\nATLANTIC CITY, N.J. (AP) \u2013 A Wall Street firm predicts much of the revenue generated by three Atlantic City casinos that are closing will remain in the city after they\u2019re gone.<\/p>\n
\tFitch Ratings predicts the city\u2019s casino revenues will decline to $2.5 billion in 2015 from last year\u2019s $2.86 billion figure. It also says it does not see any more casinos closing in Atlantic City for at least the next two years.<\/p>\n
\tThe firm also predicts in a report Friday that a good chunk of the money being won by the Showboat, Revel and Trump Plaza will go to the surviving Atlantic City casinos. Showboat and Revel are closing this weekend; Trump Plaza shuts down Sept. 16. After that, Atlantic City will have eight casinos after starting the year with 12.<\/p>\n
\tFitch predicts at least 50 percent of Revel\u2019s revenue will go to the remaining casinos, based on increases that the Tropicana Casino and Resort and the Golden Nugget Atlantic City have seen since the Atlantic Club closed down in January.<\/p>\n
\tThe company also predicts 60 percent of Trump Plaza\u2019s revenue and 75 percent of Showboat\u2019s revenue will stay in Atlantic City, particularly with Showboat\u2019s parent company, Caesars Entertainment, also owning three other casinos that will continue to operate in Atlantic City.<\/p>\n
\tFitch says the three Marina District casinos \u2013 the Borgata, Harrah\u2019s and the Golden Nugget \u2013 may benefit more than the Boardwalk casinos because the marina properties are \u201cthe freshest\u201d after major renovations in the last 10 years and because boardwalk activities are dwindling.<\/p>\n
\tBut it also predicts the Taj Mahal, Caesars and Bally\u2019s will get more business.<\/p>\n
\t\u201cMost of the closings are at the ends of the Boardwalk, leaving a cluster of remaining casinos (including Taj Mahal, Caesars and Bally\u2019s) that should see a sizable lift in business from the closures,\u201d the company wrote.<\/p>\n
\tFitch also noted some positives Atlantic City has going for it, including an 8 percent casino tax and diverse entertainment options.<\/p>\n
\t\u201cAtlantic City remains one of the few places in the populous tri-state area to offer a full suite of eat, play and stay options and has by far the lowest gaming taxes,\u201d Fitch wrote. \u201cLower taxes give these casinos more room in the margin to spend on promotional activity, including free food and hotel stays.\u201d<\/p>\n
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ATLANTIC CITY, N.J. (AP) \u2013 A Wall Street firm predicts much of the revenue generated by three Atlantic City casinos that are closing will remain in the city after they\u2019re gone. Fitch Ratings predicts the city\u2019s casino revenues will decline…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7938","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7938"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7938\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}