\u201cThe market has been rightsized,\u201d Colin Mansfield of Fitch Ratings told the PAC. \u201cBut any more competition in the city would take shares from the existing properties.\u201d<\/p>\n
While Atlantic City itself is close to bankrupt, there is hope that the casino industry is at last showing signs of a bounce back after almost a decade on the skids. But Revel, coupled with a proposal to expand casino gaming into North Jersey, could tip the market back into oversaturation.<\/p>\n
Mark Giannantonio recently warned that expansion in the north, which is due to go to a referendum in November, would result in the closure of three to five Atlantic City casinos.<\/p>\n
“Our findings are quite clear,\u201d he told the East Coast Gaming Conference last month. “The fallout of those three to five casinos will be, potentially, 23,000 job losses. Foreclosures will double, unemployment will double.\u201d<\/p>\n
Straub has been arguing with New Jersey regulators that he shouldn\u2019t need to apply for a gaming license because he will be leasing the casino area to a third-party operator. State regulators beg to differ.<\/p>\n
\u201cInstead of welcoming this prospect, New Jersey\u2019s Division of Gaming Enforcement has imposed a roadblock that is inappropriate and unnecessary,\u201d complained Straub in an official statement last week.<\/p><\/blockquote>\n
Despite his disagreement with the regulators, Straub is determined to reopen Revel before summer’s end.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Revel Casino in Atlantic City probably needs some sage, or a witch doctor, or possibly an implosion. Whatever curse has lain like a black cloud over this once-touted property from Day One just doesn’t seem to be in any\u00a0danger of going away. According to reports from the Press of Atlantic City (PAC), the casino’s […]<\/p>\n","protected":false},"author":42,"featured_media":36962,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,18],"tags":[],"acf":[],"yoast_head":"\n
Revel Reopening Negative Impact Atlantic City Market, Say Experts<\/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