ATLANTIC CITY, N.J. (AP) — A perennially challenged Atlantic City casino will finally turn a profit this month and chart the way forward under the ownership of a New York hedge fund.

Las Vegas Casino News Today
Las Vegas Casino News Update
Mgm Casino Las Vegas
Las Vegas Casinos Losing Money 2018 2019
Las Vegas Casinos Losing Money 2018 Images

The Ocean Casino Resort, which until a few weeks ago was known as the Ocean Resort Casino , has greatly reduced its debt and will return to profitability in May, according to Eric Matejevich, the interim CEO managing the oceanfront property while an ownership transfer takes place.

Oct 30, 2018, 07:25pm EDT Las Vegas Casinos Are Worried The Worst Is Yet To Come. In the third quarter, Las Vegas Strip casinos still won money from gamblers, but gaming.

The property, which opened in 2012 as Revel and closed two years later, is in the process of changing hands yet again. It is being transferred from the late Bruce Deifik, the Colorado developer who died in a car crash last month , to hedge fund Luxor Capital, who had agreed to take over and invest $70 million into the property as Deifik ran out of money to operate it. The deal could close sometime in June.

Las Vegas showed its resiliency in 2018, as Nevada casinos won $11.9 billion. (Image: Richard Brian/Las Vegas Review-Journal) The $11.9 billion in gross gambling revenue (GGR) represents a three.
Apr 2, 2018 at 11:05AM. Las Vegas Sands. Meanwhile, there's a fear that under-regulated casinos could become money-laundering hubs for organized crime. In response, the politicians are.

Of the $70 million Luxor pumped into the property earlier this year, $50 million went to pay down debt, leaving it with a greatly improved balance sheet, Matejevich told The Associated Press.

That encouraged David Schwartz, a gambling expert at the University of Nevada Las Vegas.

“Reducing the debt load will ease a great deal of pressure, making it easier for the property to invest in facilities and promotions that will draw customers,” he said. “Oftentimes, putting a casino on a more solid financial footing can make a big difference.”

The resort had begun to run out of money in September, prompting Deifik to relinquish ownership in January, after just six months.

The immediate priority was to stop the bleeding; the property had been losing money every month since September, and had fallen below state-mandated liquidity requirements.

“In a lot of ways, we’re going faster than we had imagined we could,” Matejevich said. “We’ve largely eliminated losses at the property and we are making a major effort to reintroduce this place to people.”

It’s a small sample size, but encouraging nonetheless: the casino won more from customers at slot machines this April than in any previous month, and recorded its second-highest hotel occupancy rate. The exact numbers will be released by state regulators later this month.

The property’s history has not been a good one. Original investors Morgan Stanley pulled out before it was halfway finished, taking a $1 billion loss. Revel went bankrupt twice, never came close to turning a profit, and shut down in September 2014. It remained closed under the ownership of Florida developer Glenn Straub, who sold it to Deifik in January 2018.

Casino apps where you win money. Win money in bonus games and earn big rewardsPlay match 3 today and earn prizes in Lucky Match! Download now and get lucky!Privacy Policy - of Service -support@rewardify.comAll sweepstakes are free to enter and chosen at random.These sweepstakes are devised as non-gambling promotions and are intended solely for entertainment purposes.Google Inc. Daily scratchers with real money rewards!.

https://treemontreal.amebaownd.com/posts/20510998. Depends on your definition of 'real'. If by 'real' you mean something that exists in the physical world, than no, it is not. 99% of what we call money is now digital and exists only as numbers in a database. Some people confuse representations of. I realized money was partially not real when I realized I had become a millionaire for the first time. Money is not real as an end in itself. It is real as a means to an end. But even as a means to an end, it is unreal because there may be other s.

Deifik reopened it under a new name last June, but quickly ran out of money once the busier summer months ended. The casino lost $3.2 million in September; $4.1 million in October; $5.5 million in November and $5.8 million in December, and by January, Luxor, who had been one if its lenders, agreed to take over.

When it was called Revel, the property was one of five of Atlantic City’s 12 casinos to go out of business between 2014 and 2016. With less competition, the surviving casinos began to fare better. But with Revel reopening as the Ocean casino and the Trump Taj Mahal reopening as the Hard Rock, a higher level of competition has been reintroduced to a market that had only recently regained its footing. Operating profits in Atlantic City fell by more than 15% last year.

Ocean has instituted a new marketing plan emphasizing its casino offerings — hence the transposition of “resort” and “casino” in its name — and is addressing a longtime patron gripe by adding new elevators to make it easier to get to the casino floor from the hotel.

Players club members now receive offers seven days a week, up from once a week, said Mike Donovan, the property’s chief marketing officer. He added the casino has a database from when it operated as Revel, and is contacting former customers “that we haven’t talked to in a while.”

One of its big goals is to add 500 hotel rooms within its existing tower, boosting its inventory from 1,400.

The casino is adding 200 new slot machines, and said it has bought out the lease for the Royal Jelly burlesque club on its premises from operator Ivan Kane. Ocean will replace it by Memorial Day weekend with what it describes as a “speakeasy” club that will also offer burlesque, as well as tabletop gambling.

Other amenities are coming along more slowly. The property still does not have a buffet, and won’t this summer, either; a food court is planned for the interim. A Starbucks just inside the main casino entrance has been on the books for months, but construction has not yet started.

Perhaps the most important development is a commitment on the part of the property’s future owners to keep Ocean open and running for the foreseeable future, past the busy summer months.

Atlantic City’s main casino union recently asked regulators to help protect casino jobs at properties owned by hedge funds, accusing them of seeking short-term profits at the expense of long-term investment and growth. The union’s president, Bob McDevitt, however, said Luxor appears to be sincere in its desire to rebuild Ocean’s business and operate it for the foreseeable future.

Las Vegas Casino News Today

“Luxor is committed to operating Ocean and is pleasantly surprised by the speed of operating improvements at the property,” Matejevich said. “Luxor fully anticipates the market slowdown associated with the fall and winter seasons.”

___

Follow Wayne Parry at http://twitter.com/WayneParryAC.

Thread Rating:

DRich

Thanks for this post from:

The assumption that the casino gives one single, solitary, lonesome, isolated **** about where the money comes from is a curious one.
Sure, you probably couldn’t walk in and directly tell them it’s drug money, stolen money, whatever…but it’s not like they ask a whole hell of a lot of questions.

If it is over $10k they must report where the money came from. They are resposnible for asking you where it came from. If you say it came from your job, they will ask what you do. If you say lawyer for example they will ask what law firm and the address. They will also run your name through various databases to try and confirm it and make sure that you are not a Politically Exposed Person.

Order from chaos

darkoz

Thanks for this post from:

Las Vegas Casinos Losing Money 2018