Last Wednesday, Caesar’s CEO Gary Loveman said that Atlantic City has too many casinos and that one, or more, should close their doors to the general public. This comes hot on the heals of the January closure of The Atlantic Club.
Loveman claims that Atlantic City has been a problematic location for his global casino chain for the past several years. However, he did not say as to whether his company had any intention of closing any of the four casino locations they own within AC. This also comes after much speculation as to whether the Caesar group would purchase the troubled Revel Hotel Casino.
Currently, the Caesar’s group is struggling with debts in the region of $23 billion. The company recently sold Claridge in Atlantic City to a company located in Florida, and also sold the Atlantic City Country Club to a private buyer. With 11 casinos currently open in Atlantic City, the company does struggle for market share with competitors on the boardwalk.
So, is less more when it comes to Atlantic City casinos? We would say no. Each hotel and casino in Atlantic City offers visitors vastly different experiences. Variety is key to helping boost our local economy and bringing in new visitors to enjoy all of the sights, sounds and entertainments our town has to offer. Also, healthy competition is a great thing.
For Caesars, the competitive market place is taking hold of their profitability. With escalating debts, we understand why Loveman is making such statements. However, we feel that closing yet another casino in Atlantic City will give our visitors less choice in their preferred gaming locations and will ultimately limit local economic growth. Closing down one casino could have dramatic impact on other local businesses close to the location, and closing down an ‘old favorite’ would discourage many loyal visitors to come to AC.
We ask, what are your thoughts on Mr. Loveman’s statement. Would closing down one or more casino in Atlantic City be bad for our town, or do you agree that there are too many casinos in AC right now? Share your thoughts with us,