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29Apr/10Off

Snowfall Hit Casino Business Hard

In 2010, winter brought a January to remember, and the effects were felt in many industries across New Jersey as storms left snow accumulation across the state.

The Casino industry in Atlantic City was amongst the hardest hit from the intense snow storms around the state, despite receiving a mere 5 inches of reported snow. Borgata Hotel Casino & Spa lost a reported five million dollars because of the snow storm and anticipated another five million dollars lost in consequence. This hotel was not the only one affected though as there was a reported 20% decreases in revenues reported in some Casinos in the region and 8.5% loss in revenue amongst the Casinos in the same area.

From tourists looking to escape and spend money as they wild on vacation, casinos receive the majority of their profits. This is where the snowfall comes in. People are not likely to have a weekend trudging through a blizzard in their snow shoes to escape the pressures of the daily grind. Even if people had the desire to do so, the flights are cancelled, postponed, etc.

In the end, weather has a tremendous effect on casinos. Over Atlantic City, Las Vegas is able to hold an advantage in this manner.  The luxurious pools and retreats look even more attractive under the rays of the sun, when those temperatures go up in Vegas it may even produce a better atmosphere for their visitors. The winter temperatures cause us to bundle up and the heat causes us to wear less, which is a good thing in the eyes of far too many in the world today.

23Apr/10Off

Casinos – New Jersey casinos fined

A series of New Jersey casinos have been fined in recent days for allowing problem and underage gamblers to gamble on their premises.

Two casinos in Atlantic City, Bally’s Atlantic City and Caesar’s Atlantic City, have each been fined $10,000 for violating the conditions of the self-exclusion list to gamble voluntarily signed by a man in 2003. The man had repeatedly been allowed to gamble in casino games in both facilities from 2005 through 2006.

Although the man was on the self-exclusion list and should not have been allowed to gamble, the casinos acted unwittingly as an accomplice in this instance. The man had signed up for frequent player accounts under seventeen aliases; two of them remained unflagged as a problem gambler because he used different information to acquire the accounts. Further, the man’s anonymity as a person on the self-exclusion list is protected by law, disallowing for him to be identified publicly in connection with this issue.

The Division of Gaming Enforcement is allowing the two establishments to keep the $87,000 the man lost while gambling there because of the man’s “intentional deception.” Thus, despite the slap on the wrist, the total profit from this entire affair ending up being around $67,000 for the casinos.

It’s not uncommon for individuals on self-exclusion lists to attempt to gamble again once they lapse under pseudonyms. However, many feel like that, even though this is not a perfect system, it is an important step in halting the progress of problem gambling among adults in America.

15Apr/10Off

Casinos: Trump is the Big Winner in Casinos

Trump Entertainment Resorts is close to leaving behind its third bankruptcy. And, in doing so, nothing could make the Donald any happier as he trumped one over on rival billionaire Carl Icahn.

Earlier this week a federal bankruptcy judge chose the Capital Group and Donald Trump, along with daughter Ivanka, to buy the company out of bankruptcy. The price: $225 million. This put Icahn out of the running as the bid topped his proposal to swap the $486 million mortgage he holds on Trump Entertainment for ownership of the company.

Trump Entertainment is expected to emerge from bankruptcy later in 2010. The debt will be reduced from a whopping $1.8 billion to $334 million. The first priority of Trump Entertainment will be to revitalize three of the casinos the company owns in Atlantic City. One of the places, Trump Marina Hotel Casino will once again be put on the market to be sold. The company will hold on to Trump Taj Mahal Casino and Trump Plaza Hotel and Casino. If the one casino is sold then the company will seek opportunities in other states. The reasoning behind this is to lessen its dependence on a single market which is already struggling.

It has also been announced that beauty Ivanka will become one of the main faces of Trump Entertainment in the near future. Her popularity has soared since she has been featured, with Trump, on his weekly TV show Celebrity Apprentice. She has also exhibited an impressive amount of skill and knowledge.