“Once they got out of bankruptcy, they really were focused on Vegas and a handful of targeted regional markets. Atlantic City got the short end of the stick.”<\/strong><\/p>\n<\/blockquote>\nThe state is making sure that doesn’t happen again. Caesars told the New Jersey Division of Gaming Enforcement that it will spend $160 million on room renovations, $31 million for new gaming equipment, $16 million on restaurant upgrades, and $5 million on pool enhancements. The company says additional investments will be announced to reach the $400 million threshold.<\/p>\n
“We know that Atlantic City and New Jersey have had some difficulties with a lack of investment from Caesars, and we understand why the conditions are there. We are absolutely committed to agreeing to the requirement,” declared Caesars Entertainment CEO Tom Reeg.<\/p>\n
Assuming the Bally’s sale goes through, the new Caesars will operate three casinos: Caesars, Harrah’s, and Tropicana.<\/p>\n
Energizing Atlantic City<\/b><\/h2>\n
Caesars has 36 months to spend $400 million in Atlantic City. The capital improvements, one analyst says, will play a key role in the town’s post-coronavirus recovery.<\/strong><\/p>\n“Investment in the property definitely leads to customers wanting to come visit the property to see what’s new,” Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, told The Press<\/i>. “Depending on how creative they get with their investments, it could be something spectacular that would attract people to the market.”<\/p>\n
Compared with 2019, Atlantic City’s nine casinos have won $767 million fewer gaming dollars this year through June. The properties were closed on state orders from mid-March until early July.<\/p>\n","protected":false},"excerpt":{"rendered":"
Caesars Entertainment is required to invest at least $400 million into its three Atlantic City casinos over the next three years, according to a mandate from the New Jersey Casino Control Commission (CCC) that is designed to revitalize the beachfront gaming town. Last month, the state gaming regulator allowed Eldorado Resorts and Caesars Entertainment to […]<\/p>\n","protected":false},"author":25,"featured_media":143958,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,32093],"tags":[],"acf":[],"yoast_head":"\n
Caesars Investing $400M in Atlantic City Attempt to Revitalize Town<\/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