Atlantic City Wants to Add Casinos
Atlantic City, one of the most popular destinations on the East Coast for gamblers in the United States, is interested in adding four new casinos to its docket. Even though Atlantic City has struggled when it comes to its gambling economy in recent years, the city is still interested in adding four new, smaller casinos. This would be the largest expansion in the city in terms of gambling since it was legalized in 1978. Former Atlantic City mayor, and current senator, James Whelan released the following statement:
“The world has changed, and Atlantic City has changed. In 1978, Atlantic City desperately needed hotel rooms and nightclubs and the amenities that go along with a first-class hotel. Five hundred rooms made all the sense in the world. But where we are today, you can go to Philadelphia or Delaware or other jurisdictions where the entry fee to build is much lower,” Whelan said. “You can get in for tens of millions of dollars. In Atlantic City, 500 rooms costs you $800 million, minimum, and nobody’s writing checks for $800 million or $1 billion nowadays.”
If these four smaller casinos do open in Atlantic City, they would include 200 rooms even though the maximum is 500 rooms and it would set off a major battle between the new casinos and the casinos already in business. The casinos already in business do not like when new ones enter their city, even if they are seen as a way to help the city’s gambling economy. One of the new casinos could be housed in the Chelsea, which was built two years ago. The Chelsea was a 330 room boutique hotel and is owned by Curtis Bashaw. Bashaw is the former head of the New Jersey Casino Reinvestment Development Authority. Bashaw said the following on the situation:
“We think the Chelsea would be an excellent candidate for a small, upscale Monte Carlo-type venue that would elevate the market and attract a more upscale patron. This is about jobs, innovating new gaming products and allowing the capital markets to enter the market at the level they’re comfortable with now.”
The CEO of Trump Entertainment Resorts, Mark Juliano, had the following to say about the four new casinos:
“I think it’s a terrible idea. We all played by these rules for a long time. To change the rules now when we’re really hurting is not fair and it’s not right.”
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