Casinos Buckle: Will Atlantic City Go Under?

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July 14 (Bloomberg) –- Bloomberg’s Brian Miller discusses prospects for Atlantic City. He speaks on “Market Makers.” (Source: Bloomberg)

About atlantic city.

We have been pessimistic about prospects.

You have repeatedly told us things are not as bad as we might be inclined to believe.

Then i see trump plaza closing.

Are they as bad or not?

Things are not as bad as you think.


This is good for the market.

It is still the second-biggest market in the united states outside of las vegas.

It is shrinking.

It is.

Three casinos have announced they are closing.

This is the market moving.

It is a supply and demand.

They are falling like dominoes is what it looks like to me.

What does atlantic city have to do to get people back?

Do they have to get britney spears and residency to be a perennial moneymaker?

-- in residency to be a perennial moneymaker?

You do not have a big airport feeding people in and there is a model what to do -- not a lot to do besides be inside a casino.

You have made a great case for atlantic city.

People are going elsewhere.

What is the case for ac?

They have big resorts.

A lot of things in the area are no-frills locations.

There is no club.

There was no food and beverage.

What needs to happen for atlantic city and for new jersey , they need to look to expand outside of atlantic city.

They need to look at putting casinos in the metal land.

-- meadow land.

That should be the endgame.

Wise trump plaza closing -- why is trump plaza closing?

None of the casinos the closed made money.

You need to close those businesses.

It hasn't stopped people from keeping unprofitable casinos open for years.

This is the point when they are getting weeded out.

Internet gaming did not work for new jersey.

They are starting to close casinos.

Caesars believes they can close showboat and funnel that business into the other casinos in the market.

What about online gambling?

That should help offset some losses.

It is very slow growth.

It is still early.

There are issues.

It could one day become a sizable business, maybe.

Certainly, the state, chris christie coming out, had very rosy projections for online gaming.

We are at a fraction of that.

New jersey as a gaming state.

Not just because of online gambling in atlantic city, but in a very big way.

What is the obstacle to putting casinos in a part of new jersey that will attract, that will become a destination that is not far from an airport and much closer to new york city?

The problem you have is vested interest.

You have unions and politicians in south jersey that want to keep those jobs there.

As those jobs are leaving the market, those politicians are saying, we have to do something.

So now chris christie and ed sweeney are willing to look at new york.

They need to move quickly because new york city is actually increasing the number of casinos they have.

There is a big casino that was not there five years ago.

That is taking up business.

The best thing to do is think, how quickly can we diversify the other parts of the state and how can we appease the vested interests that fought us to let us go there?

Of the potential space, is the meadowlands the best choice?

I'm throwing that out.

You could do new york, you could do anything of north.

-- up north.

You want to be as close as possible to a large population because gambling is a convenience thing at the end of the day.

People go to what is closest.

Ac is not going under.



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