Report: Caesars Won't Rule Out Closing Atlantic City CasinoFirm Currently Has Four Properties In Garden State |
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Although Caesars didn’t say that a casino in Atlantic City would close, there is a report that the firm is “weighing” the idea of closing one.
According to a report from Bloomberg News and Crain’s New York Business, the casino giant wouldn’t rule out the idea of closing the doors of one of its four properties in the Garden State. The firm has Caesars, Bally’s, Harrah’s and Showboat in the resort town.
“These markets can reach points when no new supply is indeed the right answer,” CEO Gary Loveman reportedly said during a conference call this week. “In some cases reducing supply is the right answer.”
“We are looking at all of our options to reduce the cost of doing business here,” he also said. “All the businesses in A.C. are under tremendous pressure.”
In January, the Atlantic Club closed. The city has just 11 casinos now.
Gaming revenues citywide have been slumping since 2006.
In an effort to revive the industry, the Garden State legalized online gambling. Caesars, which owns the World Series of Poker brand, offers online gaming there.
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