold all his Bitcoin... and doubled down on this crypto instead. At the time, cryptos had already dropped 70%. But James still said this crypto was a good investment. Was he right? Or did he embarrass himself?

Binance founder Changpeng Zhao faces sentencing; US seeks 3-year term for allowing money laundering

SEATTLE (AP) — Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, faces sentencing Tuesday in a Seattle courtroom, where U.S. prosecutors are asking a judge to give him a three-year prison term for allowing rampant money laundering on the platform.

This Is Where the World's Richest Men Are Putting Their Money - Ad

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

Jim Cramer Turns Bullish On Palantir: 'Make A Move And Buy Some'

CNBC’s “Mad Money” host Jim Cramer has given a thumbs up to Palantir Technologies Inc. (NYSE:PLTR), sparking interest among investors.

Cathie Wood's Ark Invest Sells $20M+ Coinbase Shares As Bitcoin Trades Over $70K, Buys Palantir, Sells Nvidia Stock

On Thursday, Cathie Wood’s Ark Invest made significant trades involving Coinbase Global, Inc. (NASDAQ:COIN), Palantir Technologies Inc. (NYSE:PLTR), and Nvidia Corp.

One Coin to Rule Them All... - Ad

Hardly any investors are talking about this coin but I believe that's about to change with some potentially huge news! Get in on the ground floor while it's rock bottom with this new how-to guide, just $3.

This Millennial Paid Off $20K Credit Card Debt And Vowed To Never Look Back: 'I Just Feel Relieved

Shonnita Leslie, a 40-year-old millennial, shared her journey of paying off a substantial credit card debt and then deciding to cut up her cards, a decision she has stuck to for six years.

Biden administration details how producers of sustainable aviation fuel will get tax credits

The Biden administration spelled out guidelines Tuesday for tax breaks designed to boost production of sustainable aviation fuel and help curb fast-growing emissions from commercial airplanes.

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Rooting for Trump to fail has made his stock shorters millions

NEW YORK (AP) — Rooting for Donald Trump to fail has rarely been this profitable.

More cows are being tested and tracked for bird flu. Here's what that means

U.S. health and agriculture officials are and tracking of bird flu in dairy cows in an urgent effort to understand — and stop — the growing outbreak.

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Delaware judge refuses to fast-track certain claims in post-merger lawsuit against Trump Media

DOVER, Del. (AP) — A Delaware judge on Tuesday granted a request by attorneys for Donald Trump and Trump Media & Technology Group, parent company of his Truth Social platform, to slow down a lawsuit filed by two cofounders of the company.

An NPR editor who wrote a critical essay on the company has resigned after being suspended

NEW YORK (AP) — A National Public Radio editor who wrote an essay criticizing his employer for promoting liberal views resigned on Wednesday, a day after it was revealed that .

NOT Bitcoin or Options... But Already Making Folks Rich in 2024 - Ad

Former Goldman Sachs Trader Dr. David Eifrig just stepped forward with a way to protect your money this November -- no matter who wins the presidential seat. In fact, election chaos will likely make this even better. It's a "secret" of the rich and connected that 99% of folks don't know about...

Why Dragonfly Energy Shares Are Rocketing Premarket Tuesday

Dragonfly Energy shares surge premarket after reporting Q4 2023 results, with decreased sales and improved Adjusted EBITDA.

America's Final Republican President - Ad

Louis Navellier believes Donald J. Trump could go down as America's last Republican president. But NOT for the reasons you may think... If he's right, the soul of this country will change forever...

Elizabeth Warren Says Trump Had Only 2 Accomplishments As President: 'Huge Difference Between' Biden, Trump

Elizabeth Warren thinks Donald Trump only accomplished two things when he was president and neither is highlighted as a positive by the senator.

Dead whale in New Jersey had a fractured skull among numerous injuries, experts find

LONG BEACH TOWNSHIP, N.J. (AP) — A post-mortem examination of a whale that washed ashore on New Jersey's Long Beach Island found that the animal had sustained numerous blunt force injuries including a fractured skull and vertebrae.

Crypto Reboot Finally Makes An 8,788% Return Possible [NOT Bitcoin] - Ad

A crypto millionaire is revealing that a different cryptocurrency is going to do even better... It's not simply "buy the dip." Instead, it's a strategy that James learned during the dot com stock market crash. Not only has this strategy worked in a crash... it needs a crash to work best.

First major attempts to regulate AI face headwinds from all sides

DENVER (AP) — Artificial intelligence is helping decide which Americans get the job interview, the apartment, even medical care, but the to reign in bias in AI decision making are facing headwinds from every direction.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service