\nOur casinos and convention centers are very big buildings that need to be full most of the time,” Albano added.<\/p>\n<\/blockquote>\n
Stockton Professor of Business Studies-Finance Michael Busler added some optimism: “As depressing as this situation is, we will get through this. It will be another month or two, and we’ll go through a lot of hardships, and then things will start to return to normal.”<\/p>\n
Ocean Casino Sale Finalized<\/b><\/h2>\n
In other Atlantic City news, the New Jersey Casino Control Commission (CCC) formally signed off on Luxor Capital Group owning and operating Ocean Casino Resort.<\/p>\n
The New York hedge fund took control of the former Revel Boardwalk property last year after then-owner Bruce Deifik ran out of money. Deifik later died in a car accident.<\/p>\n
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Since acquiring the resort that cost $2.4 billion to construct, Luxor has turned rescued Ocean profitable. “There’s no doubt this property has turned around in so many areas,” said Commissioner Alisa Cooper said.<\/p>\n<\/div>\n
Luxor announced new management late last year, including the appointment of gaming industry veteran Terry Glebocki as CEO. Glebocki was part of the team that developed the sprawling complex and its hotel tower that is the tallest structure in Atlantic City.<\/p>\n
“Before the coronavirus, Ocean was self-sufficient,” said Luxor partner Michael Conboy. “We can debate what will happen when the city opens up. Long-term, the trajectory is still as positive as it was in February.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Atlantic City casinos will remain closed through at least June 6 after New Jersey Governor Phil Murphy (D) extended his public health emergency. The first-term Democratic governor says the extension does not mean the data is showing that the stay-at-home mandate and suspension of all nonessential business throughout the Garden State isn’t working. Quite the […]<\/p>\n","protected":false},"author":25,"featured_media":135091,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62],"tags":[],"acf":[],"yoast_head":"\n
Atlantic City Casinos Likely to Miss Majority of Busy Summer Months<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n