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\tATLANTIC CITY, N.J. (AP) \u2013 Casino contraction hit Atlantic City for the second time this year, as the parent company of the Showboat Casino Hotel announced Friday it will close the Mardi Gras-themed casino on Aug. 31.<\/p>\n
\tCaesars Entertainment told The Associated Press on Friday morning the company will shutter the poorest-performing of its four Atlantic City casinos.<\/p>\n
\tCEO Gary Loveman said in a statement that the \u201cdifficult decision\u201d is necessary to protect the rest of its business in Atlantic City, where it currently owns four of the 11 casinos.<\/p>\n
\t\u201cWhile we regret the impact that this decision will have on our Showboat associates, we believe this is a necessary step to help stabilize our business in Atlantic City and support the viability of our remaining operations in the vicinity,\u201d he said. \u201cSince 2006, revenue in Atlantic City has declined by more than $3 billion and competition in the city has increased. The dynamic in Atlantic City has led us to the difficult but necessary decision to close Showboat.<\/p>\n
\t\u201cWe sincerely appreciate the service, dedication and professionalism shown by the employees of the Showboat over the years to provide our customers with incredible experiences,\u201d he said.<\/p>\n
\tThe closing will also shutter the casino\u2019s House Of Blues, one of New Jersey\u2019s most popular concert venues.<\/p>\n
\tIt will be the second casino to close this year in the nation\u2019s third-largest gambling market. The Atlantic Club closed in January, taken down in a bankruptcy sale by Caesars Entertainment and Tropicana Entertainment, who stripped it for parts and closed it to reduce competition.<\/p>\n
\tAnd, Revel Casino Hotel has warned it might shut down if a buyer can\u2019t be found in bankruptcy court.<\/p>\n
\tBob McDevitt, president of Local 54 of the Unite-HERE casino workers\u2019 union, said he planned to spend the next few days talking with Showboat employees.<\/p>\n
\t\u201cI\u2019m heartbroken and angry, too angry to respond in an effective way,\u201d he said.<\/p>\n
\tThursday night, when he revealed that Caesars planned to issue warning notices to Showboat workers that the casino might close, McDevitt called the company\u2019s threat to close a profitable casino \u201ca criminal act.\u201d<\/p>\n
\tFor the first quarter of this year, the Showboat posted a gross operating profit of nearly $2 million. But that was down from a profit of nearly $8.5 million in the first quarter of 2013.<\/p>\n
\tSo far this year, the Showboat has taken in $66.2 million from gamblers, ranking it seventh out of Atlantic City\u2019s 11 casinos. That represents a decline of nearly 16 percent from the same period in 2013.<\/p>\n
\tCaesars said the Showboat will remain fully operational until Aug. 31. Guests with reservations after that date will be assisted in finding new accommodations, Loveman said.<\/p>\n
\tHe also said the company will work with the casino\u2019s more than 2,100 workers to help them find jobs with other casinos Caesars Entertainment owns in New Jersey and elsewhere.<\/p>\n
\tIn addition to the Showboat, Caesars Entertainment owns Harrah\u2019s Resort Atlantic City, which ranks second to the Borgata in the amount of money won from gamblers each month, Caesars Atlantic City, and Bally\u2019s Atlantic City. It also owns a casino in neighboring Pennsylvania.<\/p>\n
\tPerhaps sensitive to criticism over the shutdown, Loveman said Caesars remains the largest casino owner in Atlantic City and is working to improve the resort.<\/p>\n
\t\u201cCaesars is developing a new, state-of-the-art meetings facility adjacent to Harrah\u2019s Atlantic City, and is pursuing other opportunities to stimulate new visitation and growth, including recently overhauling the gaming floor at Bally\u2019s and investing in new dining options throughout the company\u2019s Atlantic City footprint,\u201d Loveman said.<\/p>\n
\tThe company has not yet determined what will become of the Showboat property and land at the northern end of the Boardwalk, next to Revel.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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